Genx Resource Corporation, Inc.

URANIUM PRICE CHART

Mongolia
Mongolia Flag

MINERAL RESOURCES AND MINING INDUSTRY

By Dambyn Galsandorj (1994)

Mongolia is rich in many types of mineral resources which will be of interest to international investors.

Over 6,000 deposits of 80 different minerals have been discovered. Over 160 deposits out of 400 surveys deposits are being exploited. A further 170 deposits of construction materials, such as granite and marble also exist, of which 35 are now being worked and 90 are in the process of development.

In the past Mongolia was not able to develop or exploit discovered mineral resources because of a lack of infrastructure and capital investment. Since 1973, Mongolia, with financial and technical assistance from Eastern European countries, has set up and operated joint ventures to explore and develop major deposits of gold, copper, molybdenum, uranium, coal and fluorspar.

Mongolia is now becoming one of the largest producers of several of these metals and minerals. Mongolia produces nearly 15% of the world's fluorspar and is a major producer and exporter of copper, molybdenum and uranium.

Gold, silver, tungsten, tin and precious stones mines are typically small-scale operations, but some of these are planned for expansion. Nearly half of the gross industrial output and 60% of the country's export earning come from the mining sector.

The Mongolian Government has adopted a package of long-term programs to explore and develop large promising mineral deposits such as gold, silver, oil, coal, copper and other metals and minerals. Mining operations are mostly state owned but foreign investment in a wide range of industries is openly invited, especially in exploration, extraction and processing of Mongolia's mineral resources. The World Bank has funded a mining and minerals sector's study. It is also reviewing present and potential mineral operations.

The Mongolian National Geological Organization, the Mongolian Joint expedition with the socialist countries, and the International Geological Expedition "IGE" have worked on the territory of Mongolia since 1963. These agencies have produced a wealth of geological data and more than 4,000 reports.

Page 1 2 3 4