Xanadu Mines release quarterly report

Ulaanbaatar /MONTSAME/Xanadu Mines released on Tuesday its quarterly activities report for the quarter ended 31 March 2014. Highlights of the report are its reaching of two significant milestones in the implementation of its copper strategy; announcement of US$14 million Kharmagtai copper-gold project acquisition; completion of Oyut Ulaan copper-gold project acquisition; preparation of Xanadu to commence drilling at Kharmagtai in early June; over US$10 million of new funding to complete the Kharmagtai acquisition and commence drilling; numerous distinct, untested apophyses that represent walk-up drill targets, identified by Xanadu's geologists; and reduced operating costs and continuing capital allocation capital to value-adding exploration activities. Xanadu Mines Ltd is a copper exploration company. The Company is active across the Mongolian section of the Central Asian Orogenic Belt, which are the exploration frontiers known to host copper porphyry deposits. The Company has a position in several licenses that are prospective for copper and gold and in Oyut Ulaan copper project in the south Gobi region. The Oyut Ulaan porphyry copper project is located 450 kilometers southeast of Ulaanbaatar, and approximately 60 kilometers west of the regional centre of Sainshand and the Trans Mongolian Railway. The Sharchuluut copper porphyry project is located within the Bulgan Province of Northern Mongolia, approximately 230 kilometers northwest of Ulaanbaatar. The Elgen-Zost Gold Project is located within the Dornogovi Province of southern Mongolia, approximately 680 kilometers south-southeast of Ulaanbaatar. In January 2014, Xanadu Mines Ltd completed the acquisition of a 90% interest in Vantage LLC.