Mongolian-focused Xanadu Mines Ltd (ASX:XAM) is heading to market with a capital raising, and the ASX has granted a trading halt to prepare.
Xanadu has several company making projects within the country.
Recently, Xanadu discovered shallow, high grade gold at its 90% owned Oyut Ulaan copper-gold project, with drilling identifying up to 589.96 g/t gold.
The 79.5% owned Kharmagtai project is located in south Gobi, which contains a 203 million tonne JORC resource with 680,000 tonnes of copper and 2.2 million ounces of gold.
The halt will remain in place until the opening of trade on Monday 20th June 2016, or earlier if an announcement is made to the market.
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