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Interfax, Russia
Dec 25 2012
Geptim plans to raise over $400 mln for gold production in southern Armenia
CJSC Geotim plans to put upwards of $400 million in the Amulsar gold
deposit in southern Armenia, the company's general director, Aik
Aloian, told Interfax.
"We plan to invest more than $400 million during the entire phase of
construction and production at the deposit," Aloian said.
Reconnoitering work at the deposit has already cost the company around
$46 million, he said. During the construction phase, the plan is to
make additional investments of $270 million. Investments will be
raised after the construction is complete, in the period when the
deposit is being developed and operated, he said. The preliminary
results of research work allows for the conclusion that gold reserves
in the deposit could amount to some five million ounces, although that
needs to be confirmed with additional geological surveying, he said.
Aloian said that in 2013 the company plans to increase investment and
the number of jobs and to continue to present the Amulsar program on
the international investment market with the aim of raising financing.
At the present time, the results of work on an international
evaluation of the environmental and social impact are being summed up.
The Armenia government requires this document to undergo independent
analysis, after which the company figures to move to the next project
development phase and to the construction itself, having received
financing from the European Bank for Reconstruction and Development
(EBRD) and other donors.
CJSC Geotim was set up in Armenia in 2005. Lydian International, a
geological prospecting company founded in Britain that year, owns 95%
of its stock. Lydian got itself listed on the Toronto Stock Exchange
in January of 2008. Among its shareholders are the International
Finance Corporation (16.5%) and EBRD (7.5%).
In Armenia, Lydian obtained an exploration and evaluation license in
March of 2006 and in mid-year revealed the Amulsar deposit's
gold-bearing potential. Geological prospecting drilling began in 2007.
Subsidiary Geotim received a 25-year production license in May of
2009.
Amulsar is an epithermal, high sulfide deposit located 170 km from
Yerevan. Preliminary data show that the deposit has gold reserves of
about 40 tonnes that could double following additional exploration.
Cf
From: A. Papazian
Dec 25 2012
Geptim plans to raise over $400 mln for gold production in southern Armenia
CJSC Geotim plans to put upwards of $400 million in the Amulsar gold
deposit in southern Armenia, the company's general director, Aik
Aloian, told Interfax.
"We plan to invest more than $400 million during the entire phase of
construction and production at the deposit," Aloian said.
Reconnoitering work at the deposit has already cost the company around
$46 million, he said. During the construction phase, the plan is to
make additional investments of $270 million. Investments will be
raised after the construction is complete, in the period when the
deposit is being developed and operated, he said. The preliminary
results of research work allows for the conclusion that gold reserves
in the deposit could amount to some five million ounces, although that
needs to be confirmed with additional geological surveying, he said.
Aloian said that in 2013 the company plans to increase investment and
the number of jobs and to continue to present the Amulsar program on
the international investment market with the aim of raising financing.
At the present time, the results of work on an international
evaluation of the environmental and social impact are being summed up.
The Armenia government requires this document to undergo independent
analysis, after which the company figures to move to the next project
development phase and to the construction itself, having received
financing from the European Bank for Reconstruction and Development
(EBRD) and other donors.
CJSC Geotim was set up in Armenia in 2005. Lydian International, a
geological prospecting company founded in Britain that year, owns 95%
of its stock. Lydian got itself listed on the Toronto Stock Exchange
in January of 2008. Among its shareholders are the International
Finance Corporation (16.5%) and EBRD (7.5%).
In Armenia, Lydian obtained an exploration and evaluation license in
March of 2006 and in mid-year revealed the Amulsar deposit's
gold-bearing potential. Geological prospecting drilling began in 2007.
Subsidiary Geotim received a 25-year production license in May of
2009.
Amulsar is an epithermal, high sulfide deposit located 170 km from
Yerevan. Preliminary data show that the deposit has gold reserves of
about 40 tonnes that could double following additional exploration.
Cf
From: A. Papazian