18.01.2023 - Not for release to US wire services or distribution in the United States TORONTO, Jan. 18, 2023 (GLOBE NEWSWIRE) - Xanadu Mines Ltd (ASX:XAM, TSX:XAM) (Xanadu or the Company) is pleased to announce the Company has received firm commitments for .
Xanadu Mines has signed a non-binding gas offtake memorandum of understanding with Jade Gas Holdings for commercial gas sales to power the copper explorer’s Kharmagtai project in Mongolia. The deal is designed to secure a reliable, low cost and cleaner energy source for Xanadu’s Kharmagtai copper-gold project using gas from Jade’s TTCBM project only 80km away.
Xanadu Mines is one step closer to finalising its phase two and three investment agreement for its Mongolian projects with Zijin Mining Group after the formal documentation for the deal was executed. Once approvals have been met, Xanadu will use Zijin’s investment to continue exploration of its prospective Red Mountain project in addition to making a final investment decision