Orogen Gold PLC Mutsk Update (6705N)
28 Oktober 2016 - 8:00AM
UK Regulatory
TIDMORE
RNS Number : 6705N
Orogen Gold PLC
28 October 2016
Orogen Gold plc
("Orogen" or the "Company")
Mutsk gold project update
Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration
company, is pleased to announce that it has now received its shares
in Georaid CJSC ("Georaid") following successful completion of the
USD 2.5 million earn-in as announced on 31 August 2016.
Orogen now has an 80% interest in Georaid, which holds the
exploration licence covering the Mutsk gold project in southern
Armenia.
As announced on 18 October 2016, Orogen has commenced step-out
drilling at the Mutsk property to help define the scale of the gold
envelope. Work is progressing satisfactorily and the Company looks
forward to reporting the results of this work to shareholders in
the coming weeks.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Orogen Gold plc C/o Walbrook
Colin Bird, CEO
Cairn Financial Advisers LLP (Nominated
Adviser)
Liam Murray / Sandy Jamieson +44 (0) 20 7213 0880
Beaufort Securities Limited (Broker)
Jon Belliss +44 (0) 20 7382 8300
Walbrook (Public Relations and
Investor Relations)
Paul Cornelius / Gary Middleton +44 (0) 20 7933 8780
About the Mutsk Project
The Mutsk Project is located in southern Armenia at about 2,000m
elevation and is three and a half hours' drive from the capital
Yerevan. The site is accessible most of the year other than during
the core winter months. Maps showing the location and details of
the project are available on the Company's website.
Limited historic exploration had been carried out until drilling
by Georaid in 2011 and subsequent follow-up by Orogen, which
intersected low sulphidation epithermal-type pyrite-gold
mineralisation in altered and brecciated tuffs, similar in age and
gold grade to those that host the Lydian International high
sulphidation Amulsar gold deposit (4.1 million ounces in Measured,
Indicated and Inferred Resources at an average grade of 1g/t Au)
located 30km to the northwest, also in Armenia. Lydian has secured
the financing for the project and has recently commenced
construction at site.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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