Friday, June 17, 2011

Xanadu Noble alliance moves ahead on Nuurstei coking coal in Mongolia

Xanadu Mines has finalised a farm-in agreement with the Noble Group for the Nuurstei coking coal project in Mongolia.

Through Ekhgoviin Chuluu LLC, a company set up as the vehicle for Xanadu Noble alliance projects, Xanadu can earn up to 80% of the Nuurstei coking coal licenses over four years by spending up to $1.5 million on drilling to earn the first 60% followed by a commitment to complete a JORC resource to earn a further 20%.

“Nuurstei demonstrates the determination by the alliance to become the principal mid-tier coking coal group operating in Mongolia, now commonly referred to as an emerging energy and metals powerhouse,” Brian Thornton, Xanadu's Chairman said.

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