Reserves in entrails of sotk gold field in Armenia total 120 tons

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11.09.2010, 23:54

Reserves in entrails of Sotk gold field in Armenia total 120 tons, Vladimir Kozlov, director general of GeoProMining Gold (GPM GOLD), said Friday at a news conference.

YEREVAN, September 10. /ARKA/. Reserves in entrails of Sotk gold field in Armenia total 120 tons, Vladimir Kozlov, director general of GeoProMining Gold (GPM GOLD), said Friday at a news conference.

GeoProMining Group mines ore in Russia, Armenia and Georgia. The group’s main assets in Armenia are GPM GOLD that mines gold ore from Sotk field and operates Ararat Gold Recovery Company and Agarak Copper and Molybdenum Combine.

“Stoping is planned to be carry out by combined means – surface mining that is under operation now and gradual transition to underground mining, which will be carried out in the future,” Kozlov said.

Speaking about output, the director general said that stripping in the first quarter didn’t exceed 250,000 cubic meters a month, and in June it reached 400,000.

The BUCYRUS Company’s RH-90C hydraulic excavator that was put into operation in August will ensure output of 500,000 to 550,000 cubic meters.

Kozlov said that monthly raw ore output didn’t exceed 40,000 tons in the beginning of this year, while in July it reached 57,000 tons and is planned to be enlarged to 70,000 tons later this year.

He said that even soviet-era monthly output didn’t exceed 56,000 tons.

GeoProMining　Group, an international private company with diversified resource base of metals, was established in 2001.

GeoProMining bought 100% of Sterlite Gold Ltd Company’s shares from Vedanta Resources in September 2007.

Sterlite Gold Ltd is the sole owner of AGRC (Ararat Gold Recovery Company).

The AGRC is already renamed GPM GOLD (GeoProMining Gold).--0--

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