RE: Mongolia is OUTHere is the latest on the Mongolia issue. Doesn't look like it affects our deal with UGL and the Uranium prospects to me.
See my comment at the end.
Nice to see the official comments. I had e-mailed and asked if they were planning such a release...good PR
UGL Comments on Windfall Profit Tax Law
ccnm
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 15, 2006) - UGL
Enterprises Ltd. (TSX VENTURE:UGS) is advised that on Friday, May 12th,
the Government of Mongolia passed the Windfall Profit Tax Law relating to
copper and gold revenues. UGL is largely unaffected by this law, as its
main assets are the Ulaan Ovoo and Chandgana Tal Coal projects and a
portfolio of Uranium projects. Nevertheless UGL's President, Ranjeet
Sundher, commented:
"We are very surprised by this new law, and notwithstanding that our coal
and uranium projects are not subject to this law, we will be working
closely with other foreign companies and our contacts in Mongolia to have
it repealed."
An official version of the law has not been disseminated to the public
although UGL understands it will be released later this week. The
President of Mongolia has the ability to veto the new law. A veto by the
President would prevent its implementation.
- ABOUT UGL -
UGL Enterprises Ltd. is a junior resource company trading on the
TSX-Venture Exchange under the trading symbol "UGS". In addition to the
Ulaan Ovoo Coal Project, UGL is also developing the Chandgana Tal Coal
Project in Eastern Mongolia and has 14 uranium properties and several
gold and copper exploration projects located throughout Mongolia. UGL has
a strategic alliance with Mega Uranium Ltd. to jointly develop its
uranium assets, and with Mine Info Ltd., a leading Mongolian exploration
service company. UGL has a full time office in Mongolia's capital,
Ulaanbaatar.
The above article was posted by Whaler on the UGS Bullboard 5/15
UNM