NEWS ROUNDUP — Mongolia Gold active in Bumbat

By carrying out exploration work in the Mongolian People’s Republic, Mongolia Gold Resources (MGR) is earning a 49% interest in the Bumbat property.

The property is situated 200 km west of the north-central city of Ulan Batar, in what is known as the Bumbat

Goldfields.

MGR says the concession contains more than 200 quartz veins, many of which have significant gold mineralization.

Previous work indicates that the 118 vein has a probable geological reserve of 173,000-261,400 tonnes grading 13.96-17.96 grams per tonne. There are, in addition, probable and possible reserves in six other veins. MGR expects to have earned its interest from the Mongolian government by mid-year, at which time the company will enter a joint-venture arrangement with state-owned Khailaast Mines.

MGR is completing an initial public offering of 8.3 million shares.