Baku Today, Azerbaijan
Aug 24 2005

RV Investment to Propose Development of New Gold Mine to Azeri
Government

24/08/2005 08:40

RV Investment Services Grou? LLC is currently preparing proposals to
the Azerbaijani government on the development of a new gold mine
`Chovdar’ in Dashkasan, west Azerbaijan.

The company told Trend RV Investment was interested in the
development of gold-mine fields. Experts of the company visited the
field and estimate its perspective. In the near future the company
intends to come out with a concrete proposal to the government.

Last year appraisal work was carried out in the gold mine in
Dashkasan, and reserves of the field were included in the balance. As
a result of the appraisal reserves of the Chovdar field turned out
equal to all gold mines opened in Azerbaijan.

At present Azerbaijan has one contract with RV Investment on the
development of gold mines. In compliance with the contract, signed on
21 August 1997 between Azergizil State Concern (currently liquidated)
and R.V. Investment Group Services LLS (Azerbaijan holds 51% stake
and the United States – 49%), it is planned to develop 9 gold mines
of Azerbaijan with the initial reserves of 400 tons of gold, 2500
tons of silvers and 1.5 million tons of cooper. However, 3 fields are
currently under occupation of Armenia (Gizilbulag, Soyudlu and
Vejneli) in Zangilan and Kalbajar districts.

From: Emil Lazarian | Ararat NewsPress