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…)

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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…)

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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…)

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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…)

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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.

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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…)

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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…)

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To produce electricity by carbonating coal in the depth of earth

“Green Resource” company made disclosure to produce electricity and natural gas to supply Mongolia using technology of carbonating coal in the depth of earth. It prepared its feasibility study to start with Far West of Mongolia, where the electricity in high demand. As for today, this region imports its energy 100% from Russian Federation and its consumption of electricity is 50 million kilobyte/hour and pays 17.5 million US$. Moreover, projected mining projects such as Asgat silver mine, Hushuut coal mine and centers of Gobi-Altai and Zavkhan provinces.

(more…)

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SHARES OF ERDENET, MONGOLROSTSVETMET IS TO BE TRANSFERRED.

Russian Federation sent a letter of notice to transfer its 49% of equity of Erdenet and MongolRostsvetmet to the third party. It was clarified from Mr. Ts.Nanzaddorj, Head of the Privatization Department of the State Property Committee. He said that “Russian Federation owns 49% of Erdenet and MongolRostsvetmet. The President of Russian Federation made decree to change the implementing authority of the Russian equity in Mongolian JVCs. It was informed to the Government of Mongolia and the Ministry of External Relations. It is being studied and will be replied through the Ministry of External Relations.

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Mongolia May Force Private Stakes in Rio Mine, Lawmaker Says

By Rob Delaney

Sept. 26 (Bloomberg) — The government of Mongolia, where Rio Tinto Group is seeking to develop one of the world’s biggest copper mines, may seek to give domestic, private investors a stake in the project, a senior lawmaker said.

Mongolia should participate in the Oyu Tolgoi project through royalties and private investment, said Gavaa Batkhuu, deputy chairman of Mongolia’s parliament. Lawmakers also may seek changes to Mongolia’s mineral law guaranteeing that mining companies, Rio Tinto included, produce finished products such as cable or wire, Batkhuu said yesterday in an interview. (more…)

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