SEOUL--(Korea Newswire) February 26, 2016 -- Freegood Mines Ltd., a Korea-based resources company, announced that Undur Naran Copper and Gold Project is recognized 12.4 tons of gold reserves by government of Mongolia.
Undur Naran Project is copper and gold development project in southern Mongolia. Undur Naran Project is porphyry copper deposits that include 4 gold deposits.
Suk Min Oh, Executive Chairman of Freegood Mines said, “12.4 tons of gold reserves are the result of 68-hole and 11,000 meters drilling in Redstripe west Zone of four gold deposits.”
He believes that the estimation can reach as much as 30 tons when additional drillings on the remaining 3 gold deposits are completed. Oh believes that Undur Naran Project will be another version of Oyu Tolgoi project, a gigantic gold and copper project led by Rio Tinto.
He also commented that he sees a significant turnaround in gold producing industry in Mongolia as margins increased from recent spot price rally and costs reduced from lower fuel prices and labor costs due to 50% devaluation of the Mongolia currency (Tugrig).
Ahead of commercial production, Freegood Mines is executing a restructuring plan with external consultants including corporate structure reshuffling and Hong Kong IPO. As Freegood Mines plans IPO in Hongkong stock exchange market.
Freegood Mines is discussing strategic partnership with global mining companies on financial, technical supports.
Freegood Mines Ltd.
Suk Min Oh