News
Trading Statement
Transfer of First Exploration Licence
Completion of Initial Exploration Programme
First Revenues Secured
Lotus Resources Plc, ('Lotus' or 'the Company'), is engaged in the development of mining and exploration projects in Mongolia and China.
Lotus is pleased to announce that, following the signing of a joint-venture agreement in February with GXT LLC, the transfer of the first Exploration Licence to the joint venture company has been completed. Initial exploration results have confirmed the Russian trenching and drilling data estimates of 297,000 tonnes of fluorspar and the joint-venture company is now in the process of applying for a mining licence.
Lotus is also pleased to announce that it has entered into a fluorspar trading agreement with MGB Mining LLC that has begun to generate a small amount of revenue .This arrangement allows Lotus to be involved, at an early stage, in a growing, profitable business while also giving it access to a market for the fluorspar that will be produced from all the proposed mines.
Simon Longworth, Chief Executive, commented:
"This is the first step towards developing a profitable fluorspar mining and processing business in an area of the world that offers significant opportunities. We have a supply contract in place for the fluorspar we produce and we expect to make further positive announcements in the coming weeks.
In addition to the three signed joint ventures Lotus has a number of other fluorspar exploration and mining initiatives under active consideration."
Editors' Note
On 29 January and 27 February 2009 we announced that an opportunity had been identified in Mongolia to develop an interest in the mining and processing of metallurgical grade fluorspar for use in the steel industry and as part of the development of this opportunity, three joint venture agreements were signed with separate Mongolian partners to conduct exploration for fluorspar.
| Lotus Resources Plc | |
| Simon Longworth, Chief Executive | Tel: +976 8800 8983 |
| Tel: +86 (0) 1350 107 0840 | |
| James Benson, Finance Director | Tel: +44 (0) 7768 242 660 |
| Mazars Corporate Finance Limited | |
| Stephen Skeels | Tel: +44 (0) 20 7063 4000 |