The Australian
August 20, 2005 Saturday Travel Edition

Mining Week

SOURCE: MATP

Compiled by Robin Bromby

[parts omitted]

Iberian Resources

ARMENIA is the latest addition to the growing list of foreign
countries being explored by Australian juniors. Iberian Resources
(IBR) has entered a joint venture with US-based Global Gold Corp to
acquire, finance and develop the Lichkvaz gold project, located in the
former Soviet republic near its border with Azerbaijan. Iberian said it
believed the project could quickly be brought into production. Based on
Soviet-era estimates, the project has a resource of up to four million
tonnes containing more than 650,000 ounces of gold and could have as
much as 4.5 million ounces of silver and 15,000 tonnes of copper. Much
work on underground and opencut access has already been done, and
there is a processing plant at the site. Iberian will have an 80 per
cent stake after paying $US3.04 million ($3.95 million). The Australian
partner will bear all costs up to the start of production. Gold mining
in this part of Armenia dates back to the sixth century BC.