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HONG KONG, Sept 20, 2010 - (ACN Newswire) - North Asia Resources Holdings Limited ("NAR" or the "Company")(HKSE: 0061) today announced that its alluvial gold mine located at Khar Yamaat, Mongolia has successfully started trial production. It has recovered approximately 1,200 grams (equivalent to approximately 32.15 troy ounces) of raw alluvial gold since early September 2010.
The Company has removed approximately 640,000 cubic meters of top soil, reaching an average depth of approximately 20 meters. Since early September 2010, the Company has recovered approximately 1,200 grams (equivalent to approximately 32.15 troy ounces) of raw alluvial gold and the trial production will continue till the end of October 2010.
In late April 2010, NAR completed the acquisition of the entire equity interests in Dadizi Yuan LLC ("Dadi") through an indirect wholly-owned subsidiary, Dadi holds the mining and exploration licences for two alluvial gold mines in Mongolia, which have a total mining area of approximately 2,003 hectares (representing approximately 20.03 square kilometers), with measured gold reserves of 324.7 kilograms (1 tonne = 1,000 kilograms). It is estimated that the gold reserves of the two mines will be no less than 3 tonnes.
Mr. Chan Kwan Hung, CEO of NAR, said, "The first recovery of approximately 1,200 grams of raw alluvial gold is a significant achievement for the Company, especially when gold prices are currently high. Our processing facilities at Khar Yamaat are operational, and the Company aims to expand the mining faces by spring 2011. With the amount of material yet to be mined, we expect the mine will generate cash flow to support our future growth."
Contact:
Strategic Financial Relations Limited
Heidi So
Tel: +852 2864 4829
Email: heidi.so@sprg.com.hk
Joanne Lam
Tel: +852 2864 4816
Email: joanne.lam@sprg.com.hk
Jacky Choi
Tel: +852 2114 4953
Email: jacky.choi@sprg.com.hk
Jacqueline Yeung
Tel: +852 2114 4937
Email: jacqueline.yeung@sprg.com.hk
Fax: +852 2804 2789 / 2527 1196
Website: www.sprg.com.hk
Topic: Production report
Source: North Asia Resources Holdings Limited
Sectors: Metals & Mining
http://www.acnnewswire.com
From the Asia Corporate News Network
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