Source: Xanadu Mines                 Date: 03 December, 2010

Xanadu Mines, an Australian-backed, Mongolian-focused minerals explorer and developer, has opened its Initial Public Offer (IPO) ahead of its proposed listing on the Australian Stock Exchange in late December. The IPO seeks to raise between AUD15 million and AUD21 million, valuing the company at between AUD90 and AUD100 million.  Xanadu commenced exploration in Mongolia almost six years ago and in that time has assembled a portfolio of coal and copper/gold assets strategically located in proximity to rail infrastructure and the Chinese border.

On completion of its IPO, Xanadu’s strategy will be to step up the acquisition and exploration of new coking and thermal coal opportunities. In 2011, it plans to drill out its Galshar coal to JORC code classification. The company also intends to conduct further geophysics and an extensive drilling campaign on its two advanced South East Gobi porphyry copper and gold projects at Hutag Uul and Elgen-Zos.

The offer is scheduled to close on December 8, 2010 unless brought forward, with Xanadu set to begin

trading on the Australian Securities Exchange on December 21.