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Baruun Naran coal resource is doubled

Wednesday, July 18th, 2007

QGX has more than doubled the measured and indicated tonnage of coking and thermal coal at its Baruun Naran project in Mongolia.
The second NI 43-101 compliant resource estimate for Baruun Naran, independently prepared by McElroy Bryan Geological Services, of Sydney, Australia, delineated 252.9 million tonnes of measured and indicated coal resources, more than doubling the previous amount reported 12 months ago.
QGX president and CEO Paul Zweng says: “We could not be more pleased by the new resource estimate. Much of this additional tonnage has been derived from coal which had been intersected in previous drilling but had insufficient intersections or associated coal-quality data to be included in the previous resource estimation. The size of the resource is expected to expand somewhat beyond the reported figures as there are additional inferred resources to be reported later.
“We believe that Baruun Naran represents a new and significant greenfield coking-thermal coal project. Our belief is bolstered by the sheer size of this new resource as well as its exceptional coal quality. We are doing all we can to advance the project to production as rapidly as possible.
“To this end, several studies are ongoing, and we will be striving to complete the pre-feasibility study before year end. QGX looks forward to supplying both premium coking and thermal coal to the market for 20 to 30, or more, years in the near future.”
Baruun Naran property is in southern Mongolia, 500km south of the capital Ulaanbaatar. The deposit is hosted in a thick sequence of Upper Permian sedimentary rocks known as the Tavan Tolgoi Formation. This formation also hosts the large Tavan Tolgoi coal deposit 20km north-east of Baruun Naran.

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