North Asia Resources Holdings has successfully
completed the mine design, dry processing equipment installation and the
initial blasting of approximately 20,000 tons of iron ore for immediate trial
production at a mine located in Oyut Ovoo, Dundgobi province. This major step
forward has been made following the acquisition of the entire issued share
capital of North Asia Resources Group Limited on December 16, 2009 and the further
completion of the acquisition of approximately 9.999% equity interests in
Golden Pogada LLC, making Golden Pogada a 99.99%-owned subsidiary of the Group,
on April 26, 2010. Golden Pogada possesses the mining rights license covering a
1,201-hectare area of the Oyut Ovoo mine.

Tse Michael Nam, Executive Director of NAR, said, ” This is a significant
milestone for the company”s iron ore business. We are starting with only one of
the four discovered ore bodies and have plans to expand production capacity as
soon as next year.”

North Asia
and its subsidiaries entered into the resources mining business in Mongolia in
December, 2009. Subsequently, the company acquired two alluvial gold mineral
licenses in Mongolia. The company now owns and operates an iron/copper and an
alluvial gold mining project in Mongolia.