Friday, 23rd June 2006 (2454 views)

According to a report by Armenian news source Panorama, Global Gold Mining will make a total investment of $9.6 million in an investigation into the presence of gold deposits for mining.

The move could assist the countries ailing economy by providing export revenues on the precious metal.

To date, according to the company, Global Gold has invested around $6.5 million and has a license to undertake gold investigative drilling projects at several Armenian sites, including Tukhmanuk, Tenik, Hankavan and Mardjan.

The project at Tukhmanuk was investigated last year and the company has said that it expects to undertake extensive drilling and excavation of gold ore at some point this year.

The research process is now nearing completion, said Global Gold's Armenian director Ashot Poghosyan, and with the necessary equipment now in the company's possession, having imported it from the US last week, progress is expected soon.

 

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