Business
Tenure to Two Key Deposits in Georgia
Tenure to Two Key Deposits in Georgia.
About this update from Empire Metals Limited
[{"type":"text","content":"\n \nRNS Number : 1915B Georgian Mining Corporation 28 January 2020 \n\nGeorgian Mining Corporation / AIM: GEO / Sector: Natural Resources\n28 January 2020\nGeorgian Mining Corporation ('GEO' or the 'Company')\nSecures Tenure to Two Key Deposits in Georgia\n \nGeorgian Mining Corporation ('GEO' or the 'Company'), the gold-copper exploration and development company, provides an update regarding permitting for the Bolnisi Copper and Gold Project ('the Bolnisi Project') in Georgia in which the Company holds a 50% interest. \n \nThe Company is pleased to announce that joint venture company Georgian Copper & Gold JSC ('GCG'), in which GEO holds a 50% interest, has received confirmation of tenure from the National Agency of Mines ('NAM') for two key deposits in the Bolnisi Project licence area, namely Kvemo Bolnisi East and Dambludi. Kvemo Bolnisi East has been the focus of much of the Company's investment to date, including a significant discovery in 2017, and it is the deposit which is envisaged to commence production first. Dambludi is also an advanced project in the licence area, which has yielded attractive grades of up to 14.3 g/t gold and 4.16 % copper from grab sampling. \n \nAlongside this tenure confirmation, correspondence from NAM seeks to return the remainder of the Bolnisi Project licence area, including three further deposits identified by the Company, being Kvemo Bolnisi West, Tsitel Sopeli and Balichi, to the State. GCG strongly disagrees with this position, particularly as GCG has received previous ministerial endorsements, and written confirmation from NAM that GCG had met all of the licence requirements for all five named deposits in the licence area (Kvemo Bolnisi East, Kvemo Bolnisi West, Dambludi, Tsitel Sopeli and Balichi). \n \nGCG intends to appeal to the Minister of Economy and Sustainable Development to seek to secure its rights to the remainder of the licence area. The legislation specifies that the Minister has a maximum period of three months to respond. \n \nMike Struthers, Chief Executive Officer, said \"The conclusion of this process with the mining agency is an important milestone in our ongoing efforts to obtain the extension to the permit in Georgia. We have confirmed our entitlement to two of the key deposits in the area, and we...