Business
Andash Mining Licence
Andash Mining Licence.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n Aurum Mining PLC\n28 November 2006\n\n\nFor immediate release 28 November 2006\n\n\n AURUM MINING PLC\n ('Aurum' or 'the Company')\n\n Award of Mining Licence by Kyrgyz authorities\n\n\nAurum Mining plc (AIM: AUR), the company formed to acquire gold and other\nmineral extraction projects in the Former Soviet Union (FSU), is delighted to\nannounce that it has been awarded a Mining Licence by the Kyrgyz authorities for\nthe Andash licence area in the Kyrgyz Republic.\n\nThe award of the Mining Licence is an important endorsement of Aurum's approach\nto the construction and operation of the proposed mine at Andash Zone 1 and\nunderlines the willingness of the Kyrgyz Republic to work with the Company.\n\nThe award of the Mining Licence follows the submission in June 2006 of a local\nfeasibility study for Andash Zone 1, which covered the economic, mining,\nmetallurgical, legal, environmental and social aspects of the project. This\nstudy confirmed the Zone 1 resource estimates previously included in the State\nRegister of the State Commission of Resources of the Kyrgyz Republic, amounting\nto gold and gold equivalent of more than 1.5 million ozs.\n\nThe Mining Licence, which was awarded by the State Agency for Geology and\nMineral Resources of the Kyrgyz Republic to Aurum's wholly owned subsidiary, the\nAndash Mining Company, is initially valid until 31 December 2017 but can be\nextended on the identification of additional resources in other zones of the\nAndash licence area.\n\nIt is expected that construction of the Andash Zone 1 mine will take place\nduring 2007 and that commercial production will begin in 2008.\n\nAurum is also pleased to announce that completion is imminent of the full\nfeasibility study to JORC standards being prepared by Wardell Armstrong\nInternational, an independent mining consultant with particular expertise in the\nFSU. Together, the full feasibility study and the Mining Licence will form the\nbasis of detailed discussions for the project financing of the Andash mine,\nwhich will be an open pit operation with the potential for high production\nrates.\n\n\nMark Jones, Aurum Mining's Chief Executive, said: 'The receipt of this Mining\nLicence highlights the enthusiasm of the Kyrgyz authorities to work with Aurum\nMining. We have worked hard to ensure that the proposed Andash Zone 1 mine meets\nthe expect...