29 May 2006
Canadian company acquires rights to mine zinc-copper in Tibet
(CNMatthews) GobiMin Inc., a Toronto-based mining company, has announced that it has acquired, through its 97%-owned Chinese subsidiary, a 30% interest in Tibet Dazi PuXiong Copper Company Limited which owns the exploration license for the Malonglang copper-zinc project located in Tagtse county (Chin: Dazi), Tibet Autonomous Region (TAR). The Malonglang project encompasses an area of 26.9 square kilometres, and is located 20 km east of Lhasa. PuXiong is expected to apply for a mining license in September 2006 upon completion of an exploration report for the project. Their plan is to start mining operations after obtaining the mining license. According to GobiMin’s website: "GobiMin aims to be a major player in the mining industry in China. The company envisages increasing shareholder value through developing its existing projects and acquiring advanced exploration projects in northwestern China".