Bottom Line Ulaan Ovoo has the potential to mine 2.0 million tonne coal annually. The Pre feasibility study of December 2010 indicated 20.724 million tonne of reserves, enough to mine 2.0 tonne annually good quality coal for about 10 years.
The problem was/is that both Mongolia and Russia were/are not working together to allow sales of Ulaan Ovoo's coals on the the Russian side of the border. Relative to Mongolia's needs, I'm sure that future off take from Mongolia's industries will be much higher and one should not forget the possibility of sales at Russia's Eastern Ports, especially when the global economies improve.
Then there's Chandgana, whose potential is our main basis.
Sure, things have and possibly still can go wrong for a small company and may be why the bashers are here. That is – to get some shares on the cheap