RA PRIME MINISTER RECEIVES CANADIAN BUSINESSMEN

Economic News
November 29, 2007 Thursday

Baku. ">OREANDA-NEWS . November 29, 2007. RA Prime Minister Serzh
Sargsyan received Canadian businessmen Jonathan Goodman, James Smoly
and Canadian-Armenian entrepreneur, Prof. Azad Vardanyan. The Goodman
family is the founder of a number of companies in a variety of fields
with over USD 65 billion worth of assets. Jonathan Goodman is the
owner and the president of Dundee Precious Metals Ltd, which is
engaged in the exploration and development of deposits of precious
metals. The company is represented in Armenia by Dino Gold Ltd,
which has embarked upon large-scale mining activities in Syunik marz
and intends to invest USD 20 million in addition to those 30 million
dollars already committed for the exploration of Kapan ore deposit.

The company seriously hopes to find sufficiently large deposits in
justification of both the investments made and eventual outlays.

Prime Minister Serzh Sargsyan welcomed the intent of the company
and mentioned that the government of Armenia was interested in the
involvement of well-known, highly experienced and top-ranking companies
in our country as in addition to making a profitable business they
are expected to promote Armenia’s economic development by making
sizeable investments into different branches of economy.

The head of government said that an investment-conducive and
business-friendly environment is currently up and keeps on improving in
Armenia. Considering that mining industry is among the key sectors
of Armenia’s economy, on behalf of the government of Armenia,
Serzh Sargsyan expressed willingness to assist the Company with the
implementation of the proposed programs.

The Prime Minister stressed that possibly efficient use of deposits
should be made in Armenia in line with all environmental standards
as our country is not that rich in natural resources. Serzh Sargsyan
further suggested that the company should inform the public-at-large
of the work done so far and the future plans. In reply, Mr. Jonathan
Goodman advised that a meeting to that effect is due to be held with
mass media representatives later today.