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QGX signs mining agreements for Golden Hills, Undur Tsagaan

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QGX signs mining agreements for Golden Hills, Undur Tsagaan

Friday, 02 May 2008

Canadian-based QGX Ltd. (TSX:QGX) announced Thursday that it has signed a pre-mining agreement for the Golden Hills and Undur Tsagaan projects with the Mongolian government.

The agreement specifies that QGX will conduct a final feasibility study, complete an environmental impact study, and gain approval for final plant design for both sites. The pre-mining operations for Golden Hills and Undur Tsagaan are, according to the agreement, to be completed by April 2011.

Exploration at Undur Tsagaan has shown promising deposits of various metals. Deposits of gold have been discovered at golden hills.

" These agreements pave the way for the projects to obtain all necessary permits and approvals for mining. Once completed, the operations are mandated to reach full production within one year's time,” said Paul Zweng, President and Chief Executive Officer of QGX Ltd.

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