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Casino Resort Part of Mongolia Project

27 April 2006

MONGOLIA – (PRESS RELEASE) -- In a historic first for international trade to Northeast Asia, Mongolian government and Winwheel Bullion officials today announced the creation of the Zamiin Uud Free Economic Zone, a new international free trade zone, strengthening the position of Mongolia and Northeast Asia in the global economy. This historic announcement was made at the Northeast Asia Conference by Minister of Industry and Trade B. Jargalsaikhan, Governor of the Central Bank of Mongolia O. Chuluunbat, and Minister of Finance N. Bayartsaikhan. The announcement marks an important milestone as Mongolia continues its transition to a free market economy. A b-roll for television news stations will be uplinked:

SATELLITE FEEDS: April 27, 2006 @ 15:30-15:45 ET, April 28, 2006 @ 06:00-06:15 ET


SBS 6 (ku), Transp. 4

Orbital Slot: 74 West

Uplink Frequency: 14098. 0 H

Downlink Frequency: 11798. 0 V


Intelsat 902 @ 62 degrees, Transp. 38/38 Middle, Ch. 3

Uplink frequency: 6403.83 Mhz LHCD

Downlink frequency: 4178.83 Mhz RHCD

FEC: 3/4

Symbol Rate: 5.632

Located 350 miles northwest of Beijing, China on the southeast Mongolian border, the Zamiin Uud (pronounced ZA-meen OOD) Free Economic Zone is the result of an unprecedented partnership between the Mongolian government and the United States-based Winwheel Bullion corporation. The Mongolian government will provide 104,000 acres of land for a master-planned commercial center with development led by Winwheel Bullion. Phase I of Zamiin Uud will be a 2,224 acre development that will include construction of Odonchimed International Airport and a base infrastructure of hotels, casino resorts, a convention center, shopping complexes, duty free shops, office and commercial buildings, banks and financial institutions, industrial complexes, sports stadium, theme park, and golf courses. In addition, residential and community infrastructure will include housing, hospitals, public parks, a retirement community and other supplemental structures. Construction of the first phase of Zamiin Uud is scheduled to begin summer 2006.

A key component in the creation of this international free trade zone will be the construction of Odonchimed International Airport. Winwheel Bullion has entered into a joint venture with TEC Constructors & Engineers to construct the international airport. TEC Constructors & Engineers is an multinational company that specializes in large-scale real estate development, project management and general contracting. Past projects include Los Angeles International Airport, John Wayne International Airport, San Diego International Airport, the $1.5 billion Walt Disney California Adventure Resort, and recently, the Indianapolis Colts Football Stadium. For additional power in Zamiin Uud, Winwheel Bullion and Bronco Energy entered into a joint venture. Bronco's Preferred Service Provides in the power service of Zamiin Uud will be URS Corp. and Nexant Corp.

The Zamiin Uud Free Economic Zone is the latest step in Mongolia's ascension in the world economy. Since the early 1990s, Mongolia has purposefully taken steps to embrace a free market economy and has liberalized state-controlled prices and tariffs, privatized state-owned enterprises and established a two-tier banking system. In 2004, a joint statement between U.S. President Bush and Mongolian President Bagabandi declared a new era of cooperation and a comprehensive partnership between the two democratic countries based on shared values and common strategic interests. Mongolia joined the World Trade Organization in January 1997 and has enjoyed a decade of positive economic growth and single-digit inflation.

To ensure and assist in the transition process to a free market economy, a separate non-political body will be formed to administer economic policies in the Zamiin Uud Free Economic Zone. The Zamiin Uud Economic Development Authority (ZUEDA) will be mutually developed by the Mongolian Government and private commercial entities. Members will make up the ZUEDA Task Force who will initiate policies such as transparent and non-discriminatory administrative norms and legal standards in accordance with international principles. ZUEDA policy will be designed to create a stable and predictable climate for commerce, and accommodate international market forces that require high standards to protect foreign investment and investors with specific competition policies.

In English, Zamiin Uud means gateway, and true to its name, the Zamiin Uud Free Economic Zone functions as a gateway to Northeast Asia and establishes an international regional headquarters in a stable environment. Currently, there are already 70 commercial and service providers in Zamiin Uud, and approximately 70% of Mongolian foreign trade passes through the Zamiin Uud port. There is no excise, added value tax, or import custom duty levied on items imported to Zamiin Uud. Investment in the construction of storage facilities, cargo terminals and hotels in Zamiin Uud is exempt from income tax for an initial five-year term, then granted a 50% income tax concession for three subsequent years.

Technological infrastructure currently exists in the form of super high-speed fiber-optic cable and VSAT systems, cable TV, FM radio stations, mobile telecommunications, and internet and email access. An international road network connecting Asia and Europe intersects Zamiin Uud, with a new AH-3 standard highway set to be completed by 2008. Combined with the new development, Zamiin Uud is poised to be a hub of international commerce.

This day was chosen to announce this exciting free trade venture because it commemorates the 1206 coronation of Chinggis (Genghis) Khaan as the King of Kings, when the Mongolian Empire was at its apex. Chinggis Khaan was a 13th century Mongol military and political genius who ruled the world's largest empire that once stretched from Korea to Hungary. While infamous for his exploits on the battlefield, Chinggis Khaan was also a skilled leader, politician and administrator who created groundbreaking trade policies that nurtured free pan-Asian commerce.

Today, Mongolia maintains strong relations with all North and South East Asian countries. It has reasonable proximity to such major centers as Beijing, Nanjing, Shanghai, Seoul, Tokyo and Osaka. Since the early 1990s, Mongolia has purposefully taken steps to embrace a free market economy and has liberalized state-controlled prices and tariffs, privatized state-owned enterprises and established a two-tier banking system.

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