MiningSee 25 February, 2016

Serbia Lece gold mine in the hands of a phantom company from Dubai

Life Stone Capital from UAE Dubai  extended the contract on the lease of the gold mine Lece, previously owned by Farmakom company.

Thus this mysterious company from Dubai, which got the lease while Farmakom CEO Bogićević was detained due to initiated legal proceedings, and which has only one employee and the equity capital of one euro, will have the power to handle gold, lead and zinc from Lece in the coming year by decision of the bankruptcy warden and the bankruptcy judge writes local paper blic.

Bogićević argues that “the mine was given to a phantom company that has only increased losses”.

“They did not pay for electricity, mining rent, or suppliers. Except for salaries, they fulfilled no other obligations and they tried to take the mine over illegally, through a new UPPR, which the court in Leskovac refused. Their proposal was to repay the debt to creditors only after ten years, which was unacceptable to the creditors. Nevertheless, a new lease agreement was signed, although it is obvious that this is not a company that has good intentions with the mine, “says Bogićević.

Local medias in Serbia reported that Lifestone Capital Lece gold zinc lead mine is owned by UK based brooker Mark Bryant. Lifestone Capital official web page describes Lece property as perspective.

The ore occurs in a number of epithermal vein-breccia bodies some 2,000m long and 2-50m in width (average of 8-10m). The Šuta-Rasovaca vein-breccia zone trends NNW-SSE (330 degrees) with a dip of 60-70 degrees to the west and has been traced over a distance of over 6,000m, with a typical thickness of 0.3 to 20m.

The Jezerina 1 Vein zone is situated in the north-eastern part of the mine with a general E-W strike and a dip of 82-85 degrees. The vein zone comprises a number of quartz-breccia bodies cut by quartz and sulphide-bearing veins. The ore zone is typically pervasively brecciated showing several generations of fluidized, tectonic and hydraulic fracture breccias accompanying various stages of mineralization.

Towards the eastern end of the Jezerina 1 system the strike swings to ESE and a number of sub-parallel veins are seen on both the hangingwall and footwall sides of the main structure. These sub-vein systems dip both to the north and south forming a number of significant ore shoots. Significant potential remains on these veins and at their intersections with Jezerina 1.

Lifestone web page transmits that the company have  extensive experience and expertise throughout the Balkan region, Lifestone Capital has an unparalleled network and understanding of operating significant mining assets, pulling together resources, capital, investment and management, including working capital solutions, sales, marketing and risk management.
Lifestone Capital entered into the Lece Management Operating Agreement in May 2015.