VANCOUVER, B.C. — Jinshan Gold Mines Inc. (TSX:JIN) has entered a memorandum of understanding with a Mongolian company to jointly explore and develop gold projects in the central Asian country.
Jinshan said Thursday it would partner with Monnis International Inc., holding a 51 per cent equity interest in all projects acquired under the joint venture. Monnis would hold the remaining 49 per cent stake.
Jinshan also said it would control and manage all acquired projects.
Monnis is the official distributor of Nissan cars in Mongolia. It recently expanded its activities to the mining sector and employs over 600 people.
Jinshan said its partnership with Monnis would allow it to "build and grow strong business in Mongolia."
Jinshan is a mining company whose key interest is the CSH Gold mine in China. Its shares closed at $2.91 Wednesday on the Toronto Stock Exchange.
Copyright © 2009 The Canadian Press. All rights reserved.
Source:The Canadian Press
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