Naran Mandal’s Tsagaan Tsakhir gold mine in Bayankhongor Province has a long history of exploration, dating back to the Soviet era.
The first scientific surveys of the Naran Mandal area are carried out by Russian geologists.
Drilling expeditions are conducted in the area by East German scientists.
Additional drilling, trenching, and geochemical work is executed by Japanese geologists.
A mining license is issued based on previous geological work carried out.
A plant is commissioned and mining commences in a joint venture with a Chinese partner. Several hundred kilos of gold are produced.
Mongold, a company with British and American investment, enters Mongolia and begins exploring investment opportunities.
Mongold acquires the majority share of the Naran Mandal gold mine project via a joint venture agreement.
Under Mongold’s management, Naran Mandal expands and modernizes.
Naran Mandal receives its sodium cyanide permit for the project, making it one of only three active companies licensed to use cyanide in processing in Mongolia.
Trial production commences and a JORC-compliant drilling campaign is carried out.
The company expands production at Vein 1 and conducts further exploration drilling on Vein 10.
Plant capacity is expanded to 360 tons per day to accommodate the additional production from Vein 1 and planning for production on other veins commences, including Vein 2 and Vein 10.
Another round of JORC-compliant drilling is carried out to further increase reserves and resources. Development of infrastructure for Vein 2 and Vein 10 commences.
Production on Vein 2 and Vein 10 begins and additional resource drilling is carried out.