GEOLOGICAL PROSPECTING WORK OF ARMENIAN-RUSSIAN ORE MINING COMPANY IN ARMENIA IN 2009 TO COST ABOUT $3 MLN

ArmInfo
2009-06-29 10:34:00

ArmInfo. Geological prospecting work of the "Armenian-Russian Ore
Mining Company" in Armenia in 2009 will cost about $3 mln, Minister of
Energy and Natural Resources of Armenia Armen Movsisyan told ArmInfo.

He said the work has been already started, and the Company schedules
to complete the field geophysical and geochemical work till late,
2009. "The Company also schedules to start the drilling operations
in 2009", the minister said. To recall, "Armenian-Russian Ore Mining
Company" Armenian-Russian JV got a 5-year permission in April, 2009,
for geologic exploration of the uranium ore in Armenia. The uranium,
extracted in Armenia, will be processed in the International Uranium
Enrichment Center in Angarsk, Russia. According to the forecasts of
specialists, the uranium reserves in Armenia vary from 30, 000 to 60,
000 tons.

"Armenian-Russian Ore Mining Company" Armenian-Russian JV has been
registered in Armenia on July 16, 2008. The Russian party allocated
$3 mln for geologic exploration of uranium. The authorized capital
of JV consists of 300 ordinary registered shares, each party having
150 shares with a nominal authorized capital of 92,241 mln drams (abo