Vancouver gold miner creates Mongolian joint venture

Monday, 04 January 2010
Vancouver-based Jinshan Gold Mines Inc. (TSX:JIN) has signed a joint venture agreement to explore and develop gold projects in Mongolia.

Jinshan will work with Mongolia's Monnis International Inc., whose primary business is as Nissan Motor Co. Ltd.'s official distributor in Mongolia. Since it was founded in 1998, the company has diversified its business to various sectors including construction, mining and domestic airline services.

Jinshan will have a 51% stake in the joint venture and will control and manage any acquired assets. The partnership with Monnis is part of the Jinshan's goal of expanding its presence in Mongolia.

Jinshan's main project is the Chang Shan Hao gold mine located in Inner Mongolia, China. The mine produced 60,063 ounces of gold in the first nine months of 2009, up from 42,160 ounces in the same period in 2008.

Revenue for the nine-month period ending September 31, 2009 rose to US$47 million from US$13.1 million. The company, however, reported a net loss of $2.8 million, up from $2.4 million due to a foreign exchange loss and interest on notes payable.

Jinshan's share price range during the past week: between $2.84 and $2.87; 52-week high: $2.87; 52-week low: $0.35.



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