Sharyn Gol Stand Number: B 52

The  Sharyn gol open cut coal mine is located in Northern part of Mongolia in  Darkhan Uul Province Sharyn Gol Soum and 215 km from Ulaanbaatar city, 50 km from Darkhan city . It is currently a single asset company, owning 100% of the established Sharyn Gol Coal Mine (“Sharyn Gol”). Originally a state run enterprise developed to supply local utilities, the Company was privatized and listed on the Mongolian Stock Exchange in 2003.

The Company has been mining coal at Sharyn Gol for over 46 years, supplying both domestic and export customers predominantly for power generation, but also for specialized uses, such as semi-coking (smokeless fuel) end users and the company’s coal mining license area covers 1827.9  hectares of area.

The release of a new JORC Resource estimate over the property in February 2011 indicated the presence of a significant thermal coal deposit (374 Mt), with the possibility of further additional exploration upside from several identified areas. Sharyn Gol is the only mining company on the MSE (Mongolian Stock Exchange) to have an international standard resource statement (JORC code) with thermal coal product suitable for export to international market.

Examination of coal quality and coal washability  indicates the potential to produce a high yield, low ash, low sulphur, and high calorific value thermal coal suitable for regional and export markets.