21 parties interested in Madneuli

The Messenger, Georgia
June 3 2005

Deputy Minister of Economic Development of Georgia Kakha Damenia stated
after opening privatization bids for the Madneuli mining complex on
Wednesday that it would take one to two months to determine the winner.

According to Damenia, the bid review commission will pay attention
to the price suggested by the companies, perspectives of development
of the company and capital structure.

The companies interested in Madneuli include the Resources Capital Fund
(Australia), Liu in Holdings (Bahamas), Eurasian Mining Corporation
(Britain, Columbia), Armenian Cooper Program (Armenia), Horizon
Resources Incorporated (Canada), Bolnisi Gold NL (Georgia), David
Geo Simen (Bahamas), London International Bank (Great Britain),
Kazreti Mining (Georgia), Deno (Switzerland), Rusinkor (Russia),
Stanford International (USA), Rom Trade Limited (Russia – Switzerland)
and France Group (Dubai).

The sale includes 97.25 percent of Madneuli stocks, 50 percent
Qvartsite Ltd stocks, 51 percent of the Georgian Samtamadno Company
stocks and 50 percent of TransGeorgian Resource stocks.

The Ministry of Development of Georgia expects to sell the package
for at least USD 50 million.