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DGMC, Dundee Precious Metals sign agreement on a new $10mln program

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  • DGMC, Dundee Precious Metals sign agreement on a new $10mln program

    DGMC and Dundee Precious Metals signed an agreement on a new $10mln
    investment program

    ArmRadio.am
    11.08.2006 16:58

    Armenian `Deno Gold Mining Company' (DGMC) and
    Canadian Dundee Precious Metals signed an agreement on new $10mln
    investment program in Kapan ore-dressing plant in Yerevan, Mediamax
    reported.

    As the DGMC Public Relations Officer Vahe Mkhitaryan stated at the
    press conference today, the investment program will create the
    necessary prerequisites for the large-scale examination of the Kapan
    mine area reserves.

    The investment package envisages a transfer of 80% shares of Dundee
    Precious Metals to DGMC, the exclusive owner of which is the
    `Vatrin Investment' company.

    As the President and the General Director of Dundee Precious Metals
    Jonattan Goodman stated, the company took upon itself the
    responsibility to gain crediting of the Kapan ore-dressing plant by
    the European Bank for Reconstruction and Development (EBRD) for the
    increase of the production of the plant to 1mln tons a year. At
    present the annual volume of the production makes 300 000 tons of
    production.
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