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HONG KONG, Sept 16, 2010 - (ACN Newswire) - North Asia Resources Holdings Limited ("NAR" or the "Company") (stock code: 61) today announced that the Company has successfully completed the mine design, dry processing equipment installation and the initial blasting of approximately 20,000 tonnes of iron ore for immediate trial production at a mine located in Oyut Ovoo, Dundgobi Aimag (province), Mongolia on 11 September 2010.
This major step forward has been made following the acquisition of the entire issued share capital of North Asia Resources Group Limited on 16 December 2009 and the further completion of the acquisition of approximately 9.999% equity interests in Golden Pogada LLC ("Golden Pogada"), making Golden Pogada a 99.99%-owned subsidiary of the Group, on 26 April 2010. Golden Pogada possesses the mining rights licence covering a 1,201-hectare area of the Oyut Ovoo mine in Mongolia. A transit and loading dock (the "Dock") in close proximity to the train station of Choir, Govisumber Aimag in Mongolia (the "Choir Train Station") as well as a restricted rail extension line linking the Dock to the main rail line of the Choir Train Station have been under construction. The Dock facilitates the transportation of iron ore from the Oyut Ovoo mine in Mongolia directly to China, the largest steel producer in the world.
Mr. Tse Michael Nam, Executive Director of NAR, said, "This initial blasting at Oyut Ovoo marks a significant milestone for the Company's iron ore business. We are encouraged to have obtained approximately 20,000 tonnes of iron ore for immediate trial production following the initial blasting. The Company is starting with only one of the four discovered ore bodies and has plans to expand production capacity as soon as next year. This inspires our confidence that the Oyut Ovoo iron ore mine would become one of our growth drivers and generate long term sustainable returns for the Company."
According to the Independent Technical Report completed by SRK Consulting China Limited, a total JORC-equivalent Measured, Indicated and Inferred resources of 148.9 million tonnes of iron resources and 34.58 million tonnes of copper ore are estimated in the first mine area alone (which covers only 100 hectares / approximately 8.33% of the total mine area).
Contact:
Strategic Financial Relations Limited
Heidi So: +852 2864 4829
Email: heidi.so@sprg.com.hk
Joanne Lam: +852 2864 4816
Email: joanne.lam@sprg.com.hk
Jacky Choi: +852 2114 4953
Email: jacky.choi@sprg.com.hk
Jacqueline Yeung: +852 28644937
Email: jacqueline.yeung@sprg.com.hk
Fax: +852 2804 2789 / 2527 1196
Website: www.sprg.com.hk
Topic: Press release summary
Source: North Asia Resources Holdings Limited
Sectors: Metals & Mining
http://www.acnnewswire.com
From the Asia Corporate News Network
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