MSX Resources will examine the possibility of continuing the project in Mongolia – Virtual Poland

Warsaw, 06.03.2015 (ISBnews) – MSX Resources (d. Mostostal Export) project will examine the feasibility of continuing exploitation of copper and gold in Mongolia after a loss – in the opinion of the Company, as a result of possible fraud – indirect shares in companies having a license for mining works, said the chairman of the supervisory board of Thomas Pańczyk.

“We can not say what are the prospects for the exploitation of these deposits. We analyze different scenarios. We do not know whether the Mongolian side will want to continue to be our partner and under what conditions,” – said Pańczyk during a meeting with journalists.

“We have to publish a report to our trading resumed. The second issue is the legal aspect, and the third, a visit to Mongolia,” – he added.

According to the company, MSX Resources lost rich in gold and copper deposits in Mongolia as a result of fraud. Since the MSX Resources took to explain the situation, the company has not published at the time of the report on the exchange, which resulted in the suspension of trading on the WSE. Representatives of the company’s promise to take legal action in respect of persons who have committed fraud.

MSX for more than half a year conducting research in Mongolia, which confirm the existence of significant deposits of rare earth metals, such as gold and copper. This is also confirmed a report prepared by Wardell Armstrong – international consulting company dedicated to, among others, evaluation of projects related to the extraction of raw materials worldwide.

In view of the scale of the project in the process of extracting two entities were involved, MSX and Tarantoga Capital – as a partner, whose task was to find a strategic investor for the project.

In order to start mining project in Mongolia MSX Resources SA was purchased from a company registered in Luxembourg Tarantoga Capital stake in Mineral Resources Holding (MRH). This, in turn, is a majority (70%) shareholder in two Mongolian companies have the right to seek raw materials. At the same time Tarantoga Capital had to take a stake in the company MSX Resources.

According to the MSX, it turned out that the company Mineral Resources Holding, which was owned by Capital Tarantoga, lost the right to shares in companies with a license for the exploration of raw materials due to lack of payment provided for in the agreement by Capital Tarantoga for partners Mongolian. Information about the loss of rights to shares in companies with licenses for the exploration of raw materials was hidden – he says MSX – by Tarantoga Capital.

Currently MSX considered in the context of the case in question is suspected of committing a crime.

In April of last year Mostostal Export General Meeting approved the change of name on the MSX Resources. The company is known so far with the construction and property development officially started functioning in the exploration and production industry.

(ISBnews)