Bosnia and Herzegovina, Discovered a gold deposit near Srebrenica

Silver-zinc and lead ore were found at the Čumavići site, at a depth of 50 meters.

The general director of the company “Drina resurs” from Srebrenica, Aleksandar Mišković, said at the presentation of the results of geological research carried out in the area of ​​this municipality – that gold was discovered at a depth of 80 meters at the Brežani site, reports the Radio-television of Republika Srpska.

Erdene Resource Development Corp. reported results from recent drilling at the 100%-owned Dark Horse prospect

Erdene Resource Development Corp. reported results from recent drilling at the 100%-owned Dark Horse prospect, located approximately 2km north of its 100%-owned Bayan Khundii gold project in the Khundii minerals district in southwest Mongolia.

Highlights included intersecting high-grade, near-surface gold in Dark Horse Mane South; 39.6 g/t gold over 6 metres within 12 metres of 20.2 g/t gold (AAD-218); 34.4 g/t gold over 3 metres within 11 metres of 13.0 g/t gold (AAD-217); 13.7 g/t gold over 1 metre within 18.6 metres of 4.6 g/t gold (AAD-215); 11.0 g/t gold over 1 metre within 13 metres of 1.9 g/t gold (AAD-216).

Drilling intercepted deep, high-grade zone at Dark Horse Mane North; 11.2 g/t gold over 2 metres within 8 metres of 4.1 g/t gold (AAD-194). The deepest intersection along trend to date demonstrating potential at depth And confirmed potential of new East Mane target, 500 metres east of Dark Horse Mane.

“Recent drilling at our Dark Horse prospect successfully expanded high-grade mineralization along the 1.5-km Dark Horse Mane trend and produced multiple targets in adjacent areas,” said Peter Akerley, President and CEO. “Today’s results include the highest grade intervals to date at Dark Horse Mane North and also confirm the discovery of the new East Mane target.”

“Since discovering our Khundii Minerals District, we have delineated over nine kilometres of prospective gold bearing structures connecting our Bayan Khundii, Ulaan and Dark Horse deposits,” continued Mr. Akerley. “Plans are being finalized for the next phase of drilling along this trend and throughout the broader Khundii-Ulaan alteration system.”

The Q3 2022 Dark Horse drill program, completed in September 2022, was designed to confirm and expand gold mineralization in this prospect, located approximately 2km north of Erdene’s shovel-ready Bayan Khundii Gold Project. The 20 km2 Dark Horse prospect comprises the northern portion of the company’s Khundii mining and Ulaan exploration licenses. Drilling to date at Dark Horse has focused on the Dark Horse Mane (DHM) prospect, a 1.5-km north-south oriented, mineralized trend discovered in early 2021, that remains open along strike to the north and south and at depth.

Along this trend, Erdene has delineated southern and northern zones, referred to as Dark Horse Mane South and Dark Horse Mane North, respectively, and recently identified the East Mane prospect that was drill tested in Q3 2022.

The recently completed drilling program consisted of 29 holes (including one hole extension) totaling 2,417 metres. Exploration was focused on Dark Horse Mane South, Dark Horse Mane North as well as targets adjacent to the Dark Horse Mane mineralized trend identified through the reverse circulation (“RC”) drill program completed in mid-2022, geophysics and surfacing sampling.

Drilling at Dark Horse Mane South was comprised of seven holes totaling 543 metres, including five near surface, large diameter (PQ), diamond drill holes, totaling 82 metres (AAD-214 to AAD-218).

The PQ holes were drilled to confirm continuity of grade and geometry of shallow, very high-grade mineralization and to collect material for process test work. Multiple zones of high-grade mineralization were intersected within 15 metres of surface, with several one-metre intervals returning grades exceeding 10 g/t gold, including a one-metre interval grading 88.5 g/t gold (AAD-218; 6 to 7 metres), interpreted as supergene enrichment. Two holes at DHM South, AAD-191 and AAD-192, were designed to test extension of mineralization at depth.

In addition to the exploration at Dark Horse, Erdene drilled three step-out holes on the western and northern periphery of the main mineralized zone at Ulaan Southeast, expanding mineralization at this recent discovery.

Erdene is focused on the acquisition, exploration, and development of precious and base metals in underexplored and highly prospective Mongolia. The company has interests in three mining licenses and an exploration license in Southwest Mongolia, where exploration success has led to the discovery and definition of the Khundii Minerals District, Resource World writes.

Polymetal marks first gold production at Kutyn mine

The Kutyn heap leach facility is expected have an annual ore processing capacity of 1.3Mtpa.

Gold and silver mining company Polymetal has announced the production of first gold at its Kutyn mine in Khabarovsk, Russia.

Located in Tugur-Chumikan, Khabarovsk, and 114km north-west of the Polymetal-operated Albazino mine and 10km from the sea of Okhotsk, the mine was purchased by the Russian firm in 2011.

Ore from the mine is planned to be processed through a heap leach facility, followed by the Merrill-Crowe process.

Polymetal said it poured first gold at the Kutyn heap leach facility, following the successful completion of construction and commissioning activities.

Subsequently, the facility produced 6Koz of gold. The facility is expected to produce 40,000oz of gold this year and reach the full heap leach processing capacity of 1.3 million tonnes per annum (Mtpa) of ore in 2023.

Polymetal group CEO Vitaly Nesis said: “Remote location, severe climate, and unprecedented supply chain disruptions presented major challenges at Kutyn.

“The project team successfully overcame all difficulties to deliver first production six months ahead of the original schedule. This achievement underscores Polymetal’s outstanding track record in project execution.”

Polymetal plans to start processing the refractory ore at the Albazino concentrator in 2025.

The company estimates that between 2023 and 2030, the average annual output of gold will be around 100Koz.

Polymetal said the capital expenditure of the project stood at $110m, marking a 38% icnrease from the original estimate.

The increase in capital expenditure was mainly attributed to higher fuel prices and the impact of Covid-19 on labour and logistics costs.

According to the company’s estimates, the Kutyn mine has JORC-compliant ore reserves of 12Mt of open-pit oxide and refractory ore with 1.1Moz of gold equivalent at a grade of 2.9g/t, Mining Technology reports.

Spain has the biggest goldmine in Europe

In a small town in Asturias, on the shores of the Cantabrian Sea, experts believe there’s as much as 300,000 kilograms of untapped gold underground.

Spain is world famous for certain products. For its fruit and vegetables, its wines, its olive oil, its jamón. But few know that Spain also has an abundance of a much more precious and valuable material: gold.

In Asturias alone experts estimate there are as many as 480 gold deposits in the region. But the biggest goldmine – and by far the most controversial – is that of Salave in the municipality of Tapia de Casariego, where studies have revealed that there could be as much as 300,000 kilograms (or 300 tonnes) of untapped gold deposits underground.

In the last century or so, attempts have been made to mine the gold but very few have been successful. Many mining companies – the Asturias region is a traditional mining zone – have carried out studies and surveys in the area but did not, or could not, go ahead and take advantage of Asturias’ natural goldmine.

Why not?

Not for lack of trying, or because they didn’t want to, but because mining it would have serious environmental consequences on the area, and the battle between environmentally conscious residents and gold hunting miners has made Salave a point of contention in the community.

Many of the residents of the Tapia de Casariego are afraid that the natural deterioration born from a big mining project would worsen their quality of life. Others fear being pushed out of their homes.

Yet, knowing of the huge gold reserves underground, mining companies seem keen to press ahead with extraction anyway. A legal and environmental battle has rumbled on for many years now.

Back in 2010 AsturGold proposed a mining project but in December 2014 the Asturias regional executive voted the plan.

Three years later, in 2017, the Asturias High Court backed the veto and the environmental groups and mining companies came to a stalemate.

That’s not to say that miners aren’t still hoping to be able to take advantage of Asturias’ resource rich land in the future, however. “We hope to start producing gold at the Tapia mine in three years,” José Manuel Domínguez, Director of Exploraciones Mineras del Cantábrico(EMC), and a campaigner for the Salave gold mine, explained in the Spanish press. “There will be a mine, I’m convinced.”

The latest proposed EMC mining project aims to extract around 31,000 kilos of gold over 14 years, but has already received 1,297 environmental complaints, which are under review. The proposal, under study currently, hopes to start producing gold by as soon as 2025.

The 31,000 kilos of gold would be worth around €1.5 billion, and mining provides hundreds of jobs in Asturias and the Lugo province. The proposed EMC project alone could create 250 jobs in the area, and as many as 1000 indirect jobs.

Controversy

Locals are fiercely opposed to the plan, however. In April hundreds of people gathered in Tapia de Casariego to protest against the proposed extraction project.

Environmental group Oro No (No to gold) is collaborating with tourist associations, community organisations, fishing groups and farming cooperatives to oppose the plans, and calling on local government to intervene.

Protesters have expressed concerns about the impacts that a mining operation would have on their way of life, the environment, and the traditional economic activities of the area.

Roman history

The mining potential of Salave is no new discovery, however. It was first discovered by the Romans in the 1st century and has barely been touched since, hence why it is now considered one of – if not – the largest untapped goldmines in Europe.

Historians believe that during the Roman era, as much as 7,000 kilograms of gold were extracted using an ingenious extraction method called ruina montium, a water-based system that blasted structures apart.

Historians are unsure why the Romans eventually abandoned their extraction project at Salave, but the hundreds of thousands of kilograms of gold left behind remain largely untouched and very controversial to this day, The Local writes.

Terra Balcanica adds prospective gold exploration license to its Serbian portfolio

Terra Balcanica Resources Corp. (“Terra” or the “Company”) is pleased to announce the granting of the Ceovishte exploration licence by the Serbian Ministry of Energy and Mines. The new licence held by the Company’s 100% owned subsidiary Tera Balkanika doo covers 80.36 km2of highly prospective land for gold and copper exploration in the historic Raska mining district of southern Serbia.

Highlights

Commenting on the acquisition of the new licence area, Dr. Aleksandar Mišković, the President and CEO of Terra Balcanica Resources Corp.stated: “We are delighted to have been granted a sizable new licence areain Serbia. Acquisition of such prospective ground is core to our strategy of building a regional, multi-jurisdictional portfolio in the Western Balkans. By bringing Ceovishte into our portfolio we expanded our Serbian footprint by 160% to 130 km2 in addition to 216 km2 held in Bosnia-Herzegovina at our high-grade, polymetallic Viogor-Zanik project. We are excited by the geological potential of Raska where we have now gained exposure to both gold and copper with Ceovishte. The new licence is found in the vicinity of Adriatic’s Kiževak and Sastavci Pb-Zn minestogether with its Cu-focused exploration property at Suva Ruda-Rudnicaand north of numerous historic lead-zinc-silver mines in the north of theSerbian province of Kosovo. Significantly, the most prospective area for high grade gold located in the northwesterly quadrant of Ceovishte isconcealed by a thin overburden and has not seen any historical drill testing. This provides us with a unique exploration upside to search beneath a shallow cover resulting in quick drill target definitions. Our field crew has been dispatched to the locality to conduct sampling for soil geochemistry and we will provide updates on the field work very shortly.

Geological Setting of the New License

Ceovishte sits on the southern slopes of the Golija Mountain, a part of the Kopaonik metallogenic zone. This area features the Kiževak and Sastavci Pb-Zn-Ag mines including the Karadak deposit, all owned by Adriatic Metals plc. The historical Yugoslav GKZ, non-NI 43-101 compliant resource estimates for Kiževak is 3.9 Mt of ore grading 3.92% Zn, 2.15% Pb and 31 g/t Ag in the A+B+C1 categories (www.adriaticmetals-serbia.com/our-projects/kizevak) while at Sastavci, there is 1.6 Mt of ore grading 4.55% Zn, 2.8% Pb, 30 g/t Ag and 0.5 g/t Au also divided in the Yugoslav A+B+C1+C2 categories (www.adriaticmetals-serbia.com/our-projects/adriatic-metals-serbia-sastavci). The Raska mining district also holds the Rudnica Cu-Au porphyry district and is a northerly extension of the partially exploited world class Trepča Pb-Zn-Ag skarn deposit of Kosovo, the northern Serbian autonomous province as seen in Figure 1. Trepča features a non-NI 43-101 compliant, Yugoslav resource estimated at 60.5 Mt at 8% Pb+Zn and >159 Moz of Ag.

About the Company

Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety and environmental management.

Autionary Statement

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively forward-looking statements). The use of any of the words will, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law, Yahoo Finance writes.

Since Kyrgyzstan seized the gold mine last year, it has been the source of constant scandal

“It’s a secret” is becoming a catchphrase to describe how Kyrgyzstan is currently being administered, especially as concerns the giant gold mine that authorities seized last year in the name of a long-suffering public.

To begin, the sudden fall off in reporting on activities at the economically vital Kumtor mine was easily explained away.

Kyrgyzstan’s government was locked in a legal dispute with Toronto-listed Centerra Gold, Kumtor’s operator prior to the sudden imposition of “external management” – code for nationalization – in May 2021.

Making information about the mine public would have given Centerra the upper hand, top officials argued at the time.

But that legal standoff was settled amicably and for good in July of this year, while Kumtor is still a high-altitude shrine to opacity.

One of the biggest concerns is the mixed messages coming from the top leadership.

Last September, Kyrgyzstan’s national security chief Kamchybek Tashiyev boasted in a public appearance that “not a gram” of gold produced at Kumtor had left the country that year.

His claim did not tally with data from the national statistics committee, which showed gold had continued to be Kyrgyzstan’s chief export.

In fact, committee data released this July revealed that Kyrgyzstan had exported record quantities of gold – 24.8 tons – in 2021.

But the committee did not account for where the vast majority of this bounty had been sold, referring to an “undefined country” as the purchaser of 19.2 tons, or 77 percent.

Switzerland is well-known as a longstanding destination for Kumtor’s gold, and sure enough, Swiss trade statistics confirm that was where the gold had been received.

So why the secrecy?

In an interview last month with state media outlet Kabar, President Sadyr Japarov said that the identity of the importing country had been classified “for the security of the delivery.”

Bizarrely, the statistics committee had already identified Switzerland as the destination for exports of a smaller quantity of gold – just over a ton, along with the United Kingdom (4.08 tons) and “others” – 0.47 tons.

Japarov and Tashiyev, whose campaign to nationalize Kumtor began a decade ago when the pair were an opposition tandem, are Kyrgyzstan’s two most powerful politicians.

The third leg of the stool is chief minister Akylbek Japarov, not a relative of the president, but who is just as vague as his boss when it comes to answering questions about Kumtor.

Earlier this month, when pressed to report on Kumtor to parliament, he declared his government’s readiness to “answer for every milligram” of gold in due course.

He further complained that media outlets were stirring discord over Kumtor. “Gold is not a toy!” he warned.

Every week seems to bring something new to feed speculation surrounding Kyrgyzstan’s largest asset.

Last week it was the emergence of a photo online showing President Japarov’s older brother, Sabyr, clutching a pair of gold bars.

The president’s spokesman Erbol Sultanbayev provoked guffaws when he suggested the snap had been taken in 2016 or 2017, a period when Sadyr Japarov would have been either living abroad or serving out a jail sentence on kidnapping charges. The fact that Sabyr Japarov was holding a face mask, and that the man next to him was wearing one – seemed to point to a more recent date.

Japarov cleared the air during another interview with Kabar on September 8, explaining that the photograph of his brother was taken in Turkey last year and that a Turkish metal refining company that wanted to buy Kumtor’s gold had reached out to Sabyr as a bridge to the president.

No deal materialized, he said.

The president advised people not to “turn this [the photo] into some tragedy.”

Another mining mystery is how things went so wrong for Japarov’s one-time golden boy Tengiz Bolturuk.

Even before the beginning of the seizure of Kumtor, Bolturuk had been a close ally of Japarov’s, representing Kyrgyzstan’s interests on the board of Centerra Gold where he quickly gained a reputation as a hostile interlocutor.

When state officials seized Kumtor in May 2021, he ditched that obsolete role to become the mine’s external manager.

Bolturuk’s three-decades of industry experience proved invaluable to Bishkek in the transition to national control over Kumtor, but his overnight superstardom ruffled feathers.

A brand-new government holding that he chaired called Great Nomads Heritage emerged to become arguably the most important player in the national extractive industry.

He made enemies both in parliament, where some lawmakers complained about his Canadian-Kyrgyz dual citizenship, and at the state mining champion Kyrgyzaltyn, where he reportedly called the shots without formally holding a position.

But in August Bolturuk was declared to be under criminal investigation over financial misdemeanors that were detected at Kumtor in contracts for fuel, food and equipment.

Worryingly for Bolturuk – a native of Japarov’s home district of Tyup in Issyk-Kul region – the president has said absolutely nothing in his defense.

“I did not allow anyone to interfere in his work and I did not interfere myself, so that he would not later be able to say that because of me he could not fulfill his duties,” Japarov told Kabar of the investigation.

On September 13, Kyrgyzstan’s state prosecutor said it had opened three criminal cases as a result of the investigation with estimated damages to the state totaling more than $12 million. Bolturuk and two others were reportedly taken into custody, Eurasia writes.

Spain has the biggest goldmine in Europe

In a small town in Asturias, on the shores of the Cantabrian Sea, experts believe there’s as much as 300,000 kilograms of untapped gold underground.

Spain is world famous for certain products. For its fruit and vegetables, its wines, its olive oil, its jamón. But few know that Spain also has an abundance of a much more precious and valuable material: gold.

In Asturias alone experts estimate there are as many as 480 gold deposits in the region. But the biggest goldmine – and by far the most controversial – is that of Salave in the municipality of Tapia de Casariego, where studies have revealed that there could be as much as 300,000 kilograms (or 300 tonnes) of untapped gold deposits underground.

In the last century or so, attempts have been made to mine the gold but very few have been successful. Many mining companies – the Asturias region is a traditional mining zone – have carried out studies and surveys in the area but did not, or could not, go ahead and take advantage of Asturias’ natural goldmine.

Why not?

Not for lack of trying, or because they didn’t want to, but because mining it would have serious environmental consequences on the area, and the battle between environmentally conscious residents and gold hunting miners has made Salave a point of contention in the community.

Many of the residents of the Tapia de Casariego are afraid that the natural deterioration born from a big mining project would worsen their quality of life. Others fear being pushed out of their homes.

Yet, knowing of the huge gold reserves underground, mining companies seem keen to press ahead with extraction anyway. A legal and environmental battle has rumbled on for many years now.

Back in 2010 AsturGold proposed a mining project but in December 2014 the Asturias regional executive voted the plan.

Three years later, in 2017, the Asturias High Court backed the veto and the environmental groups and mining companies came to a stalemate.

That’s not to say that miners aren’t still hoping to be able to take advantage of Asturias’ resource rich land in the future, however. “We hope to start producing gold at the Tapia mine in three years,” José Manuel Domínguez, Director of Exploraciones Mineras del Cantábrico (EMC), and a campaigner for the Salave gold mine, explained in the Spanish press. “There will be a mine, I’m convinced.”

The latest proposed EMC mining project aims to extract around 31,000 kilos of gold over 14 years, but has already received 1,297 environmental complaints, which are under review. The proposal, under study currently, hopes to start producing gold by as soon as 2025.

The 31,000 kilos of gold would be worth around €1.5 billion, and mining provides hundreds of jobs in Asturias and the Lugo province. The proposed EMC project alone could create 250 jobs in the area, and as many as 1000 indirect jobs.

Controversy

Locals are fiercely opposed to the plan, however. In April hundreds of people gathered in Tapia de Casariego to protest against the proposed extraction project.

Environmental group Oro No (No to gold) is collaborating with tourist associations, community organisations, fishing groups and farming cooperatives to oppose the plans, and calling on local government to intervene.

Protesters have expressed concerns about the impacts that a mining operation would have on their way of life, the environment, and the traditional economic activities of the area.

The mining potential of Salave is no new discovery, however. It was first discovered by the Romans in the 1st century and has barely been touched since, hence why it is now considered one of – if not – the largest untapped goldmines in Europe.

Historians believe that during the Roman era, as much as 7,000 kilograms of gold were extracted using an ingenious extraction method called ruina montium, a water-based system that blasted structures apart.

Historians are unsure why the Romans eventually abandoned their extraction project at Salave, but the hundreds of thousands of kilograms of gold left behind remain largely untouched and very controversial to this day, Local writes.

Centerra and Kyrgyzstan Reach Agreement to Split

If implemented, the agreement would see the Canadian mining firm exit Kyrgyzstan after a tumultuous 20 years and Bishkek assume responsibility for the mine.

On April 4, Canadian mining firm Centerra Gold announced that it had reached an agreement with the Kyrgyz government, and Kyrgyzaltyn JCS, the state-owned mining company, which would see the Canadian firm exit the Central Asian state. The agreement was preceded by late March reports that the Kyrgyz government had approved such an agreement. At the time, however, the details were not known beyond the statement that they would fulfill the core terms outlined by the company earlier in the year when it confirmed it was in talks with Bishkek.

The agreement, to “effect a clean separation” includes the transfer of the Kumtor Mine and Centerra’s investments in Kyrgyzstan, the end of Kyrgyzaltyn’s involvement with Centerra, and the resolution of the standing disputes between Centerra and the Kyrgyz authorities.

In May 2021, Kyrgyz authorities moved to take control of the Kumtor Gold Mine, one of the country’s most lucrative assets. Long a flashpoint for nationalization calls, the seizure triggered a cascade of disputes that has led to this moment: Centerra looking to wash its hands of dealing with the Kyrgyz altogether.

Currently, Kyrgyzaltyn is Centerra’s largest single shareholder, with a 26.1 percent stake in the company. The announced agreement would see Kyrgyzaltyn transfer all of its 77.4 million shares to Centerra for cancellation for a purchase price of 972 million Canadian dollars (778.68 million U.S. dollars).

Kyrgyzstan would then receive from the Canadian firm 100 percent equity in its two Kyrgyz subsidiaries — the Kumtor Gold Company and Kumtor Operating Company — and assume responsibility for the Kumtor Gold Mine. This step includes a US$36 million cash payment, although $25 million would be withheld by Centerra for the Canadian tax authorities. The remaining $11 million would be paid out to Kyrgyzaltyn.

Upon closing of the agreement, Centerra would extinguish the inter-company balance between Centerra and the Kumtor Gold Company with a US$50 million payment. Kyrgyzaltyn’s two nominees to Centerra’s board would resign.

The agreement is contingent on the termination of all legal proceedings related to the Kumtor mine “with no admissions of liability.” These include all “ environmental, tax and other claims, fines, penalties or proceedings, including all criminal investigations and proceedings, in the Kyrgyz Republic” as well as the suspension of international arbitration proceedings. Centerra would agree to an order setting aside a February judgment in the Ontario Superior Court against Tengiz Bolturuk, a former member of the Centerra board of directors who, shortly after the Kyrgyz government seized control of the Kumtor Mine in May 2021, was put in charge of its operation. Centerra would then work to get its petition for Chapter 11 bankruptcy in the United States dismissed.

Not only is the agreement contingent on the cessation of all legal bickering, but it requires approval from Centerra’s shareholders (excluding Kyrgyzaltyn, for obvious reasons). The company’s press release states that it expects to hold a shareholder meeting in the second quarter of 2022 (so, between now and the end of June) to consider the matter, after sending shareholders “full details” of the agreement, the relevant transactions, the company’s rationale, and the risks.

Importantly, the company’s press release notes that “there can be no assurance” that Kyrgyzaltyn and the Kyrgyz government will fulfill the obligations laid out in the agreement, nor can it be assured that Centerra’s stakeholders and the Ontario court will approve the agreement.

If all the necessary conditions are met, the results would be a complete split of Centerra Gold from Kyrgyzstan, bringing to an end a tumultuous 20-year relationship, Diplomat writes.

Galantas Gold to kick off operations at Irish mine in June

Galantas Gold (TSX, LON: GAL) said on Wednesday it expects to re-start commercial operations at the past producing Omagh gold mine in Northern Ireland in June.

The Canada-headquartered junior said it had made significant progress in rehabilitating the underground workings, refurbishing, acquiring critical mining equipment, and installing electrical, water and ventilation systems.

Galantas, however, delayed completion of the secondary egress and installation of the manway, which is a prerequisite for the start of production, to mid-May. It said it needed the extra time for the safe rehabilitation of the ramp access and ore headings.

Omagh’s underground development was paused in 2017 until local police (PSNI) were able to increase availability of anti-terrorism cover.

Blasting activities were halted again in the late 2019 mainly because of limitations imposed by the PSNI. Ore production was then suspended in 2020 due to insufficient funds and the impact of the global pandemic.

Initial production is expected at 4,500 to 5,500 ounces for the balance of the year and to jump to 17,800 ounces of gold in concentrate in 2023, the company said in January.

A second phase development of the mine would target annual production of 35,000 ounces of gold a year, Mining writes.

GeoProMining Gold indirectly confirms its involvement in corrupt deal with Armenian government

The GeoProMining Gold LLC, which lost the vast majority of Armenia’s Sotk gold mine after the capitulation signed by Nikol Pashinyan, “has forgotten” about the losses incurred after its main shareholder Roman Trotsenko cut a “corrupt political deal” with the Armenian government, Pastinfo reports.

As a result of the trilateral statement of November 9, 2020, a part of the Sotk mine fell under the control of Azerbaijan. In particular, Anglo Asian Mining PLC, a UK-based holding company, has stated that more than 75% of the mine is under the control of the Azerbaijani military and GeoProMining Gold does not carry out any activity in Sotk.

Experts say that GeoProMining has all the legal grounds to apply to the International Court of Arbitration, as it has suffered significant material damage as a result of the actions of the Armenian government. Speaking to Sputnik Armenia, Sargis Grigoryan, head of the GPartners Law Firm, did not rule out the possibility that investors could file huge compensation claims against Armenia in international courts as part of international agreements. Moreover, the amount of possible compensation demanded, according to him, may range from $3 billion to $5 billion, which will be paid at the expense of Armenian taxpayers.

And suddenly a redistribution of business took place. Under highly suspicious circumstances, most of the shares of the Zangezur Copper-Molybdenum Combine (ZCMC) were sold to Roman Trotsenko without the knowledge and consent of the other GeoProMining Gold shareholders, which seemingly overshadowed the damage caused by the loss of the Sotk mine.

On March 16, Pastinfo submitted a written inquiry to GeoProMining Gold Director Roman Khudoli over violations of the company’s rights due to the capitulation deal, damages suffered, and Sotk mine operation, however the company has nothing to say as a result of suspicious transactions related to ZCMC.

In particular, Pastinfo asked the company whether the interests and rights of GeoProMining Gold have been violated as a result of the implementation of the provisions enshrined in the November 9 statement of the Armenian and Azerbaijani leaders, and the scale of the material losses it suffered. The news website also sought to reveal the official reason why the company did not make a claim to the relevant international financial institutions or the International Court of Arbitration against Armenia to get compensation, especially when, according to experts, the company had quite high chances to win the lawsuit. It also asked whether any issues related to the impossibility of operating the Sotk mine, compensation for damages, personnel maintenance and security provision while developing the mine had been discussed with the Armenian authorities in writing or verbally.

Pastinfo also tried to find out the reason for the “generosity” of the company that suffered great losses towards the Armenian government. The company was deprived of the opportunity to exploit 75% of the Sotk gold mine reserves, and, accordingly, the expected profits, but in parallel with the deal in September 2021, GeoProMining Gold announced that it would not cut jobs and after the ZCMC deal signed on September 30, it donated a large part of the newly acquired shares to the Armenian government.

“In addition, we reminded the company that the Azerbaijani leadership, who had been announcing plans to sue GeoProMining Gold over the Sotk mine development and waring about the environmental risks caused by the Zangezur Copper and Molybdenum Combine, stopped making such statements after the Industrial Company, a GeoProMining Armenia subsidiary, acquired a stake of ZCMC. We tried to find out what they attribute it to and whether any efforts have been made to normalize relations with Azerbaijan,” the news site said.

“Dragging its feet, the GeoProMining Gold LLC has avoided answering the mentioned questions, thus indirectly confirming our suspicions about the shady arrangements and a corrupt deal with the current Armenian authorities,” Pastinfo stressed.

It is worth noting that Russia’s former Minister of Health and Social Development Mikhail Zurabov, who owns 12.5% of the ZCMC shares, filed a lawsuit to a court in Syunik in August 2021, asking for a preference to acquire the ZCMC shares. The court not only agreed to hear the lawsuit but also applied a measure, seizing 75% of the shares of the Zangezur Copper Molybdenum Combine.

Later on September 30, the Syunik Court of General Jurisdiction ruled to lift the ban on shares, and the GeoProMining Armenia subsidiary acquired them immediately after it. After the deal, Trotsenko granted 15 percent of the shares of the Molybdenum Combine to the Armenian government, Panorama reports.