suspension update

SUSPENSION UPDATE
Mongolian Resources Limited (“MRL” or “the Company”, ASX:MRF) wishes to update stakeholders on the status of the voluntary suspension which has been in place since a trading halt was called on April 5th, 2013.
The ASX has advised the Company that it has determined that ASX Listing Rules 11.1.2 and 11.1.3 apply to the proposed acquisition of 100% of the issued capital in a wholly owned subsidiary of The Supreme Group, MRL Graphite Pvt Ltd, a wholly owned subsidiary of The Supreme Group of Sri Lanka which holds a 100% interest in 45 Sri Lankan graphite exploration licences (“Licences”) (the “Acquisition”).
Accordingly, the Company will be required to seek Shareholder approval for the Acquisition and meet the requirements of Chapters 1 and 2 of the ASX Listing Rules.
Further information on the Acquisition (including an independent geologist’s report on the Licences) will be provided to Shareholders in a notice of meeting. The voluntary suspension will be lifted when the Notice of Meeting is lodged with ASX.
Proposed acquisition of potential company making graphite projects in Sri Lanka.
On 9 April 2013 the Company announced it had reached agreed terms with The Supreme Group of Sri Lanka for the acquisition of 45km2 of graphite exploration licences representing 45 Grids. The Acquisition is conditional upon the parties obtaining all requisite government, regulatory and shareholder approvals, and the Company being satisfied with the results of its due diligence on the Licences and the Licence holder.
The consideration for the Acquisition is:
1. Payment of a refundable US$100,000 Deposit at the time of entering into a Heads of Agreement.
2. Payment of the following upon settlement of the Acquisition; a. An additional US$400,000 to be paid; and b. 5,000,000 vendor shares in MRL to be issued. These shares will be subject to
escrow for a period of 12 months from the time of the issue of the securities.
3. Issue of a further 5,000,000 vendor shares in MRL on conversion of any of the areas to a mining licence.
4. Payment of US$500,000 at the time of commencement of commercial mining activities.