RUSSIAN-ARMENIAN URANIUM JV TO START PROSPECTING BY LATE 2008

RIA Novosti
April 22 2008
Russia

MOSCOW, April 22 (RIA Novosti) – A joint venture established between
Russia and Armenia plans to start uranium prospecting in the south
of Armenia by late 2008, the venture’s Russian participant said
on Tuesday.

Atomredmetzoloto, which manages all Russian uranium-producing assets,
and the Armenian Environmental Ministry, signed on Tuesday in Yerevan
an agreement on establishing a joint venture to prospect and mine
uranium and other mineral resources on the territory of the South
Caucasus state.

The JV agreement is the first stage in the implementation of a
cooperation memorandum signed in February between the Russian nuclear
corporation Rosatom and the Armenian environmental ministry.

Atomredmetzoloto is a subsidiary of Rosatom.

Armenian uranium reserves are estimated at 30,000-60,000 metric tons.