ID :
191808
Wed, 06/29/2011 - 14:14
Auther :
Shortlink :
http://m.oananews.org//node/191808
The shortlink copeid
Shares rise on Mongolian coal finds
SYDNEY (AAP) - June 29 - Shares in two Australian-listed companies rose sharply after they announced coal discoveries in Mongolia.
Xanadu Mines says an initial drill hole at the new Nuurstei Coking Coal Project confirms a wide intersection of coal 70 metres deep.
Shares in Xanadu, which made its debut on the Australian Securities Exchange (ASX) in December last year rose 13.5 cents, or 38.03 per cent, to 49 cents.
Nuurstei is part of a 50:50 joint venture between Mongolia-focused Xanadu and Hong Kong-based commodities trading house Noble Group.
Meanwhile, shares in former health care turned resources company C@ rose 2.6 cents, or 32.91 per cent, to close at 10.5 cents after it released positive drilling results on Wednesday.
This follows a rise of 21.5 per cent on Tuesday.
The company has made major coal finds based on results from its first two drill holes in the Ovorhangay Province, in Mongolia's south, it said in a statement to the ASX.
The company announced in April that it had acquired eight prospective coal licences in South Gobi, near the Chinese border.
The Mongolian coal sector is regarded as having great potential due to extensive coal deposits.
Other Australian-based, Mongolia-focused explorers to list recently include Aspire Mining and Hunnu Coal.
In 2010 a 30-year investment agreement was signed between Rio Tinto, Canada's Ivanhoe Mines and the Mongolian government to develop the massive Oyu Tolgoi copper-gold project.
Xanadu Mines says an initial drill hole at the new Nuurstei Coking Coal Project confirms a wide intersection of coal 70 metres deep.
Shares in Xanadu, which made its debut on the Australian Securities Exchange (ASX) in December last year rose 13.5 cents, or 38.03 per cent, to 49 cents.
Nuurstei is part of a 50:50 joint venture between Mongolia-focused Xanadu and Hong Kong-based commodities trading house Noble Group.
Meanwhile, shares in former health care turned resources company C@ rose 2.6 cents, or 32.91 per cent, to close at 10.5 cents after it released positive drilling results on Wednesday.
This follows a rise of 21.5 per cent on Tuesday.
The company has made major coal finds based on results from its first two drill holes in the Ovorhangay Province, in Mongolia's south, it said in a statement to the ASX.
The company announced in April that it had acquired eight prospective coal licences in South Gobi, near the Chinese border.
The Mongolian coal sector is regarded as having great potential due to extensive coal deposits.
Other Australian-based, Mongolia-focused explorers to list recently include Aspire Mining and Hunnu Coal.
In 2010 a 30-year investment agreement was signed between Rio Tinto, Canada's Ivanhoe Mines and the Mongolian government to develop the massive Oyu Tolgoi copper-gold project.
