Newera Resources has decided that following a review of recent exploration within the Ulaan Tolgoi project and armed with the knowledge that despite the identification of interpreted potentially coal bearing sub-basins and the more recent interpretation that potential mineral bearing intrusions may exist below significant cover in the northern sector of the licence, any future exploration there would remain high risk green fields exploration. Besides, the company had to immediately pay a substantial amount as statutory licence fee and undergo a long period of inactivity over the harsh Mongolian winter. In this era of capital scarcity, Newera decided its interests would be better served by preserving critical capital for new project acquisitions or new joint ventures. Accordingly, Newera has issued a formal letter of notice to its partner, advising its withdrawal from the Ulaan Tolgoi Joint Venture, effective immediately.