Interfax News Agency, Russia
Oct 31 2008

Russian-Armenian uranium joint-venture starts work in Armenia

YEREVAN Oct 31

ZAO Armenian-Russian Mining Company has begun geophysical and
geochemical exploration of uranium resources in Armenia, Armenian
Energy and Natural Resources Minister Armen Movsisyan told Interfax.

The company has received a license and has recently started field
work, he said. The company is scheduled to start drilling work in the
Syunik region in southern Armenia in 2009, he said.

Experts estimate Armenia’s uranium reserves at a level of 10,000 to
60,000 tonnes.

In addition, Armenia has completed the procedures of joining the
international enrichment center in Angarsk, where the uranium
extracted in Armenia will likely be processed.

ZAO Armenian-Russian Mining Company was created on a parity basis in
Armenia on July 16, 2008. Russia provided $3 billion for the
geological exploration of uranium.