Xanadu: Quarterly Activities Report
January 24, Xanadu Mines Limited (ASX:XAM) --
HIGHLIGHTS
· Exploration drilling completed at the Elgen-Zost epithermal gold project
· At the Oyut Ulaan Porphyry copper project, drill target definition continues
· Completion of the Oyut Ulaan transaction requires approval under the new Foreign Investment Law
· New board appointments confirmed including Denis Gately, Non-Executive Chairman and independent Non-Executive Directors Mark Wheatley and Dr Darryl Clark
· International CEO search underway
· Cash on hand at 31st December 2012 was AUD$7.4m to fund exploration and working capital
EKHGOVIIN CHULUU LLC (Joint Venture Company Xanadu/Noble Group)
· Exploration programs completed ahead of winter recess.
· At Nuurstei (EC 80%) a bulk sample confirmed moderate ash, low moisture, high CSN (8), indicating a premium hard coking coal
· At Khus (EC 51%) drilling (17 holes) and sampling have indicated the potential for bituminous coal.
HIGHLIGHTS
· Exploration drilling completed at the Elgen-Zost epithermal gold project
· At the Oyut Ulaan Porphyry copper project, drill target definition continues
· Completion of the Oyut Ulaan transaction requires approval under the new Foreign Investment Law
· New board appointments confirmed including Denis Gately, Non-Executive Chairman and independent Non-Executive Directors Mark Wheatley and Dr Darryl Clark
· International CEO search underway
· Cash on hand at 31st December 2012 was AUD$7.4m to fund exploration and working capital
EKHGOVIIN CHULUU LLC (Joint Venture Company Xanadu/Noble Group)
· Exploration programs completed ahead of winter recess.
· At Nuurstei (EC 80%) a bulk sample confirmed moderate ash, low moisture, high CSN (8), indicating a premium hard coking coal
· At Khus (EC 51%) drilling (17 holes) and sampling have indicated the potential for bituminous coal.
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