Mongolian Resource Play

[Tackler]

CG Centerra Gold's Q3 income soars to $28.7-million (U.S.)

2004-10-26 11:45 ET - News Release

Ms. Sharon Loung reports

CENTERRA GOLD'S EARNINGS AND CASH FLOW RISE SHARPLY

Centerra Gold Inc. has recorded earnings of $28.7-million or 40 cents per share for the three months ended Sept. 30, 2004. Cash from operations amounted to $29.2-million. In the comparable quarter of 2003, earnings and cash flow were $2.8-million or seven cents per share and $15.4-million respectively. (All figures are in United States dollars unless otherwise specified.)

For the first nine months of 2004, earnings were $40.5-million or 81 cents per share and cash from operations totalled $63.5-million. These compare with earnings of $2.3-million or six cents per share and cash from operations of $25.3-million in the same period of 2003.

Third quarter highlights:

-increased ownership, production and realized prices drove significant increases in revenue, earnings and cash from operations;
-operations at both Kumtor and Boroo mines exceeded expectations;
-hedge book was completely eliminated during the quarter;
cash totalled $130.9-million at Sept. 30, no long-term debt;
-exploration programs for 2004 were expanded based on encouraging results: at Kumtor, drill program increased by $2.1-million; at Gatsuurt, drill program increased by $2.0-million;
-at REN, a $2.5-million phase 2 program approved and launched;
-surpassed significant safety milestones at the Kumtor and Boroo mines;
-Ularbek Mateyev, president of Kyrgyzaltyn JSC, was appointed to the board of directors.

"We are very pleased with the strong results of the quarter," said Len Homeniuk, president and chief executive officer. "Operations at both mines continue to exceed expectations and our exploration program is yielding encouraging results. As well, we had another solid safety performance, surpassing significant milestones at both mines without lost-time accidents."

"We welcome Mr. Ularbek Mateyev, Kyrgyzaltyn's nominee to the board of Centerra, and we look forward to working with him as the company pursues its growth strategy focused on Central Asia, the former Soviet Union and other emerging markets," concluded Mr. Homeniuk.

Summary of the quarter

Centerra Gold became a public company on June 30, 2004. Its predecessor company, Cameco Gold Inc., was a division of Cameco Corp., which held a one-third interest in Kumtor and a 53-per-cent interest in Boroo. Since June 30, 2004, Centerra's main operating and exploration ownership interests consist of a 100-per-cent interest in Kumtor mine, a 95-per-cent interest in Boroo mine and in exploration properties, a 62-per-cent interest in REN, and a 100-per-cent interest in Gatsuurt. For accounting purposes, Centerra's consolidated third quarter results reflect fully consolidated interests in the Kumtor and Boroo mines, a 62-per-cent interest in REN, and a fully consolidated interest in Gatsuurt.

Net earnings for the third quarter of 2004 were $28.7-million or 40 cents per share compared with $2.8-million or seven cents per share for the same period in 2003. The year-over-year improvement is primarily due to the increased ownership of the Kumtor mine, the start of commercial operations at the Boroo mine on March 1, 2004, and higher realized prices due to a reduced hedge position.

During the quarter, Centerra's share of production at the Kumtor and Boroo mines rose to 235,579 ounces from 69,043 ounces in the same prior year period. Total cash cost per ounce of gold was $178 compared with $160 in the third quarter of 2003.

For the three months ended Sept. 30, 2004, Centerra revenues rose to $86.7-million from $20.6-million in the corresponding period of 2003. This was due to the start-up of operations at the Boroo mine, which was under construction during 2003, an increased ownership interest in the Kumtor mine and a 28-per-cent increase in average realized prices to $398 per ounce.

Gross profit was $31.2-million in the quarter compared with $5.1-million a year ago.

For the three months ended Sept. 30, 2004, cash flow from operations was $29.2-million, almost double the $15.4-million reported in the same period a year ago.

As of the end of September, all forward sales agreements have been closed and all credit support, previously provided by Cameco, has been removed. During the quarter, the company closed forward contracts for 155,000 ounces, including 125,000 ounces in July, which were noted in Centerra's second quarter report. Currently, Centerra does not intend to hedge any of its future production.

Exploration

Exploration at Kumtor has been accelerated with three additional drill rigs added in mid-October bringing the total on site to eight. At Boroo, the phase 2 drilling program is in progress to further delineate the mineralization.

At Gatsuurt, 32 drill holes totalling 3,822 metres were drilled at the Central zone. Metallurgical testwork suggests that high recoveries may be achievable for the deeper transition and fresh sulphide material using the bio-oxidation technology and further testwork has been initiated. Based on the preliminary results to date, management is planning to complete a prefeasibility study during 2005 on the potential development of the property as a stand-alone operation.

At the REN project in Nevada, the $2.5-million phase 2 program was approved by the joint venture partners and drilling was initiated in August.

Based on the encouraging results from the drilling programs, particularly at the Kumtor and Gatsuurt properties, the company has increased its exploration program for 2004 by almost $4.1-million to roughly $14.5-million.

Outlook

Fourth quarter 2004

Revenues in the fourth quarter are expected to be lower than the third quarter. Production at Kumtor is expected to decline to about 136,000 ounces in the fourth quarter due to a lower average grade of mill feed. Accordingly, the total cash cost is expected to increase to about $252 per ounce. At Boroo, production is expected to be about 66,000 ounces for the quarter with a total cash cost of about $150 per ounce.

For the fourth quarter, a $10 per ounce change in the gold spot price would change revenue by about $2.0-million, net earnings by about $1.8-million and cash from operations by about $1.9-million.

Full year 2004 -- production -- 100-per-cent basis

For the full year, production is forecast at 900,000 ounces, an increase of 33 per cent over 2003. Considering the Kumtor mine restructuring, Centerra's share of production for the year is expected to be about 607,000 ounces.

Production at Kumtor is expected to amount to 655,000 ounces in 2004 using a milling plan that calls for a mix of lower grade stockpiled ore and higher grade mine ore. Forecast average grade and total cash cost for 2004 are 4.4 grams per tonne and $200 per ounce respectively.

Production at Boroo is expected to be 245,000 ounces of gold in 2004 (including 27,703 ounces produced prior to the start of commercial production on March 1, 2004). Forecast average grade and total cash cost for 2004 are 4.60 grams per tonne and $143 per ounce respectively.

Qualified person

The technical data under the heading "Exploration" has been prepared under the supervision of and verified by Robert S. Chapman, PEng, vice-president of exploration of Centerra, a qualified person for the purpose of National Instrument 43-101.

Conference call

Centerra invites you to join its third quarter conference call on Tuesday, Oct. 26, 2004, at 2 p.m. ET. The call is open to all investors and the media. To join the call, please dial 416-695-5259 or 1-877-888-3855 (Canada and United States). Alternatively, an audio feed will be available on www.centerragold.com. A recorded version of the call will be available on www.centerragold.com shortly after the call, and via telephone until midnight on Tuesday, Nov. 9, by calling 416-695-5275 or 1-888-509-0081.

Additional information on Centerra is available on the company's website at www.centerragold.com and on Stockwatch SEDAR files.

[Ed Monton]

TORONTO, Oct 22, 2004 (The Canadian Press via COMTEX) --

Robert Friedland, the mining financier who helped discover the massive nickel deposit in Voisey's Bay, encouraged Canadian companies to follow his lead by investing in mineral-rich Mongolia while publicly thanking the Asian country's president Friday f
or promoting an investment-friendly environment.

In an impromptu lunchtime speech to the visiting President Natsagiin Bagabandi, Friedland compared Mongolia to Canada, because it ships its plentiful resources to a rich southern neighbour, and said in the future that Mongolia, flanked by China and Russia, is "going to be very wealthy indeed."

He added that if other Canadian companies follow the example set by his company, Vancouver-based Ivanhoe Mines, "they will experience enormous success by coming to Mongolia."

"The fact that Mongolia is opening its hands to Canadian industry is of great importance to my company, Ivanhoe Mines," Friedland said.

Ivanhoe (TSX:IVN) has staked its future on its 110,000-square-kilometre gold and copper property in Mongolia, a huge land-locked country with a tiny population.

Ivanhoe's Oyu Tolgoi project in Mongolia's Gobi desert contains over $60 billion US worth of metal, according to the company, which is forecast to begin entering the market in 2007. Friedland has said the company would likely sell minority equity interests in the project to Chinese industrial or financial companies or to Japanese or Korean trading houses. In the summer he said Ivanhoe turned down a business-combination proposal from Canadian nickel giant Noranda Inc. (TSX:NRD).

Having recently emerged from communist control, the developing country has been eager to give lucrative tax holidays to investors. Its biggest investor is China, which accounts for 33 per cent of foreign direct investment in its neighbour, followed by Canada, at 13 per cent. As well, the portion of its gross domestic product that Mongolia gets from the mining sector has been growing by about 10 per cent annually for the last decade.

On the first-ever visit by a Mongolian president to Canada, Bagabandi told about 60 mining executives and other business people Friday that he "conducted extensive talks" with Prime Minister Paul Martin before arriving in Toronto. They agreed, he said, to "develop further business ties and economic ties between the two countries."

"Mongolia is very wealthy in minerals and natural resources and there is room for further co-operation between the two countries," Bagabandi said.

"I believe the beginning of this process has already started."

Other Canadian countries currently enjoying or poised to enjoy a big payoff in Mongolia include Centerra Gold, the Cameco Corp. spinoff that is the only Canadian company already mining gold in the country. Explorers Erdene Gold Inc. (TSXV:ERD), Entree Gold Inc. (TSXV:ETG) and QGX Ltd. (TSX:QGX) are also involved, with the latter two having significant investments from Barrick Gold Corp. (TSX:ABX), Canada's largest gold producer.

Peter Ackerley, president and chief executive of Erdene Gold, pointed out that Canadian mining and exploration companies have spent more than $200 million in Mongolia in the last two years and that it still "remains largely unexplored."

"We believe Mongolia has the formula for successful exploration and mine development: a rich mineral endowment with limited exploration, a strong support system and the world's biggest buyer waiting on its doorstep," Ackerley told the lunchtime crowd.

His remarks came on the same day China confirmed its GDP grew by 9.1 per cent in the third quarter of 2004 over the same quarter last year, despite attempts by the government to cool the country's hot economy. The booming Asian country's GDP for the first nine months of the year grew to $1.13 trillion US, the National Bureau of Statistics said.

Chief among China's needs for continued growth is a large supply of metals, especially copper and nickel.

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[Tackler]

BYV whatz Haywood and Canaccord up to?

[Tackler]

ERD Erdene releases results for Mongolia properties

2004-10-05 11:45 ET - News Release

Mr. Peter Akerley reports

ERDENE GOLD REPORTS WIDESPREAD COPPER AND GOLD MINERALIZATION AT WILD MOUNTAIN PROPERTY IN MONGOLIA; PROVIDES EXPLORATION UPDATE ON PRINCIPAL PROPERTIES AND GREENFIELD PROJECTS

Erdene Gold Inc. has discovered widespread copper and gold mineralization at its greenfield Wild Mountain property in Mongolia. Erdene also released results to date of the 2004 exploration programs on its five principal properties in Mongolia.

"Our initial fieldwork shows the Wild Mountain project area has excellent potential for significant copper and gold mineralization," said Peter Akerley, president and chief executive officer. "In addition to drilling at Virgin and our four other principal properties, we will continue our exploration efforts at Wild Mountain in order to advance the project to the drilling stage."

Wild Mountain

Two areas within the Wild Mountain district have returned significant gold and copper values from surface sampling and trenching. The first, known as the Jugant copper-gold occurrence, was discovered in 2002 when massive sulphide material was observed in a stream cut during regional mapping. The second area was discovered in mid-2003 when a large gossanous zone with anomalous gold and copper was identified approximately two kilometres north of the Jugant occurrence.

The 2004 program consisted of mapping and sampling the alteration and mineralization zones, returning the following results.

Trench sampling of the massive sulphide zone at Jugant has returned a 24-metre section averaging 1.85 grams per tonne gold, 11.92 grams per tonne silver and 1.54 per cent copper. This zone is hosted in argillic altered andesite and is exposed in the valley floor within an area of steep terrain. In addition, mapping and sampling have also identified an area 1,400 metres by 400 metres surrounding the Jugant massive sulphide occurrence characterized by multiple argillic and silicified alteration zones within andesite basalt. The 27 samples collected from the area have returned an average copper value of 0.25 per cent and gold values ranging from detection to 4.99 grams per tonne gold.

The second area of interest is located approximately two kilometres north of Jugant. It is characterized by altered andesite porphyry with disseminated pyrite mineralization and several areas of pervasively limonitic to siliceous, vuggy hydrothermal breccia with clasts of pyritic quartz vein and massive sulphide. Argillic and silica-altered, iron-oxide-bearing diorite and andesite basalt rubble is observed over a wide area measuring approximately 1,400 metres by 500 metres. Over 30 per cent of 57 samples collected throughout this area have returned copper values between 0.1 per cent and 2.5 per cent. Gold values ranged from detection to 1.5 grams per tonne.

The Wild Mountain property is located near the provincial centre of Altai in western Mongolia approximately 250 kilometres north of the China-Mongolia border.

Temuujin district (Virgin property)

Erdene is currently completing a regional scout drilling program in the Temuujin district of southeastern Mongolia. The company has completed wide-spaced holes to evaluate the potential for porphyry copper-gold mineralization in prospect areas T-I, T-II, T-III, T-IV, T-V and Togrog Uul. The drilling will also test a high-gravity anomaly, which underlies a large portion of the 20-kilometre-by-eight-kilometre district. Areas of high gravity are coincident with numerous occurrences of secondary copper discovered earlier this field season. An update of the Temuujin district drilling will be provided upon completion of the scout drilling phase, which is anticipated in late October, and upon receipt of analysis from SGS Laboratories.

White Hills

The 2004 program expanded the target area east and west of the main zone with gold mineralization occurring within a 100-metre-wide east-west-trending zone over a minimum strike length of 760 metres. Of the samples collected within this area, 25 per cent have returned values between 4.5 grams per tonne and 66 grams per tonne gold. Continuous sampling of two existing trenches 40 metres apart returned 2.2 grams per tonne gold over 14.8 metres in the first trench and 5.2 grams per tonne gold over 3.8 metres in the second. Erdene recently initiated a systematic sampling program to test the strike extensions of the zone.

Rich Gobi

In August, Erdene completed seven shallow diamond drill holes totalling 784 metres on two targets on the Rich Gobi licence. Three holes were drilled on the central grid zone targeting gold and pyrite mineralized quartz carbonate sediment packages. Anomalous results from the drilling included 0.41 gram per tonne gold over four metres and 0.35 gram per tonne gold over one metre. The targets are shear-zone-hosted-quartz veins that have near-surface, bulk-minable potential. The central grid drilling and 2004 surface exploration program have confirmed the occurrence of low concentrations of gold within the sedimentary host rocks. Erdene plans to test additional favourable structural targets along the 12-kilometre trend.

Four holes were also drilled on the south grid within gold-, silver- and copper-mineralized extensively sheared and brecciated quartz vein material and granodiorite. The drilling discovered three narrow sulphide-mineralized zones, with one hole intersecting 0.16 per cent copper and nine grams per tonne silver over two metres. No further work is anticipated in this target area.

Turquoise

A detailed trenching and sampling program followed the 2004 surface exploration, which identified a large alteration zone with a coincident geophysical target. Trenching over an area of argillic altered volcanics and intrusives with hydrothermal breccia and a discrete, coincident chargeability, resistivity and magnetic anomaly has indicated anomalous gold and copper. Values of up to 227 parts per million copper, 56 parts per billion gold, 2,050 parts per million zinc and two parts per million silver were returned in trenches. A dipole-dipole chargeability program is being considered, which will determine whether drilling is warranted.

Blue Springs

The results of the 2004 exploration program on the Blue Springs property were reported in the company's press release "Erdene Gold Confirms High Gold Values in Drilling at Blue Springs Property in Mongolia," available in Stockwatch Aug. 30, 2004. Compilation of 2004 drill results and surface mapping information is under way to determine how to further evaluate the high-grade zones identified.

Greenfield project update

In addition to the Wild Mountain property, field teams evaluated the South Gobi and Matad properties in August and September. The South Gobi property is situated approximately 45 kilometres southwest of Oyu Tolgoi. Fieldwork this year has identified an area of argillic altered, pyritic intermediate volcanics associated with altered intrusive rocks. The Matad property is situated along the inferred northeast extension of the South Gobi island arc terrane. Fieldwork this year included rock sampling of quartz vein and breccia zones occurring in altered volcanics. Assays are pending from both areas.

This press release has been prepared under the supervision of Michael Corey, PGeo, who serves as the qualified person under National Instrument 43-101. All samples are assayed at SGS Laboratory in Ulan Bator, Mongolia. In addition to SGS Laboratory internal checks, Erdene Gold incorporates a quality analysis/quality control sample protocol using prepared standards, sample splits and duplicates.

[Tackler]

Globe says Brascan's Flatt cold on Ivanhoe's Friedland

2004-09-30 05:44 ET - In the News

See In the News (C-BNN) Brascan Corp

The Globe and Mail reports in its Thursday edition that unnamed sources say Bruce Flatt, the Brascan honcho who is delivering Noranda and Falconbridge to the Chinese, gets visibly agitated when he hears the name Robert Friedland, chairman of Ivanhoe Mines. The Globe's Feed The Goat column reports that Ivanhoe Mines has ambitious plans to develop the Turquoise Hill copper and gold deposit in southern Mongolia. The Goat column explains that the Flatt-Friedland relationship turned loveless when some time last year, Noranda -- 41 per cent owned by Brascan -- offered to buy 40 per cent of Turquoise Hill at what an unnamed source described as a "stink bid" price. Mr. Friedland told Noranda to take a long march. Their relationship went further south last June, when Noranda chief executive officer Derek Pannell appeared to diss the Turquoise Hill endeavour. "My experience in dealing with situations where you have one customer and one supplier means one's ability to optimize returns is restricted," Mr. Pannell said, implying that it was captive to one market, China. Mr. Friedland apparently did not appreciate the comment and communicated his sensitivities to the Brascan-Noranda fraternity.

[Tackler]

Western Prospector acquires five Saddle Hills licences

2004-10-01 09:17 ET - News Release

Mr. John Brock reports

SADDLE HILLS URANIUM PROJECT ACQUIRED IN MONGOLIA

Western Prospector Group Ltd. has acquired five contiguous exploration licences covering an area of approximately 460 square kilometres (46,000 hectares) within the western portion of Mongolia's Saddle Hills uranium basin.

There are two equally important aspects of the Saddle Hills uranium project: the inclusion of the Gurvanbulag uranium deposits which were partially developed by the Russians during the 1980s, and the presence of numerous uranium exploration targets identified by prior geophysical surveys and exploratory drilling within a 75-kilometre-by-15-kilometre Mesozoic volcano-sedimentary basin.

The reported style of uranium mineralization, extensive development for production, potential for grade enhancement and indication of additional deposits make the Saddle Hills uranium project an important acquisition for Western Prospector.

Uranium mineralization

The Saddle Hills uranium mineralization occurs in a thick sequence of Mesozoic volcanic rocks that grade upward from a multilayered sequence of volcaniclastics in the lower portion to more massive flows in the upper portion. The uranium is hosted within the lower sequence as both sedimentary "roll front" and structurally controlled deposits.

A cluster of uranium deposits along an eight-kilometre length known as the Gurvanbulag deposits, now acquired by Western Prospector, were the subject of extensive underground development, including four shafts. One concrete-lined four-compartment shaft is 525 metres deep. On one of eight levels, there is an estimated 10,000 metres of underground lateral development and stoping in preparation for mining on the 200-metre level.

A feasibility study, completed in 1987 by the Russians, is in hand and is being reviewed by Western Prospector's geological consultant, Dr. Gerald Harper, PGeo (ON), PEng (ON). The feasibility study is based on developing a minimum of 10 gently dipping stacked deposits defined by extensive underground development. The Gurvanbulag deposits are reported to host 10.56 million tonnes grading 0.152 per cent U or 0.179 per cent U(3)O(8) for a contained 41.7 million pounds of U(3)O(8). The uranium resource has been classified as C1 + C2 resources under the Russian reserve classification system and tabled as follows:

C1 Resources 4.2 million tonnes 0.245 per cent U(3)O(8) 22.7 million lbs U(3)O(8)

C2 Resources 6.4 million tonnes 0.136 per cent U(3)O(8) 19.0 million lbs U(3)O(8)

Dr. Harper, the qualified person for the Saddle Hills uranium project, advises that the resources referenced above are calculated from prior work by Russian exploration groups and may not be considered compatible with resources as defined under Canada's National Instrument 43-101. Russian resource nomenclature and definitions with a comparison to North American methodology are well illustrated in an article by Stephen Henley in Mining Journal, Aug. 20, 2004.

Work plan

Western Prospector has commenced a surface exploration program at Saddle Hills, the results of which will be reported when available.

Upon completion of all data compilation, Western Prospector will commission a report (compliant with National Instrument 43-101) on the Saddle Hills project.

The acquisition agreements

Subject to TSX Venture Exchange approval, a 100-per-cent interest in four of the licences comprising the Saddle Hills has been purchased from Brant Enterprises Inc., for a total consideration of $5,000 (U.S.) and the issuance of 200,000 shares in the capital of Western Prospector to Brant. The fifth licence is subject to an option agreement with a private Mongolian corporation, whereby Western Prospector has the right to purchase a 100-per-cent interest in the license, in consideration for staged payments to the vendor totalling $1,025,000 (U.S.) ($75,000 (U.S.) paid) over the next four years. The vendor will retain a 2 per cent net smelter return, which Western Prospector may purchase at any time for $1.0-million (U.S.).

[Ed Monton]

BCP news on Mongolian property here: #msg-4141068

[Tackler]

[Tackler]

Western Prospector acquires Mongolian uranium prospect

2004-09-21 13:16 ET - News Release

Mr. John Brock reports

WESTERN PROSPECTOR ACQUIRES URANIUM PROJECT IN MONGOLIA

Western Prospector Group Ltd. has reached agreements in principle for the acquisition of exploration licences within the Saddle Hills uranium basin, located in eastern Mongolia. The exploration licences total more than 500 square kilometres and cover known deposits and ground that holds potential for the discovery of additional deposits.

The management of Western Prospector is currently in Mongolia and will provide further information regarding this corporate development upon its return to Vancouver next week.

In addition to the Saddle Hills uranium project, Western Prospector has initiated an exploration program on the Yalbag gold project and continues to finance a program of mineral project acquisition and exploration in Mongolia.

[Tackler]

New one GPM...

Golden Patriot options Mongolian gold-copper prospect

2004-05-04 18:35 ET - News Release

Mr. Raj Chowdhry reports

GOLDEN PATRIOT MINING INC. - ACQUIRES A COPPER GOLD PROSPECT IN NW MONGOLIA

Golden Patriot has acquired the right to earn a 100-per-cent interest, subject to a 2-per-cent net smelter return, in a 360-square-kilometre copper-gold project in northwestern Mongolia.

The property hosts several different styles of mineralization in a porphyry-type environment that has never been systematically tested with modern exploration techniques. The Chinese geological survey, which has conducted geological surveys in the area, reports evidence of historical small scale mining and smelting.

The acquisition agreement calls for an initial cash payment of $40,000 (U.S.) upon signing of the agreement, $10,000 (U.S.) within three months of the signing date and a further $20,000 (U.S.) on the first anniversary of the agreement. In addition, the vendor will receive 200,000 shares of Golden Patriot upon signing, 200,000 shares on the second anniversary of the agreement and one million shares at feasibility.

Previous exploration work on the property confirmed the existence of a number of primary copper and gold occurrences and deposits over a distance of several kilometres. One of these deposits averages 1.1 per cent copper over a thickness of five to 15 metres along a strike length of 150 to 200 metres.

In the same general area, drilling has confirmed the presence of a 28-metre-thick oxidized zone containing chalcopyrite and bornite that may be associated with supergene enrichment.

Approximately 800 metres away trenching results from another copper showing returned values as high as 3.2 per cent copper and five grams silver per tonne while other widely spaced showings returned copper values in the range 0.7 per cent and gold values in the range of of 0.4 gram per tonne along with gold pathfinder minerals.

Compilation studies are planned immediately to determine whether the deposits are related geologically and also to prioritize targets for a first phase exploration program in the coming year.

According to Golden Patriot's president, Raj Chowdhry: "The agreement provides us with an opportunity to explore and develop a mineral project with large tonnage potential at a reasonable cost. It also fits in with our game plan of building a portfolio of high-quality exploration projects in a region where demand for mineral commodities is expected to be explosive over the next decade."

[Tackler]

Fortress reviews summer 2004 exploration in Mongolia

2004-09-13 10:20 ET - News Release

Mr. Steve Swatton reports

DRILLING AND EXPLORATION UPDATE FROM MONGOLIA

Fortress Minerals Corp. has completed its summer exploration program for 2004 from the Shiveen Gol, Huvs, Gobi Altai and Erdenet belt (Teltiin and Oyuut Uul) projects in Mongolia. Exploration is still continuing at its Tsagaan Tolgoi property in northwest Mongolia adjacent to the Shiveen Gol property. All properties are 100 per cent owned by Fortress Minerals and constitute part of a roughly 52,000-square-kilometre-sized land package currently held under licence or application by the company in Mongolia. Upon approval of all exploration licences under application Fortress will become the second largest exploration licence land package owner in Mongolia.

Shiveen Gol (northwest Mongolia)

A total of nine drill holes have been completed (a combination of reverse circulation and diamond drilling) for a total of 1,920.8 metres. The deepest hole was 280.5 metres. Geochemical results will be released when available. As reported in earlier news releases, the geological target at Shiveen Gol is an iron oxide copper gold target with chalcopyrite mineralization reported from surface rock samples in the zone of drilling.

Huvs (north-central Mongolia)

Approximately 600 soil, rock and stream sediment samples have been collected to date. A soil orientation survey (91 samples at 100-metre spacing) was completed in a drainage basin that previously returned 4.37 grams Au per tonne from pan concentrate sampling. Partial soil sample results received to date outline the existence of a gold-enriched geochemical zone measuring approximately two kilometres by 300 metres. The highest gold soil sample from this zone returned a value of 0.49 gram per tonne, with an average of 0.124 gram per tonne. This gold geochemistry represents the first batch of results from nine such soil surveys in the same district. The geological target from this zone is either a large tonnage mesothermal vein style or a sediment hosted gold deposit. A complete dataset of results from all sample media will be released when available. As a result of the encouraging results and current hypotheses for gold genesis in this region Fortress has applied for approximately 35,000 square kilometres of additional mineral exploration licences in the Huvs region.

Erdenet district (north-central Mongolia)

Work has been concluded within the Teltiin (copper-gold) and Oyuut Uul (gold) project areas. At Teltiin, a total of 50 line kilometres of dipole-dipole induced polarization was completed with 150-metre dipole spacings. A ground magnetic survey was completed over a 28-square-kilometre area with 200-metre line spacings and readings collected every 10 metres on-line. A total of approximately 300 rock chip and 400 soil samples were collected. Final results and analyses are pending.

Work within the Oyuut Uul prospect has been completed. A total of 31 line kilometres of induced polarization surveys were completed with dipole-dipole spacings of 50 and 150 metres. A ground magnetic survey was completed over a 34-square-kilometre area with 200-metre line spacings and readings collected every 10 metres on-line. A total of approximately 60 rock chip and 100 soil samples were collected. Final results and analyses are pending.

Tsagaan Tolgoi

Reconnaissance exploration throughout the Tsagaan Tolgoi licence block is continuing. Approximately 300 rock chip samples have been collected to date from several gold and copper-gold prospects. Final results and analyses are pending.

Gobi Altai region

A reconnaissance exploration program has been completed within Fortress's 100-per-cent-owned Gants Modot licence block in the west-central Gobi Desert region. Approximately 150 rock chip samples were collected during reconnaissance completed in early September. Final results and analyses are pending.

A breakdown of the quality assurance/quality control procedures in place for rock and soil samples taken by Fortress are as follows. The samples are prepared and pulped by Analabs (a subsidiary of SGS Laboratories) in Ulaanbaatar. Acme Analytical Laboratories Ltd., Vancouver, assayed the pulps. The company incorporates one of six quality control laboratory standards into the analytical procedure. The standards are provided by Ore Research and Exploration Pty. Ltd. (Australia) and each standard has been evaluated by several recognized mineral testing laboratories in accordance with International Standards Organization (ISO) recommendations. The company's qualified person under National Instrument 43-101 is G.E. (Greg) McKelvey, a registered geologist in Wyoming and a certified professional geologist in accordance with the guidelines of the American Institute of Professional Geologists. Mr. McKelvey is also a member of the Society of Economic Geologists, and a fellow of the Geological Society of America.

[Ed Monton]

Copper and gold.

[Tackler]

IUC farmed out thier Mongolia properties into Fortress for shares. They own over 50% of the company. From recent news it looks like the prospects are for gold not uranium.

[Ed Monton]

Whats the connection with IUC ?

[Tackler]

Check the header. I've been posting on FST for quite some time.

[Tackler]

No that's shieldcat. Maybe EC is in Mongolia though, scouting out some hot property...

[Ed Monton]

FST?

[Tackler]

Wildcat Resources Ltd.,
Box 324, Postal Stn. "P"
704 Spadina Ave.
Toronto, ON
Canada
M5S-2S8
416-604-7256

[e-mail]

[huesos]

If I could find Eric, there are a few things I'd like to ask him about.

[Tackler]

Ivanhoe's $50-million no quid pro quo, says Friedland

2004-08-19 16:37 ET - News Release

Mr. Robert Friedland reports

SETTING STRAIGHT THE GLOBE AND MAIL RECORD ON IVANHOE MINES' INVESTMENT IN MONGOLIA

Ivanhoe Mines Inc. and the Mongolian government have been engaged in good-faith negotiations toward a stability agreement for the construction of a world-scale mining complex at the Oyu Tolgoi copper and gold deposits discovered by Ivanhoe in southern Mongolia. The following letter, dated July 30, 2004, was sent to The Globe and Mail newspaper in Canada to address a misleading and incomplete record that was created by the publication of a story on July 26 that purported to cover alleged "criticism" of the purchase of a Mongolian government treasury bill by Ivanhoe Mines in December, 2003. The newspaper declined to publish the submitted letter, which now is being distributed by Ivanhoe Mines in an attempt to provide a more complete factual record on the subject.

(Text of letter to the editor, The Globe and Mail, Toronto, July 30, 2004)

QUOTE

A Globe and Mail Report on Business story published July 26, 2004, misrepresented the true circumstances involving the purchase of a Mongolian national government treasury bill by Ivanhoe Mines in December, 2003.

The story implied, falsely, that Ivanhoe was the sole "benefactor" that helped the Mongolian government raise the capital needed to retire Mongolia's long-standing debt to the Russian Federation. The Globe did not tell readers that the Erdenet Mining Corporation, a Mongolia-Russia joint venture that owns the 26-year-old Erdenet copper mine, currently the largest producing mine in Mongolia, also participated in the initiative. Other investors, including Mongolia's central bank, also supported the initiative. While Ivanhoe invested in a $50 million treasury bill, an additional $200 million was provided by other investors.

With this support, the government was able to take advantage of an extraordinary, 98% discount repayment incentive on the $12 billion national debt that Russia was offering only until the end of 2003.

There is no connection between Ivanhoe's purchase of the Mongolian treasury bill seven months ago and Ivanhoe's negotiations with the Mongolian government for a long-term stability agreement that will set terms and conditions that will apply to Ivanhoe's planned Oyu Tolgoi copper and gold mine development in Mongolia's South Gobi region. Ivanhoe and the Mongolian government explained to The Globe that there was no connection between the treasury bill and the stability agreement. Yet much of the Globe story was woven around unsupported speculation and insinuations that there was something questionable about Ivanhoe's investment in the treasury bill. Contrary to an allegation reported by The Globe, there was nothing "clandestine" about the treasury bill purchase. It was properly handled by the government on behalf of the people of Mongolia. Ivanhoe's potential purchase of the treasury bill was disclosed in advance in a public prospectus and the subsequent completion of the purchase was announced in Mongolia and disclosed in an internationally circulated news release.

As Ivanhoe advised The Globe before it published its misleading story, the company has never heard criticisms from any quarter that the treasury-bill purchase was, or could create, a conflict of interest for the government. The purchase of a treasury bill does not disqualify the purchaser from dealings with the issuing government -- either in Mongolia or anywhere else.

The record is clear. Ivanhoe purchased the interest-earning treasury bill, with no favours asked, offered or given by either side. The government recently re-affirmed to Ivanhoe that the loan will be repaid, on schedule and in full, at the end of this year. As The Globe was advised, the stability agreement, covering such matters as rates of taxation, is an entirely separate issue. The Globe's suggestion that there is something unusual or surprising about the time being taken to conclude such a complex agreement is a misrepresentation.

Ivanhoe advised The Globe before the story was published:


Oyu Tolgoi will represent the largest investment ever made in an industrial project in Mongolia;


Oyu Tolgoi, a world-scale project, is much larger, and will be in production longer, than any mining project previously advanced in Mongolia;


it is not unusual for stability agreements in other countries to take several months, and even years, to complete; and


the government and Ivanhoe have recognized that the existing model form of stability agreement used in Mongolia is inadequate and that an alternative form has been drafted to reflect the scope, financial commitment and complexity of the project. The new form could serve as a template for other future large-scale development projects in Mongolia that are similar to the Oyu Tolgoi project. The agreement's terms are being negotiated within the current law and to a standard that will be acceptable to international banking and investment institutions.

The Globe's misrepresentation of Ivanhoe's sincere community support actions, taken on behalf of our hundreds of Mongolian employees, as well as our shareholders, is an unjustified cheap shot apparently to shore up the story's core of contrived controversy. The story's suggestion -- that Ivanhoe's long-term support of an orphanage, the support of the rebuilding of a South Gobi Buddhist temple razed during the Stalinist era and the creation of an infectious-disease clinic during the last year's SARS crisis are just image-grooming gestures to curry political favour in Mongolia -- is false and contemptible.

UNQUOTE

Robert M. Friedland

Chairman, Ivanhoe Mines Ltd.

[Tackler]

"They" usually have an MBA or law degree. "They" eat business lunches on Howe Street that we pay for. Of course all this stuff is not air. "They" employ geologists and drillers and camp cooks and helicopter pilots and... but alot of it is air or as I would say a game.

I would guess the companies that are run by the geologists might be legit, but they probably don't get the money. Maybe ask Eric Charters about that.

If Mr. Friedland wants ASG to trade at $3 bad enough it will trade at $3 again in no time.

[huesos]

Who are 'they' anyway? Is all this stuff air in your opinion? I think there must be some legit exploration companies out there somewhere.

[Tackler]

I have no idea how it's done but it is. Look at what they did with BCP last year. You can be sure that there is a crop of suckers out there just waiting to learn that Mongolia is Hot. And if the whole jr market heats up all the easier to start pumping this crap, then every dog will have it's day. As for ETG, thanks, I just added it to the header. Jeesh and to think I owned it at one time.

[huesos]

Taking the case of the optomistic veiw, how can they manage a feat like running rhe stock to three dollars? Technicaly this stock and it's stable partner JIN look like two dead mules that could do nothing more than draw flies. ETG on the other hand looks like it might be beginning to stir.

[Tackler]

Good question. This is somewhat of a satelite company of Ivanhoe, at worst an overhang since the share price is lower than the warrants. They already had the opportunity to cash in and didnt. Optomistic view would be they find a way to run the stock up to $3 again.

[huesos]

so how are we to interpret this 833,000 + warrant news? Big overhang on the share price or one more nail in the coffin of this melted down chart?

[Tackler]

Asia Gold's bid to extend Ivanhoe warrants is approved

2004-07-19 08:45 ET - News Release

Also News Release (C-IVN) Ivanhoe Mines Ltd

Mr. Bill Trenaman of Asia Gold reports

ASIA GOLD RECEIVES TSX-V APPROVAL TO EXTEND WARRANTS

Asia Gold Corp. has received approval from the TSX Venture Exchange to extend the expiry date of warrants held by Ivanhoe Mines Ltd. to purchase 833,333 Asia Gold common shares. Ivanhoe Mines now has until July 31, 2005, to exercise the warrants.

Each warrant entitles Ivanhoe Mines to acquire one common share of the company at a price of $1.32 per share. The warrants were issued July 31, 2003, when Ivanhoe Mines converted loans owing by Asia Gold into 833,333 units. Each unit consisted of one Asia Gold common share and one warrant.

[Tackler]

UGL makes progress at South Valley, Huren Tologoi

2004-08-20 17:51 ET - News Release

Mr. G. Arnold Armstrong reports

UGL MONGOLIAN PROJECTS AND DRILLING UPDATE

UGL Enterprises Ltd. has released the following update regarding its projects in Mongolia.

South Valley project

UGL has commenced a 3,500-metre drill program to test multiple geochemical and geological anomalies on its South Valley property located in Dornod aimag (province) in northeastern Mongolia. A recently completed induced polarization geophysics program contracted to Insight Geophysics of Toronto has indicated a large, strong magnitude chargeability anomaly over an area measuring approximately 1.8 by 2.0 kilometres. This large anomaly coincides with the area where sampling of weathered rock and soil samples returned four anomalous areas of significant gold and copper values, running up to 2.51 grams per tonne gold and 2.9 per cent copper. These anomalous areas are associated with quartz limonite and linionite stockworks, developed in a continuous (pervasive) manner consistent with a porphyry copper model.

Huren Tologoi project

UGL has completed a phase-one drill program on its Huren Tologoi property comprising a total of 14 holes. Assays from holes 1-3 have been released (see UGL press release in Stockwatch dated July 5, 2004) which returned widespread anomalous gold mineralization, indicative of a very robust gold-bearing system related to a large area of intense silicification and associated strong clay alteration of kaolinite and pyrophyllite in volcanic rocks. UGL is very encouraged by the early success of the Huren drill program and intends to initiate a phase-two drill program in the near future. Results from the remaining holes from the phase-one program will be released as soon as assaying is completed.

UGL is pleased to announce the appointment of Ranjeet Sundher to its board of directors. Mr. Sundher has over 15 years experience in the Canadian junior resource sector including over three years of direct involvement in Mongolian mineral project acquisitions, negotiations and operations management.

Boro Ovoo

Following a limited exploration program, UGL has decided not to further pursue its option agreement on the Boro Ovoo property.

Robert Weicker, PGeo, is UGL's qualified person for work in Mongolia and is in charge of overseeing all operations.

[Tackler]

Asia Gold outlines Mongolian progress

2004-06-21 09:07 ET - News Release

Mr. Bill Trenaman reports

ASIA GOLD CORP.: EXPLORATION PROGRESS REPORT ON OYUT OVOO AND WESTERN GOBI PROJECTS, SOUTHERN MONGOLIA

Asia Gold Corp. has released results on the early progress of the company's $4.7-million 2004 exploration program on a variety of gold and copper targets in Mongolia's south Gobi region. Asia Gold holds a 100-per-cent interest in two groups of mineral exploration licences totalling 39,540 square kilometres, one of the largest and most prospective mineral exploration holdings in Mongolia.

Oyut Ovoo project -- 3,730 square kilometres (reported in Stockwatch Jan. 8, 2004)

A first-stage scout diamond-drilling program on the Oyut Ovoo project was completed in May. Six holes totalling 1,715 metres were drilled to test two targets within an area of about four square kilometres.

The first target is a skarn-intrusive complex with widespread surface copper mineralization coincident with induced polarization (IP) chargeability and magnetic anomalies. Five holes, OVD-1 to OVD-5, drilled to test the target intersected minor amounts of copper mineralization associated with pyrite in epidote-magnetite skarn intervals.

The second target is a large IP anomaly (D002), about one kilometre southeast of the first target. One hole, OVD-6, was drilled to test the second target. OVD-6 intersected anomalous copper mineralization in weakly altered granite between downhole depths of 120 metres and 243 metres. Three highly anomalous copper intersections were recorded in this interval: 15 metres averaging 0.14 per cent copper, 12 metres of 0.21 per cent copper and six metres of 0.28 per cent copper. A table of drill results for OVD-6 will be posted to Asia Gold's website at www.asiagold.com.

Further work is planned to fully evaluate the highly anomalous copper mineralization discovered in OVD-6 and define the full extent of the D002 IP chargeability anomaly.

The Oyut Ovoo property comprises five contiguous mineral licences in south central Mongolia, about 300 kilometres north of Ivanhoe Mines' Oyu Tolgoi copper-gold project. Copper-gold mineralization associated with skarns and hydrothermal breccias is widespread on the property over an area of approximately three square kilometres.

Western Gobi property -- 35,810 square kilometres

Dune epithermal-gold prospect (reported in Stockwatch March 4, 2004)

A first-stage scout diamond-drilling program on the Dune epithermal-gold vein prospect, comprising 918 metres in six holes, was completed in June. Three of the six holes intersected the vein structure at depths of up to 75 metres below surface. Three holes were abandoned at shallow depths due to difficult ground conditions. Assays are pending for the three holes that intersected the vein structure.

Asia Gold plans to start a second-stage drill program at Dune in early July to test the down-dip extension of the epithermal vein system along the known 450-metre surface strike length. The second-stage drilling program will consist of about 10 shallow holes totalling between 600 metres to 800 metres. An IP survey is in progress at Dune to explore for new targets associated with a large rhyolite dome that occurs in the footwall of the epithermal vein system.

The Western Gobi property is located within the major tectonic belt that hosts the Oyu Tolgoi deposit and other large-scale gold and copper-gold deposits in the Tian Shan mineral belt. The geology of the Western Gobi property comprises volcanics, sediments and intrusives of lower to mid-Paleozoic age that were deposited in both island-arc and continental margin environments. The eastern boundary of the Western Gobi property is about 150 kilometres west of the Oyu Tolgoi project.

The diamond drilling programs at Oyut Ovoo and Dune were performed by CanAsia Drilling of Ulaanbaatar, Mongolia. Drill core samples were prepared and analyzed by Analabs Pty. Ltd. of Ulaanbaatar. Analabs is a subsidiary of SGS Limited, an ISO-accredited Australian analytical company. The Oyut Ovoo and Dune sampling and assay programs were conducted pursuant to international standard quality assurance and quality control procedures.

Yagaan epithermal gold prospect (reported in Stockwatch Jan. 14, 2004)

A large-scale exploration program -- consisting of detailed and regional geological mapping, geochemical sampling, trenching and IP -- was started on the Yagaan prospect in May. Diamond drilling is planned to start in late July. Epithermal gold mineralization occurs at Yagaan in sheeted and stockwork quartz veins and breccias associated with a large gossanous rhyolite complex that forms a prominent topographic feature.

Reconnaissance exploration

Reconnaissance exploration on the large and prospective West Gobi project resumed in May, 2004. The objective is to develop a pipeline of new gold and copper-gold targets for detailed exploration and diamond drilling during the 2004 field program. Expert analysis of a comprehensive regional geological database is providing new targets for field follow-up. The Har Temee and Ridgeline hydrothermal alteration systems, identified by reconnaissance work in 2003, were mapped and sampled in May. Asia Gold plans to conduct IP surveys on these targets after completion of the Dune IP survey.

Asia Gold is conducting its 2004 Mongolian exploration program with a highly qualified and experienced team of 12 exploration geologists and two geophysical crews. Expenditures to the end of May, 2004, are approximately $500,000.

[Tackler]

Good month for WNP thus far.

[Tackler]

Up to 17 million shares in no time.

[Ed Monton]

This one packs a wollop:

Walloper Gold Enters Into a Letter of Intent With East
Asia Minerals Corporation and a Private Placement up to
$3,375,000 With Pacific International Securities

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 4, 2004) - NOT
FOR DISSEMINATION VIA US NEWSWIRE SERVICES

Walloper Gold Resources Ltd. (the "Company") is pleased to
announce it has entered into a letter of intent with East Asia
Minerals Corporation ("EAM") a privately held Ontario company,
for the purchase of all of the issued and outstanding shares of
EAM. Pursuant to the letter of intent, it is anticipated that
EAM's shareholders will sell all of their shares of EAM to the
Company in exchange for consideration consisting of one of the
Company's shares for each EAM share. EAM has 5,444,000 shares
issued and outstanding. As a result of the share exchange EAM
shall become a wholly owned subsidiary of the Company. The shares
of the Company issued to EAM founders approximating 3,900,000
shares shall be subject to a 3 year escrow schedule under the
policies of the TSX Venture Exchange. A final agreement must be
entered into within 60 days of the signing of the letter of
intent.

Any agreement is subject to the completion of due diligence by
both companies and the approval of the TSX Venture Exchange. A
finder's fee will be payable on the transaction.

In addition, the Company is pleased to announce that it has
entered into an agency agreement with Pacific International
Securities Inc. (the "Agent") for the private placement, on a
best efforts basis, of up to 7,500,000 units (the "Units") at a
price of $0.45 per Unit (the "Offering") for gross proceeds of up
to $3,375,000. Each Unit will consist of one common share and one
half common share purchase warrant. Each whole warrant will be
exercisable into one common share for two years from the date of
closing at a price of $0.75 per share for the first year and
$1.00 per share for the second year. The Agent has an
over-allotment option, upon mutual agreement by the Company,
exercisable at any time up to the closing, to increase the size
of the Offering by up to 20%.

The Company will pay the Agent a fee of 7% cash on the gross
proceeds of the Offering in a combination of cash and Units, with
the apportionment at the election of the Agent, such election to
be made prior to closing. In addition, the Company shall issue to
the Agent on the closing of the Offering, compensation options
(the "Compensation Options") equal in number to 12% of the number
of Units sold under the Offering including any Units sold
pursuant to the over-allotment option which will entitle the
Agent to purchase, at an exercise price equal to $0.50, one
common share and one half of one non-transferable common share
purchase warrant. Each whole warrant will be exercisable into one
common share for two years from the date of closing at a price of
$0.80 per share for the first year and $1.05 per share for the
second year

The private placement is subject to certain conditions including
all of the necessary regulatory approvals.

Proceeds of the private placement will be used towards funding
exploration on existing projects in Mongolia, acquiring
additional projects and for general corporate purposes. Closing
of the above transactions is expected within 90 days

In addition, prior to the completion of the foregoing
transactions, EAM will carry out an interim financing consisting
of a private placement of approximately 1,430,000 shares in the
capital stock of EAM for proceeds of up to $500,000. EAM shall
use commercially reasonable efforts to close such financing 30
days prior to the completion of the acquisition of EAM by
Walloper and the concurrent financing.

About East Asia Minerals

EAM is a Canadian mineral exploration company with an initial
focus on developing Mongolian gold projects. EAM has a strong
technical management team including the following individuals;

 
  
 Lyndon Bradish - President/CEO 
 - Past Managing Director of Noranda Pacific Ltd. (Australia) and 
    Noranda Asia Ltd. (Hong Kong) 
 - President and Director of Manila Mining Corporation 
 - Past Vice President of Diamond Drilling Corp. of the Philippines 
 - Director of Lepanto Consolidated Mining Company 
 - Managed the Victoria Gold Mine (120,000 oz/yr producer) 
  
 Dr. (Anthony) Tony Page - Vice President Exploration 
 - Asian-Central Asian specialist 
 - Past manager of RTZ Russia and 
 - Over 10 years in China 
 - BHP Billiton site manger on Lanping pre-feasibility 
  
 Edward Van Ginkel - Vice President Business Development, Corporate 
  Secretary (Legal Counsel) 
 - Past Vice President International Projects and Vice President General 
    Counsel for Noranda Inc. 
 - Extensive experience in all aspects of mine acquisition and 
    development (e.g Antamina) 
  
 John Gingerich - CFO 
 - Past Director Research and Technical Innovation Noranda 
 - Architect/leader/champion to many of today's leading technologies 
    (Hyperspectral, MEGATEM, 3-D Seismic, Gocad - Mira Geoscience, 
    Titan -24) 
  
 

The asset acquisition involving EAM will not include a change of
management of the Company. It is expected that Lyndon Bradish
shall be appointed President/CEO and a Director of the Company.

Current Projects

Tavt Gold-Copper (porphyry) Project

EAM has an option to acquire a 100% interest, subject to a 1% NSR
in the Tavt project located in the Bulgan Aimag Province in
northern Mongolia. EAM must fund minimum first year exploration
expenditures of US$500,000, of which US$320,000 must be spent on
drilling programs. EAM must also make option payments of
US$25,000 on July 15, 2004 (paid), US$25,000 on August 15, 2004
and US$1,000,000 within 20 days from the first year anniversary
date. The Tavt project is thought to be a copper-gold porphyry
system that has been overprinted by several phases of gold
mineralization with several large magmatic gold-copper veins.
There is a small interior claim on which a small scale gold
operation is in development. EAM has a right of first offer on
this claim.

Khok Adar Copper-Gold Project

EAM has an option to acquire a 75% interest in Khok Adar project,
located in the Bayan Olgii Province of Mongolia. EAM must fund
US$1,000,000 in exploration expenditures over 3 years, with
minimum first year expenditures of US$150,000. The Khok Adar
project is a VMS copper-gold-zinc system that has been
overprinted by several phases of epithermal
alteration/mineralization.

Yamaat Gold-Copper Project

EAM has an option to acquire a 77% interest in the Yamaat
project, located in the Bayan Olgii Province of Mongolia. EAM
must fund US$2,055,000 in exploration expenditures over 4 years,
with minimum first year expenditures of US$245,000. Approximately
US$100,000 has been spent to date. The Yamaat project is a
mesothermal turbidite hosted gold- copper vein system.

ON BEHALF OF THE BOARD

Darren Pylot, Director

This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to
U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Walloper Gold Resources Ltd.
Mark Patchett
[phone]
[phone] (FAX)
Email: [e-mail]
The TSX Venture Exchange has neither approved or disapproved of
the contents herein.

[Tackler]

Storm Cat to begin drilling program in Mongolia

2004-07-20 12:31 ET - News Release

Mr. William Schmidt reports

STORM CAT ENERGY CORPORATION COMMENCES EXPLORATION ON ITS MONGOLIAN COALBED METHANE PROJECT

Storm Cat Energy Corp.'s exploration team has made substantial progress with its Mongolian coalbed methane exploration project in the southern Gobi. The project manager of Storm Cat's exploration team is Yaro Horachek. Mr. Horachek has over 30 years of experience in coalbed methane, exploration, evaluation and development. Please visit www.stormcatenergy.com for information on Storm Cat's technical team.

Discoveries of Permian, Triassic and possible Jurassic coals have resulted from detailed stratigraphic work in at least three regions. In several locations, the coals are of the thickness required for commercial quantities. In spite of severe weathering of coal exposures, excellent coal cleating has been observed in one of the thicker seams. While the company has yet to identify any gas reserves or resources, the presence of coal cleats (or fractures) suggests that these coals may possess the degree of permeability in the subsurface needed to facilitate the possibility of future gas production.

Placing these coal seams into a correct structural and age context is part of the company's current exploration effort such that later exploratory drilling will be more geologically predictable. A drilling program has been provisionally contracted for late summer of this year.

[Tackler]

Int'l Uranium adds six new areas to Gurvan Saihan JV

2004-07-15 11:29 ET - News Release

Mr. Ron Hochstein reports

IUC ACQUIRES NEW URANIUM PROPERTIES IN MONGOLIA

International Uranium Corp. had added six new uranium exploration areas to the Gurvan Saihan joint venture in Mongolia. International Uranium is the managing director and operator, and holds a 70-per-cent interest in the Mongolia joint venture, with the Mongolian government and a Russian geological concern each holding a 15-per-cent interest.

With the rising uranium spot market, the company moved to capitalize on its local knowledge of prime uranium exploration areas in Mongolia by substantially adding to its property position. Seven new exploration licences, in six separate locales, were recently issued to the joint venture. These licences total approximately 540,000 hectares, which brings the Gurvan Saihan joint venture's total land position in Mongolia to 1.65 million hectares.

All of the new licence areas are located in the Central Gobi region and lie along the same regional belt of sedimentary basins that host significant uranium deposits at the joint venture's Hairhan and Haraat properties. The identified uranium deposits occur in Cretaceous age fluvial and lacustrine sediments derived from weathering of crystalline basement rocks, including granites and metamorphic rocks. Uranium mineralization occurs in sandstones, siltstones, clays and coaley sediments deposited in intermontane basins. The focus of past and planned uranium exploration is for sandstone-hosted deposits that can be mined using the in situ leach (ISL) method.

The joint venture's past work included nearly 150,000 metres of drilling and operation of two ISL pilot tests. The joint venture has identified inferred uranium resources totalling 21,672,000 at 0.052 per cent U3O8 for approximately 8,700 tonnes uranium (22.6 million pounds U3O8). These deposits occur at depths of less than 150 metres, and pilot testing has confirmed that ISL is applicable. The resource estimate was completed by the joint venture prior to the implementation of NI 43-101, however, the company considers this estimate to be relevant and the best existing estimate of the resources.

The areas recently licensed are known to have deposits of the Cretaceous Zuunbayan formation sediments that are the same as the host rocks for uranium deposits at Hairhan and Haraat. Based on past regional geologic work and prospecting work performed in 1998-1999, a number of radiometric anomalies and uranium occurrences have been identified in the new licence areas. The company is preparing plans to initiate exploration in 2004. Initial work will include geologic mapping and gamma spectrometric surveys to locate local anomalies in the host formation. Drilling is presently contemplated for the 2004 work also, and definitive targets and programs will be developed in the coming weeks.

[Tackler]

Fortress arranges $1.8-million equity financing

Fortress Minerals Corp (TSX-V:FST)
Shares Issued 44,343,838
Last Close 7/28/2004 $0.40
Friday July 30 2004 - News Release

Mr. Stephen Swatton reports

FORTRESS MINERALS ANNOUNCES $1.8 MILLION PRIVATE PLACEMENT

Fortress Minerals Corp. has reached an agreement with Haywood Securities Inc., whereby Haywood will act as the company's agent for an offering of up to 4.5 million units at a price of 40 cents per unit to raise gross proceeds of up to $1.8-million, with an overallotment of 1.75 million units. Each unit consists of one common share and one-half common share purchase warrant, each whole warrant entitling the holder to purchase one additional share of the company for a period of 24 months from closing of the placement at a price of 50 cents per share for the first year and 60 cents in the second year. Each unit will be subject to a four-month hold period.

Proceeds from the offering will be used for exploration expenditures and general working capital purposes.

The company has agreed to pay the agent a fee equal to 7 per cent of the gross proceeds from the sale of units and issue agent's warrants equal to 5 per cent of the total number of units sold under the offering. Each agent's warrant shall be exercisable into one common share of the company at a price of 50 cents for a period of one year.

The financing is subject to acceptance for filing by the TSX Venture Exchange.

Following the news in Stockwatch dated July 14, 2004, in which the company announced additional copper and gold mineralization at the surface from the Shiveen Gol project, the company is pleased to announce the start of a minimum 2,000-metre drill program from this location. The drilling is expected to continue for three weeks and will comprise both reverse circulation and diamond drilling. The mineralization style is believed to be iron oxide copper gold.

The company has also started the Huvs gold exploration program in northern Mongolia and expects to release geochemical results from its Teltin gold-copper project located in the Erdenet belt, Mongolia.

[Tackler]

Fortress Minerals increases Shiveen Gol zone to 2.6 km

Fortress Minerals Corp (TSX-V:FST)
Shares Issued 44,343,838
Last Close 7/13/2004 $0.40
Wednesday July 14 2004 - News Release

Mr. Steve Swatton reports

SHIVEEN GOL UPDATE - 2004 ROCK SAMPLING RESULTS EXPAND ZONE OF COPPER-GOLD MINERALIZATION TO APPROXIMATELY 2.6 KM(2)

Recent rock sampling results from Fortress Minerals Corp.'s 100-per-cent-owned Shiveen Gol copper-gold project in northwest Mongolia have significantly enhanced the surface extent of known mineralization. The project is drill ready and site preparation is under way to start a proposed drilling campaign of a minimum of 2,000 metres for later this month.

The Shiveen Gol project is located 1,100 kilometres west of Ulaanbaatar, the capital city of Mongolia. The project area was first investigated by the current exploration team in 2003. The mineralization is interpreted to represent an iron-oxide copper gold (IOCG) system located on the flanks of a large multistage Caldera complex (of approximately 35 square kilometres in size). The current zones of interest within the Shiveen Gol mineralized system, the Ring dike zone (RDZ) and Sino pit zone (SPZ), appear to have not been investigated by previous Russian and Mongolian expeditions as their attention appears to have been focused on nearby polymetallic veins. However, it is believed that approximately 10,000 tonnes of rock had been extracted from three pits within the SPZ by ancient miners (pre-18th century). The RDZ (1.6 square kilometres) and SPZ (one square kilometre) are located adjacent to each other and within a few hundred metres of a regional north-to-northwest-trending structure.

The Ring dike zone was recognized at the end of the 2003 field season and partially investigated by two diamond drill holes, a third was started but terminated prematurely due to bad weather. All three holes intercepted anomalous copper mineralization in the range 0.1 per cent to 0.5 per cent copper. These holes are now interpreted to be located on the edge of the Shiveen Gol mineralized system as determined by the results of ground magnetic work and rock geochemistry completed in 2004.

To date, a total of 98 rock chip and grab samples have been collected from the RDZ. Of these samples, 20 assayed in excess of 1 per cent Cu including one continuous 17-metre chip sample returning a value of 2.5 per cent Cu. The maximum value obtained to date from the RDZ is 5.9 per cent Cu. Precious metal results also indicate that local enrichment has taken place with results for Au up to 301 parts per billion, and Ag up to 102 parts per million.

The recently discovered Sino pit zone is approximately two kilometres by 500 metres and comprises disseminated chalcopyrite within quartz monzonites and metamorphosed diorites. Over 30 rock geochemistry sample results are pending for this zone but of the 36 samples collected to date 22 contain in excess of 0.5 per cent Cu and five contain Cu concentrations in excess of 1 per cent Cu (maximum 1.9 per cent Cu). The SPZ is scheduled to be drilled in the proposed upcoming drill program.

In summary, the 2004 exploration program at Shiveen Gol has been successful in significantly increasing the size of the zone of interest from less than one square kilometre to approximately 2.6 square kilometres. Fortress intends to drill a minimum of eight to 10 holes or approximately 2,000 metres into the Shiveen Gol prospect (RDZ and SPZ zones). The type of drilling scheduled is a combination reverse circulation/diamond drill capable of angled holes.

Fortress currently holds 100-per-cent interest in 1.75 million hectares of exploration permits in Mongolia. Besides Shiveen Gol, Fortress is also currently working on two other exploration fronts in Mongolia, the Erdenet copper-molybdenum (gold) belt and Huvsgol gold project. Further information on the proposed drilling program at Shiveen Gol and the exploration progress at the other programs will be released during the current field season.

Rock samples were prepared and pulped by Analabs (a subsidiary of SGS Laboratories) in Ulaanbaatar. Acme Analytical Laboratories Ltd., Vancouver, assayed the pulps. Fortress randomly incorporates one of six quality control laboratory standards into the analytical procedure. The standards were provided by Ore Research and Exploration Pty. Ltd. (Australia) and each standard has been evaluated by several recognized mineral testing laboratories in accordance with International Standards Organization (ISO) recommendations. The company's qualified person under National Instrument 43-101 is Greg E. McKelvey, a registered geologist in Wyoming and a certified professional geologist in accordance with the guidelines of the American Institute of Professional Geologists. Mr. McKelvey is also a member of the Society of Economic Geologists, and a fellow of the Geological Society of America.

[Ed Monton]

http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=20262976

[Ed Monton]

VANCOUVER, July 9 /CNW/ - Peter Meredith, Chief Financial Officer,
Ivanhoe Mines, confirmed comments by Barrick Gold Corp. that discussions were
terminated today for a potential joint development of the Oyu Tolgoi project
in Mongolia.

In a communication earlier today between senior Barrick and Ivanhoe
management, Barrick indicated its principal concern, as a gold company, was
the copper weighting of the project as opposed to a view of the technical
merits of the project.

Ivanhoe remains in ongoing discussions with numerous major international
mining companies as well as Japan-, Korea-, and China-based mining and
smelting organizations for the development of Oyu Tolgoi.

Forward-Looking Statements: Statements in this release that are
forward-looking statements are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk Factors" and
elsewhere in the corporation's periodic filings with Canadian and Australian
securities regulators. Such information contained herein represents
management's best judgment as of the date hereof based on information
currently available. The company does not assume the obligation to update any
forward-looking statement.

/For further information: Investors: Bill Trenaman: [phone];
Media: Bob Williamson: [phone];
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca and click on reports(at)cnw./

Copyright 2002 The Globe and Mail

[Ed Monton]

Barrick takes a pass on Ivanhoe's Mongolia project

Friday July 9, 2:32 pm ET

VANCOUVER, British Columbia, July 9 (Reuters) - Barrick Gold Corp. (Toronto:ABX.TO - News) has decided against any involvement with Ivanhoe Ltd. (Toronto:IVN.TO - News) on its Oyu Tolgoi project, the world's No. 3 gold producer said on Friday after completing a review of the gold and copper deposit in Mongolia.


"We've determined that we are not proceeding any further with it at all," said Barrick spokesman Vince Borg. "We've concluded that the deposit doesn't fit our investment criteria," he said, declining to elaborate.

Barrick said in May that it was taking up Ivanhoe's invitation to review the site, which its owner describes as one of the world's largest undeveloped gold and copper deposits.

Up to a 50 percent stake in the project is expected to be sold, with a large miner, a smelter, a trading house or a combination of the three regarded as possible suitors.

Oyu Tolgoi's size, current high copper and gold prices, a shortage of big mineral finds and potent marketing by Ivanhoe, an exploration firm, have resulted in the project gaining wide publicity.

Market interest was also piqued by Ivanhoe's statement that it had signed 16 confidentiality agreements with international mining companies that had approached it over the find.

Barrick's decision to take a pass on the project follows denials of interest from several of the world's biggest gold and base metals producers. These include world No. 1 and 5 gold producers, Newmont Mining Co. (NYSE:NEM - News) and Placer Dome Inc. (Toronto:PDG.TO - News), as well Rio Tinto Plc. (London:RIO.L - News), the world's second largest diversified mining house.

Large copper producers, Grupo Mexico (Mexico:GMEXICOB.MX - News) and Canada's Noranda Inc. (Toronto:NRD.TO - News) have also said they are not pursuing the project, although Ivanhoe revealed recently that Noranda had last year wanted a 40 percent stake in the find but that Ivanhoe had rejected the deal.

Canada's Teck Cominco Ltd. (Toronto:TEKb.TO - News), the world's biggest zinc producer, as well as a miner of copper and gold, has said it is examining the project.

Various stages of drilling indicates that the deposit could contain more than 30 billion pounds of copper and more than 15 million ounces of gold.

[Tackler]

UGS volume up...

[Tackler]

Western Prospector to acquire Selenge, Arkhangai

2004-04-22 12:32 ET - News Release

Mr. John Brock reports

REGULATORY APPROVALS AND PROJECT UPDATES

In connection with news issued in Stockwatch on March 25, 2004, Western Prospector Group has received TSX Venture Exchange approval of an agreement with Brant Enterprises Inc. for a program of mineral property acquisition in Mongolia (the OEX program). The OEX program will be operated by Brant and financed by Western Prospector. The exchange has also approved a finder's fee agreement whereby, in accordance with exchange policy, for the first eight properties that may be acquired in Mongolia, a finder's fee will be payable in shares of Western Prospector to an individual who is neither an employee or insider of Brant or Western Prospector. The first two properties to be acquired under the OEX program are the Selenge and Arkhangai, for a total consideration of $10,000 (U.S.) and 400,000 shares payable to Brant and 45,116 shares to the finder. All securities to be issued are subject to exchange and Multilateral Instrument 45-102 hold periods expiring four months from the date of issue of the securities.

The Mongolia OEX project currently has crews in the field conducting mineral property evaluations in preparation for recommendation of additional property acquisition.

[Tackler]

Kaieteur begins Altan Uul work; adds new director

2004-04-27 15:50 ET - News Release

Mr. Adrian Hobkirk reports

EXPLORATION UPDATE /PRIVATE PLACEMENT CLOSED/BOARD APPOINTMENT

Altan Uul project update

Kaieteur Resources has begun work at the Altan Uul (Gold Mountain project) project located in the South Gobi, Mongolia. Corporate geologists with local support are establishing a 30-person camp on-site, in preparation for an extensive sampling and trenching program. The company has made arrangements for the processing of samples locally at the Analabs facility located at Ivanhoe Mines Manlai camp. The program objective will be to confirm and extend the known zone of gold mineralization in preparation for drilling.

The company has also established a full-time geologic and corporate office in Ulanbaatar, the capital of Mongolia. Staff will assist in geological support and data translation.

Private placement closes

The company is pleased to announce the closing of the private placement reported in Stockwatch news on Jan. 26, 2004. The placement was closed over subscribed at 530,000 units, raising total gross proceeds of $360,000 (net proceeds of $348,840 after commissions and expenses). Each unit was priced at 68 cents and comprised one common share and one two-year non-transferable share purchase warrant. Each warrant entitles the holder to purchase an additional common share at a price of 85 cents for two years from the date of closing.

The units were issued on April 13, 2004, and are subject to a hold period expiring Aug. 14, 2004. In addition to a cash commission of $11,560 on a portion of the placement, a total of 17,000 finder's options were issued. Each option entitles the holder to purchase and additional unit of the placement for a period of two years from closing on the same terms. The proceeds will be used for project evaluation, investor relations and general working capital.

Ronald Shorr appointed to board

The company is pleased to announce the appointment to the board of directors of Mr. Shorr. Mr. Shorr has over 30 years of extensive experience in the mining and metals sector. He has worked as the senior metals analyst for Bear Sterns, the Natwest Bank, E.F. Hutton and Morgan Stanley Dean Witter. Currently, Mr. Shorr serves as director of FinCap Group in New York.

Mr. Shorr is a chartered financial analyst (CFA) and graduated from the University of Michigan (BA) and Harvard Business School (MBA), subsequently attending graduate school at the Krumb School of Mines at Columbia University. He is also a member of AIME, the New York Society of Security Analysts.