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Sydney: Tamaya On The Move In Armenia

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  • Sydney: Tamaya On The Move In Armenia

    TAMAYA ON THE MOVE IN ARMENIA

    RWE Australian Business News
    March 20, 2008 Thursday 4:31 PM AEST

    Tamaya Resources (ASX:TMR) has completed the first stage of the
    company's assessment of the Lichkvaz Project in Armenia (TMR 86.2pc).

    In 2007, Tamaya announced a takeover offer for Iberian Resources, and
    at the close of the offer Tamaya had received acceptances representing
    86.2% of the issued capital of Iberian. At the time of the offer,
    Iberian's principal activities were the development of the Lichkvaz
    gold project in Armenia.

    Based on the review of the Lichkvaz Project, the boards of Tamaya
    and Iberian have decided that the full potential of the project will
    be better realised through an extensive drilling and comprehensive
    metallurgical testing program to be undertaken in 2008.

    The board of Tamaya has decided that fast tracking the initial
    commissioning of the Lichkvaz Project would be imprudent prior
    to determining the full potential of the project. A decision on
    the revised date of commissioning will be delayed until after an
    extensive drilling and comprehensive metallurgical testing program
    has been undertaken.

    This will enhance the project by providing further certainty as
    to the mine plan and processing for when the project commissioning
    is implemented.

    Tamaya's decision is based on wanting to develop the orebody and the
    overall project in a way that will maximise shareholder returns.
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