Canadian gold driller and miner Dundee Precious Metals Inc. received Monday first-class investment certificate from Bulgarian government
Published:
8 March 2005 y., Tuesday
Canadian gold driller and miner Dundee Precious Metals Inc. received Monday first-class investment certificate from Bulgarian government.
The certificate is issued by the state InvestBulgaria Agency for the planned BGN 124.4 M investments of the Canadian company. Dundee is the second investor in Bulgaria to be awarded with the top certificate after Lindner-Holding Germany was granted the same last year.
A total of 15 applications have been submitted for certficates of first and second class to recognise major investors of respectively BGN 100 M and BGN 50 M projects.
Last week Dundee Precious announced the completion of the resource estimate of its Ada Tepe gold project in Bulgaria for year end 2004 resulting in a 78,000 oz increase in the Measured and Indicated Resources compared to its previously reported estimate announced in October 2004.
The feasibility study confirmed increased measured and indicated gold resources of 835,000 ounces, which will now be incorporated in the calculation of the reserves for the study expected by end March 2005.
Balkan Mineral & Mining AD, a wholly owned subsidiary of Dundee Precious, was awarded the Krumovgrad Licence area in 2000. The Bulgarian project of the company is to start drilling in the end of 2006. Dundee Precious Metals will invest some USD 45 M and plans to hire nearly 300 people.
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