FINAL RESULTS OF PROSPECTING FOR URANIUM IN ARMENIA TO BE UNVEILED IN 2010

ARKA
Oct 19, 2009

YEREVAN, October 19, /ARKA/. Armenian Energy and Natural Resources
Minister Armen Movsisyan said last Friday the Armenian-Russian
Mining Company, established in 2008 to specify and develop the
country’s untapped uranium reserves, will present the final results
of prospecting in 2010.

Speaking to reporters, the minister said the joint company has a five
year license of the Armenian government to prospect for uranium. He
said the company is engaged now in field work and production of
uranium ore will start once the reserves are confirmed. According to
the minister, the company plans to invest $3 million in prospecting
for uranium in Armenia.

In 2007 the governments of Russia and Armenia signed an agreement
on joint development of Armenia’s uranium reserves which, according
to some experts, are believed to be enough to make the country
self-sufficient in production of nuclear energy.

Under the agreement, Russia and Armenia set up a joint venture to
explore the southeastern Syunik region, which Armenian and Russian
geologists believe has rich deposits of uranium.

According to Soviet geologists’ estimations, Armenia may have 30,000
metric tons of uranium reserves, but some experts believe that the
real reserves may be double that figure.

From: Emil Lazarian | Ararat NewsPress