GLOBAL GOLD MINING DEPRIVED OF LICENSE FOR WORKS AT ARMENIA AND NAKHICHEVAN BORDER

PanARMENIAN.Net
05.09.2006 14:41 GMT+04:00

/PanARMENIAN.Net/ The Ministry of Environment Protection of Armenia
has deprived Global Gold Mining American company of the license for
prospecting at the Marjan lot at the border of Armenia and Nakhichevan,
Armenian Minister for Environment Protection Vardan Ayvazyan stated
on September 5. In his words, the company failing to fulfill its
commitments was the cause of deprivation of the license. "The company
failed to fulfill its commitments at the Marjan lot, thus we deprived
it of the license," the Minister said.

We note that recently the Global Gold Mining has invested $6.5 billion
in geological prospecting in Armenia. Before the yearend the company
plans to increase the investment volume up to $9.6 billion. In 2004
the company was license for prospecting in Tukhmanuk, Hankavan, Getik
regions (border zone of Armenia and Azerbaijan), as well as at the
Marjan lot at the border of Armenia and Nakhichevan, reports IA Regnum.