Thursday, January 7, 2010

Lotus acquires new Mongolian mining licence

Lotus Resources has announced its acquisition of a further fluorspar mining licence for $70,000. The licence has been transferred to Lotus Minerals Mongolia LLC, its wholly owned subsidiary company in Mongolia.

The Tsagaan Chuluut mining licence is located in Dornogobi Province, Mongolia and is approximately 400 km south-east of Ulaanbaatar, Mongolia's capital and largest city. The Tsagaan Chuuluut project area is located in a geological province that is known for its fluorspar mineralisation endowment.

The company has also increased its shareholding in its Lotus Bayalag Fluorite LLC,  a joint venture with Mr Onon, a local Mongolian businessman, from 65% to 80%. Lotus has agreed to acquire the 15% stake for a total consideration of $15,000. An exploration plan has been prepared for this project which will commence later this year.

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