Xanadu Mines dual-listed on Toronto Stock Exchange

Xanadu Mines, a copper and gold exploration company listed on the Australian Stock Exchange (ASX), announced that it has been officially dual-listed on the Toronto Stock Exchange (TSX). As of October 18, Xanadu share prices were 0.130 AUD on the ASX.

Trading of ordinary shares in Xanadu will commence on the TSX under the symbol “XAM” at the open of trade in Toronto on October 18.

“We are very pleased to be listed on the TSX now, as well as the ASX, as it will allow the company to develop a broader awareness of our significant porphyry copper-gold discovery in Mongolia’s south Gobi on two of the best resource exchanges globally. The listing constitutes an important milestone for Xanadu, providing a local trading platform for existing and new Canadian shareholders and investors,” said Xanadu’s Managing Director and CEO Andrew Stewart.

“The listing will further build the profile of the company and understanding of its potential among North American investors. Our TSX Listing is timely given the substantial amount of activity planned, including the resource upgrade and Preliminary Economic Assessment (PEA) on our Kharmagtai Project, which is due Q4 2018,” added Stewart.

The company announced that resource drilling and a PEA was underway at the company’s flagship mine, Kharmagtai in August.

The main focus of Xanadu is to maximize development potential of the Kharmagtai deposit in the shortest possible time frame. As such, a detailed infill and resource definition resource program over the three main deposits (Copper Hill, White Hill and Stockwork Hill) are underway at Kharmagtai.

The company said that the drill program has significant potential to expand the current resource, identify additional higher-grade mineralization and join Stockwork Hill and White Hill deposits. Joining the two deposits will allow Stockwork Hill and White Hill to be mined from one larger open pit to improve economics by minimizing capital costs and reducing operating costs, Xanadu said.

The mineral resource update for the Kharmagtai Project will then be used to complete the PEA program.

Xanadu said its aggressive 2018 exploration drilling program, which was targeting the discovery of additional porphyry copper-gold centers undercover in the large underexplored Kharmagtai porphyry district, has proved to be highly successful with the discovery of the blind Zaraa porphyry copper-gold center.