Draig Resources releases quarterly report

Ulaanbaatar /MONTSAME/ Draig Resources exploring for coal in Ovorkhangai and Omnogovi provinces of Mongolia released on Tuesday its quarterly report for the period ended 31 March 2014. Highlights of the report include holding of four exploration licences, with one relinquished during April 2014; continued closely monitoring of expenses; and cash balance estimation of $2.601 million at the end of the quarter. Draig Resources Ltd is an ASX-listed (ASX: DRG) with a focus on the exploration and development of metallurgical coal resources in Southern Mongolia which can be extracted using open cut mining methods. Draig currently holds interests in eight exploration licences in Mongolia which cover a total area of 625km2. The licences are managed under a joint venture arrangement (Mongolian Coal Joint Venture (No. 1)). A subsidiary of Draig holds a 75% interest in the joint venture and subsidiaries of Trinity Mongolia Pty Ltd (“Trinity”) hold 10% and 15% interests. The Draig subsidiary is the manager of the joint venture. This subsidiary holds the licences on a 100% basis on behalf of the joint venture. Four of these licence are located in the Ovorhangai region and four are located in the Omnogovi region.