Mongolian focused Xanadu Mines (ASX: XAM) has been admitted to the ASX and will commence trading at 11am AEDT today, Tuesday 21 December 2010.
Xanadu acquired 100% of the Galshar coal project in June 2010, and the subsequent drilling program the following month met the company’s expectations for the coal quality and the exploration target of 200 million tonnes of thermal coal, with low ash and low sulphur over a seam up to 21 metres thick.
Xanadu’s initial efforts in Mongolia focussed on porphyry copper and gold in the South East Gobi.
The company still retains a portfolio of copper gold licences, particularly its Hutag Uul (porphyry copper) and Elgen – Zos (gold) projects, all within a maximum distance of 65 kilometres from the Chinese Border.
These advanced exploration projects will be subject to further drilling in 2011.
The IPO offered a maximum of 35 million shares at $0.60, to raise up to A$21 million.
When the stock first trades, there will be a total of 114,583,326 shares on issue.