Fortbridge Media Release

Xanadu Mines [ASX:XAM] - Kharmagtai (Mongolia)Deferred Consideration Payment Date Extended To 31 July 2016

Xanadu Mines Ltd is pleased to announce that the repayment date of the Deferred Consideration for the Kharmagtai project has been extended by eight months to 31 July 2016.

Xanadu and its joint venture company, Mongol Metals LLC, entered an agreement with Turquoise Hill Resources Ltd to acquire a 90 per cent interest in the advanced Kharmagtai coppergold project located in the South Gobi region of Mongolia in early 2014. Mongol Metals LLC agreed to pay initial consideration of 4.0 million US dollars, with 10.0 million US dollars of Deferred Consideration to be payed over 18 months from completion (total consideration of 14.0 million US dollars). Xanadu guaranteed the Deferred Consideration in favour of TRQ. The Kharmagtai acquisition was approved by Shareholders at the Company May 2014 Extraordinary General Meeting.

The remaining balance of the Deferred Consideration is 4.1 million US dollars. All other terms and conditions of the agreement with TRQ remain unchanged, including the obligation to pay 50 percent of net proceeds from any equity capital raised or asset sales towards the Deferred Consideration.

For further information, please contact:

George A. Lloyd
Managing Director
T: +852 6397 3308
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