General Mining Corporation
General Mining Corporation (ASX: GMM) has established a subsidiary in Mongolia, which has applied for and had 10 licences granted in the north-west of Mongolia.
These projects include the Uvs Basin potash project, located in Mongolia, where the company holds licences covering over 2000km2 of prospective evaporite geology which are known to host economic grades of potash at shallow depths on the nearby Russian-Mongolian border.
General Mining Corporation in pre open pending material transaction announcement
Friday, January 27, 2012 by John Phillips
General Mining Corporation (ASX: GMM) has been granted a trading halt by the ASX pending the release of details surrounding a proposed material transaction, with the company's shares placed in pre-open.
General Mining has not yet elaborated any further on the transaction, but the company is currently in a very interesting position and recently earned an 80% interest in the Shoemaker joint venture project, with Galaxy Resources (ASX: GXY) 20%.
The technical overview by Coffey Mining in 2010 concluded that the Shoemaker project had good potential for iron-ore mineralisation in both the bedded and taconite styles in banded iron formation and some potential for near surface direct shipping ore hematite.
General Mining also has Mongolian based thermal coal projects, in the Uvs Basin.
The halt will remain in place until the earlier of an announcement being made to the market, or the open of trade on Tuesday 31 January.
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