NAR Successfully Starts Trial Production at Khar Yamaat Alluvial Gold Mines in Mongolia.
The Company has removed approximately 640,000 cubic meters of top soil, reaching an average depth of approximately 20 meters. Since early September 2010, the Company has recovered approximately 1,200 grams (equivalent to approximately 32.15 troy ounces) of raw alluvial gold and the trial production will continue till the end of October 2010.
In late April 2010, NAR completed the acquisition of the entire equity interests in Dadizi Yuan LLC ("Dadi") through an indirect wholly-owned subsidiary, Dadi holds the mining and exploration licences for two alluvial gold mines in Mongolia, which have a total mining area of approximately 2,003 hectares (representing approximately 20.03 square kilometers), with measured gold reserves of 324.7 kilograms (1 tonne = 1,000 kilograms). It is estimated that the gold reserves of the two mines will be no less than 3 tonnes.
Mr. Chan Kwan Hung, CEO of NAR, said, "The first recovery of approximately 1,200 grams of raw alluvial gold is a significant achievement for the Company, especially when gold prices are currently high. Our processing facilities at Khar Yamaat are operational, and the Company aims to expandthe mining faces by spring 2011. With the amount of material yet to be mined, we expect the mine will generate cash flow to support our future growth."
About North Asia Resources Holdings Limited
North Asia Resources Holdings Limited (HKSE:OO61)and its subsidiaries entered into the resources mining business in Mongolia in December 2009. Subsequently, the Company acquired two alluvial gold mineral licenses in Mongolia. The Company now owns and operates an iron/copper and an alluvial gold mining project in Mongolia. Please visit www.northasiaresources.com.
Source: North Asia Resources Holdings Limited
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|Date:||Sep 20, 2010|
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