Mining News

Canadian Velocity Minerals Became the Majority Owner of a Bulgarian Gold Extraction Project

The Canadian company Velocity Minerals is now the majority owner of the Rosino deposit, part of the Tintyava area, located on the territory of the municipalities of Ivaylovgrad and Krumovgrad.

According to the company’s official announcement, Vancouver-based company is now the owner of 70% of Tintyava Exploration, and its Bulgarian partner Gorubso-Kardzhali holds the remaining 30% of the shares. “The implementation of the agreement and the acquisition of 70% stake in Tintyava Exploration are important achievements for Velocity by continuing the exploration of the Rosinno deposits with our Gorubso partner,” said Kate Henderson, president of the Canadian company.

An investment of $ 9 million, agreed with Atlantic Gold Corporation, will be directed, and the company also has received all necessary permits to start drilling in Rozino this month. Last year the Canadian company said it expected to earn nearly 130 million Canadian dollars, or about 100 million US dollars to develop a gold mining project in Bulgaria.

The annual output is expected to be on an average of 65,000 troy ounces of gold, and when it reaches the peak it will reach 78,000 troy ounces. The estimated capital costs that will be incurred for the project amount to 97.6 million Canadian dollars. At the beginning of last year, the Council of Ministers authorized Gorubso-Kardzhali to produce metal from the Tintyava area for three years. Then it became clear that over 5.3 million leva will be invested there.

Source: novinite


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