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Front page Economics Mineral Find in Mongolia’s South
Front page Economics Mineral Find in Mongolia’s South | Mineral Find in Mongolia’s South |
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| Written by B.Bulgamaa | |
| Thursday, March 20, 2008. | |
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Ivanhoe Mines has discovered a major new gold and copper deposit in southern Mongolia and formed an agreement with another Canadian mineral company to explore the site. The ‘Heruga’ deposit, containing an estimated four million tones of copper and 379.8 tones of gold, is situated within Entree Gold company’s owned license square. It adjoins the southern boundary of Ivanhoe Mines’ Oyu Tolgoi copper and gold development project and lies within the Javkhlant license. Entree Gold was first granted an exploration license for the square, neighboring the one owned by Ivanhoe, in 2001. The license was extended to 2010, with exploration work in the square by Ivanhoe Mines done under an earn-in-rights agreement between the two companies. The joint venture agreement area between Entree Gold and Ivanhoe Mines stipulated that Ivanhoe would own 60 percent of the license. In the neighboring Hugo North Extension Deposit, Ivanhoe found the 3.5 tones of copper and 100 tones of gold. By March last year, Ivanhoe determined that its Oyu Tolgoi deposit contained over 32 million tones of copper and almost 1000 tones of gold. |
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Exchange Rate
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1301.80 |
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42.44 |
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