Lotus acquires new mining licence in Mongolia

Lotus Resources has completed the acquisition of a further fluorspar mining licence for $70,000.


The licence has been transferred to Lotus Minerals Mongolia LLC, its wholly owned subsidiary company in Mongolia.

The Tsagaan Chuluut mining licence is located in Dornogobi Province, Mongolia and is approximately 400 km south-east of Ulaanbaatar, Mongolia's capital and largest city.

The Tsagaan Chuuluut project area is located in a geological province that is known for its fluorspar mineralisation endowment.

The deposit is genetically and morphologically very similar to the country's largest fluorspar mine (Bor-Ondor) which is located about 70km to the west-northwest of Tsagaan Chuulut.

Lotus has also increased its shareholding in the Lotus Bayalag LLC joint venture from 65% to 80%.

Lotus has agreed to acquire the 15% stake for $15,000.

An exploration plan has been prepared for this project which will start later this year.


Source:Story provided by Business Financial Newswire