EBRD takes Altan Rio stake

ALTAN Rio Minerals has closed a private placement with the European Bank for Reconstruction and Development (EBRD) for gross proceeds of $999,960. Following closing of the placement EBRD holds 18.7% of the issued and outstanding common shares of the company.

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Chandgana power project advances

MONGOLIA'S Ministry of Economic Development has announced a tender for Prophecy Power Generation's Chandgana Power Plant project and the Baganuur to Underkhan to Choibalsan Overhead Transmission Lines project. The company is a subsidiary of Prophecy Coal, which has prepared the project's technical and financial proposals for submission to the Ministry.

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Xanadu reveals new Altan Tolgoi system

RECENT drilling for Xanadu Mines has confirmed the presence of a potentially significant new mineralized tourmaline breccia system to the east of the high-grade Altan Tolgoi system. The work is being carried out on the Kharmagtai porphyry copper-gold project in which Xanadu and joint venture partner Mongol Metals are acquiring a 90% interest from Turquoise Hill Resources.

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Viking Mines plans fundraising

VIKING Mines plans to undertake a capital raising in September to help fund its operations with emphasis on the Berkh Uul bituminous coal project in northern Mongolia. The minimum amount is expected to complete internal Mongolian coal-focused production feasibility studies and to enable development decisions.

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