MONGOLIA - Four banks for TT IPO

Mongolia has chosen four banks to manage the multi-billion dollar initial public offering of Erdenes-Tavan Tolgoi Co, which controls the massive Tavan Tolgoi coal deposit in South Gobi near the border with China.

Erdenes MGL LLC chief executive officer B Enebish told the inaugural Coal Mongolia conference in Ulaanbaatar on February 24 and 25 that Goldman Sachs Group, Deutsche Bank, BNP Paribas and Macquarie Group would handle the IPO of the state-owned company.1

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MONGOLIA - Hairhan uranium resources boosted

An updated NI 43-101 report for Denison Mines' Hairhan uranium deposit in the South Gobi region shows a 151% increase in indicated resources and a 67% increase in inferred resources.1

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MONGOLIA - Lookout Hill budget set

Entrée Gold and the Oyu Tolgoi LLC joint venture has budgeted US$7 million for exploration and development work on the joint venture ground within the Lookout Hill Property, Mongolia.

The work program for 2011 includes a combination of exploration and geotechnical drilling on the Entree-Oyu Tolgoi LLC JV ground.1

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MONGOLIA - New discovery north of Oyu Tolgoi

A new copper-molybdenum-gold zone has been discovered on an Ivanhoe Mines-BHP Billiton joint venture licence about 10km north of the Oyu Tolgoi copper-gold mining complex.

The discovery, known as Ulaan Khud North, extends the known strike length of the Oyu Tolgoi mineralized system by an additional 3km to the north, to more than 23km.1

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