Daily Business News Mongolia

Eric Friedland Joins Goldsource Board

VANCOUVER, BRITISH COLUMBIA–(Marketwire - Oct. 9, 2008) - Goldsource Mines Inc. (the “Company”) (TSX VENTURE:GXS) is pleased to announce the appointment of Mr. Eric Friedland as a director of the Company.

Mr. Friedland has over 25 years of experience in mineral exploration and development and mining as well as mining finance and is currently the Chairman and CEO of Peregrine Diamonds Ltd. (TSX:PGD). Previously Mr. Friedland was the President and Director of Fairbanks Gold Ltd. and played a primary role in the creation, development and financing of the Fort Knox gold discovery in Alaska and the subsequent sale of Fairbanks Gold to Amax Gold Corp. He was formerly CEO and Director of Carson Gold Corp., which explored and developed gold mining assets in Venezuela and subsequently became DiamondWorks Ltd., which under Mr. Friedland’s direction developed two producing diamond mines in Angola and re-opened the Koidu Diamond Mine in Sierra Leone. (more…)

Posted in Business, Companies, Mining, News | No Comments »

Prime Minister S.Bayar received the Japanese Deputy Minister

Prime Minister S.Bayar received Mr. Kh.Ishige, the Japanese Deputy Minister for Economy, Trade and Industry. He is attending the second consultative meeting of private sector and Government of Mongolia and Japan in Ulaanbaatar. Mr. Ishige stated that over 50 institutes and organizations such as Itochu, Marubeni, Mitsubishi companies and JICA, are taking part in the consultative meeting and it is important to implement constructive works in increasing Japanese investment and improving economy and trade cooperation.
Also he mentioned that Japanese private sector is interested in mining industry, namely uranium, copper, coal and rare earth metal exploitation and seeking the support from the Government of Mongolia. “Japan focused mainly on assisting and supporting economy of Mongolia. Now, it is time to start new era of mutually beneficial cooperation based on real investment” he continued. (more…)

Posted in Business, Economy, Government, Mining, News, Politics, Telecommunications | No Comments »

Regular consultative meeting held between foreign ministries of Mongolia and Japan

A regular consultative meeting and the first ever meeting on regional security between the Ministry of Foreign Relations and Trade of Mongolia and the Ministry of Foreign Affairs of Japan held on October 8, 2008 in Ulaanbaatar. The meeting was chaired by the Deputy Foreign Minister of Mongolia, Mr.B.Enkhmandakh, and the Deputy Foreign Minister of Japan Mr. K.Sasae. (more…)

Posted in Business, Government, News, Politics | No Comments »

Troy Resources NL: Letter to Shareholders 7 Oct 08

PERTH, WESTERN AUSTRALIA-(Marketwire - Oct. 7, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Troy Resources NL (”Troy”) (TSX:TRY)(ASX:TRY) -

Dear Shareholders

Volatility in the equity markets has negatively impacted most junior gold equities in 2008. For most of this year Troy’s share price movement have been similar to that of its peers. Yesterday’s fall however was significant and I wanted to take this opportunity to update shareholders on Troy’s various activities. (more…)

Posted in Business, Companies, Mining, News | No Comments »

SouthGobi Energy Resources Discovers New Coal Occurrence 10 Kilometres Southeast of Its Producing Ovoot Tolgoi Mine

Posted on: Wednesday, 8 October 2008, 09:00 CDT

ULAANBAATAR, MONGOLIA–(Marketwire - Oct. 8, 2008) - Gene Wusaty, Chief Operating Officer, Coal Division of SouthGobi Energy Resources Ltd. (TSX VENTURE:SGQ), announced today that the company has discovered a new coal formation 10 kilometres southeast of the company’s producing Ovoot Tolgoi coal mine. The new coal discovery is approximately 33 kilometres (approximately 20 miles) north of the China-Mongolia border (see www.southgobi.com for location map). (more…)

Posted in Business, Companies, Mining, News | No Comments »

Farmers of Arkhangai province finished its harvest.

According to the Ministry of Food, Agriculture and Light Industry reports, the harvest in Mongolia is only 60%. 14 aimags carried out plantation in year 2008 and only 8 of them completed their harvesting. More precisely, Arkhaingai aimag harvested from 1960 hectare land of plantation. Also it planted vegetable in around 800 hectares of land. “Hasu Mandal” and “Bag Khangai” companies are leading in their harvesting, i.e. farmers of“Baga Khangai” Company harvested 1,2 ton of wheat from  each hectare and “Hasu Mandal” is 15 tons respectively. (more…)

Posted in Agriculture, Business, Companies, News | No Comments »

55% of Harvesting work is completed

55% of the harvesting work in Mongolia has completed, according to the report to the Ministry of Food, Agriculture and Light Industry. More precisely, 113 thousand tons of grain was harvested and over 90% of the total vegetable plantation. Really short time is left for the harvest. Because, weather is getting worse and cold from October 7th. 8 of 14 aimags completed their harvest. Mostly Darkhan-Uul, Orkhon and Khentii aimags are lagging in their harvesting.

Posted in Agriculture, Business, Economy, News | No Comments »

Daily Stock Review: 33.1 thousand shares were sold at the Mongolian Stock Exchange

Yesterday, 33.1 thousand shares were sold at the Mongolian Stock Exchange, totaling 7.4 million MNT. 4.1 thousand shares of Khukh Gan SHC sold and was the most actively traded shares. At the primary stock market, 18.02 thousand shares of Remicon SHC. In comparison with the previous day of trade, share of “Barilga Corporation” decreased by 15%, “Nako Tulsh” SHC by 10.39%, “Sor” SHC by 10.51%, respectively.

Posted in Business, Companies, Economy, News | No Comments »

Weekly Stock Review

Between September 22-26, 2008, 856.6 thousand shares of 36 SHCs were sold at 5 trades of the Mongolian Stock Exchange, totaling 185.9 million MNT.
At the primary stock market, 184.9 thousand Remicon share was sold at 18.5 million MNT. TOP-20 index was 8291.42 and it was decreased by 12.5 units or 0.15% against the last week and the total market value was set at 679,87 billion MNT. The most decreased shares were UB BUK (-14.5%), APU (-11.6%), Moninjbar (-11.5%). Total of 36 shares were sold and 12 of them increased, 13 decreased and 11 remain stable. (more…)

Posted in Business, Companies, Economy, News | No Comments »

Ivanhoe Mines Issues Statement on Market Activity and Discussions on Mongolia Project

VANCOUVER, BRITISH COLUMBIA, Sep 30, 2008 (MARKET WIRE via COMTEX) — In response to queries received from investors, Ivanhoe Mines

President and CEO John Macken said today that there are no adverse material events that would account for recent selling pressure on Ivanhoe Mines’ stock in trading on the Toronto, New York and NASDAQ exchanges.
Mr. Macken said that senior management of Ivanhoe Mines and its strategic partner, Rio Tinto, met recently with Mongolian government representatives to discuss the necessary remaining steps for the negotiation and parliamentary approval of a fair and equitable Investment Agreement for the Oyu Tolgoi copper-gold project. He said the government representatives are well aware of the international financial crisis and have stated that they share the investors’ high priority for the conclusion of an acceptable agreement as soon as possible to permit full-scale construction of the project to proceed. (more…)

Posted in Business, Companies, Economy, Mining, News | No Comments »