Author: Antranik Varosian

Central Bank of Armenia: exchange rates and prices of precious metals – 21-06-23

Antranik Varosian

 17:15, 21 June 2023

YEREVAN, 21 JUNE, ARMENPRESS. The Central Bank of Armenia informs “Armenpress” that today, 21 June, USD exchange rate down by 0.92 drams to 386.16 drams. EUR exchange rate down by 1.47 drams to 421.65 drams. Russian Ruble exchange rate down by 0.01 drams to 4.59 drams. GBP exchange rate down by 3.61 drams to 490.58 drams.

The Central Bank has set the following prices for precious metals.

Gold price down by 314.71 drams to 23967.18 drams. Silver price down by 2.95 drams to 295.11 drams.

Armenia’s exports to Russia almost triple in 2022

Antranik Varosian
June 13 2023
Armenia exports to Russia surged in 2022, at a staggering growth rate of 187% compared to the previous year. Moreover, over half of these exports were re-exports originating from third countries, adding fuel to speculation that Armenia is playing a key role in the rerouting of Western imports to Russia to avoid sanctions.
 
Due to its strategic geographical location, Armenia has emerged as a crucial transit route for trade between Western countries and Russia  since the imposition of Western sanctions on Moscow.
 
The European Commission has proposed a new mechanism to target countries seen as not doing enough to prevent Russia from evading export restrictions. Countries possibly under scrutiny for the potential application of EU sanctions include Armenia. 

Up to now the EU has been applying diplomatic pressure to try to improve the sanctions enforcement of third countries in terms of trade with Russia, with dual-use goods—namely, goods that can be diverted from civilian industry customers to use by military producers—a particular concern. The idea is that if that pressure proves ineffective, a mechanism would give EU member nations the power to place export restrictions on key goods.

The US has also identified Armenia as one of five countries  that pose challenges in terms of evading sanctions.  

During a special meeting of the Standing Committee on Financial, Credit and Budgetary Affairs of the National Assembly, Armenian Minister of Finance Vahe Hovhannisyan highlighted that goods manufactured within Armenia accounted for 47% of the total exports to Russia.

Hovhannisyan further disclosed that the tourism industry experienced a significant growth of 90%, primarily driven by visitors from Russia. The increased influx of money transfers played a significant role in the appreciation of the Armenian dram.
 
The Armenian economy has become more and more dependent on trade with Russia. The Armenian economy has grown strongly since the Russian invasion, rising an impressive 12.6% last year, This growth exceeded initial projections, as the state budget for 2022 had estimated an 11% growth rate, while the government's target was set at 7% for the same year.
 
The services sector emerged as the key contributor to GDP growth, although notable progress was also observed in the industry and construction sectors.
 
Hovhannisyan further emphasised the reduction in the unemployment rate by 2.5%, bringing it down to 13%. Additionally, real wages witnessed a positive increase of 6.3%, despite the backdrop of an 8.6% inflation rate.
https://www.bne.eu/armenia-s-exports-to-russia-almost-triple-in-2022-281463/?source=armenia

Asbarez: After Yeraskh Attack, Yerevan Accuses Baku of Deliberately Targeting U.S.-Affiliated Project

Antranik Varosian
by Asbarez Staff

 

 

 

in Armenia, Artsakh, Featured Story, Latest, News, Top Stories

EU monitors visit smelting plant in Yeraskh on June 14


Calls on International Community to Take a “Very Sharp Stance” against Azerbaijan

Armenia’s Foreign Minister Ararat Mirzoyan accused Baku on Wednesday of deliberately targeting a U.S.-affiliated smelting plant under construction in Yeraskh, which was attacked by Azerbaijani forces earlier in the day, causing injuries to two Indian nationals working at the facility.

Mirzoyan also called on the international community to take a “very sharp stance” against Azerbaijan’s breach of Armenia’s sovereign borders.

Mirzoyan said he could not explain why Azerbaijan continues attack Armenian positions while at the same time negotiating for peace with Armenia.

“It’s no secret that Azerbaijan is constantly trying to use force to change, disrupt the course of the negotiations and, in the end, impose on Armenia the solutions it wants. This is not the first time, and I’m sure it won’t be the last either,” Mirzoyan told lawmaker on Wednesday.

“Armenia, and the international community should take a very sharp stance toward this kind of behavior,” Mirzoyan added.

“Either we negotiate with good will to find mutually acceptable solutions, or, if it is through the use of force, then this kind of policy is at least unacceptable for us. We hope that it is also unacceptable for the international community,” said Mirzoyan.

The foreign minister said that Armenia’s borders are inviolable, emphasizing that “the territorial integrity of Armenia must be restored, and the international community must play a role in this matter.”

Azerbaijan targeted a smelting plant being built in Yeraskh through investment from the United States. Mirzoyan explained that the operation would simnifically contribute to Armenia’s economic development.

“The Azerbaijani side first came up with fabricated environmental accusations, while we have fulfilled all our international obligations, including within the environmental context, and this is also about this specific factory,” Mirzoyan said, accusing Azerbaijan of deliberately targeting that specific facility and disrupt its development through the use of force.

“This is not an empty statement, but a verified one,” said Mirzoyan, referring to his accusation. He added that Wednesday attack was “not only an encroachment on Armenia’s borders — not only a violation of the ceasefire — but also after making baseless accusations and giving false justification, an attempt is being made to disrupt a project that can contribute to the economic development of Armenia.”

Mirzoyan stated that Azerbaijan’s leadership has repeatedly undertaken an additional obligation in the presence of other international actors not to resort to the use of force. “That way of working is unacceptable for the Armenian side, it should be unacceptable for the international community as well,” Mirzoyan added.

The foreign minister also announced that the European Union’s monitoring mission in Armenia visited the site of the attack earlier on Wednesday. He added that accredited diplomats in Armenia will visited the area on Thursday.

From Armenia to Georgia, the states that are gaining from the sanctions against Russia

Antranik Varosian
June 7 2023

Sanctions on Russia do not harm everyone. On the contrary. Armenia and Georgia, two former satellite states in the Caucasus region, have emerged from the first year of the Moscow-Kiev conflict with double-digit economic growth: in 2022 the Armenian GDP rose by 12.6% and that of Georgia by 10.1% , according to data from the International Monetary Fund. In 2023 the pace will slow to 5.5% and 4%, reflecting a “general moderation” in the region.

The leap in both economies, explains a survey by the broadcaster CNBC, is due to the intensification of commercial and financial relations with Moscow, taking advantage of the state of isolation inflicted on Russia by the various waves of sanctions from Western governments. Even if now it is the same governments in conflict with Moscow, including those within the EU perimeter, who are mediating retaliatory measures against third countries that have been used – or have been used – as commercial “intermediate partners”: countries that offer a neutral ground for the transit of goods, allowing to circumvent the strict taxes in Moscow on imports and exports.

The strategy had already been contested by some Western leaders and also affects other countries en route to Moscow, such as Kazakhstan and Turkey. The European Bank for Reconstruction and Development has identified and noted the role of “intermediaries” offered by countries that can act as a bridge between conflicting economic systems, benefiting from them in the trade balance. In 2023, Russia emerged as Georgia’s second-largest import partner and third-largest export partner, after increasing the country’s product sales by 79 percent and its purchase of Georgian goods by 7 percent.

Moscow is directly Armenia’s first partner for both imports and exports, in the face of an increase in flows to and from Russia also recorded by minor economies such as Kyrgyzstan, Tajikistan and Azerbaijan. Armenia and Georgia have not disclosed the details of their trade, although data from the national statistical institute of Georgia reveal that automobiles, oil and other “commodities” have affected the bulk of trade on a general basis. If we go into detail, notes CNBC, the total number of vehicles, aircraft and ships exported to Russia quadrupled in 2022 and doubled compared to 2021. Some sources report an increase of 1000% or 500%, a leap considered “suspicious » for speeds and volumes.

The phenomenon has not gone unnoticed and could officially be included in the next rounds of sanctions imposed on Moscow. A spokesman for the European Commission revealed to CNBC that the EU executive is working to counter the “redirection” of certain flows of goods from third countries that operate as “gateways” in favor of Russia. The president of the European Commission, Ursula von der Leyen, said that the 11th round of sanctions in Brussels will also focus on combating the “circumvention” of the measures already inflicted on the Russian economy. At stake, indirectly, there are also the aspirations of opening up to the West of the countries now being targeted for the role of intermediation with Moscow. The first example is precisely Georgia, which is working on its candidate status as a member of the EU.

2 Ukrainian-Armenians affected in Kakhovka Dam collapse

Antranik Varosian

 14:41, 8 June 2023

YEREVAN, JUNE 8, ARMENPRESS. Two Ukrainian-Armenians from Kherson are among those affected as a result of the collapse of the Kakhovka Dam, Ukrainian-Armenian political analyst Marat Hakobyan told ARMENPRESS.

Hakobyan earlier told AnalitikaUA that the Union of Armenians of Ukraine is actively involved in providing aid to those affected in Kherson.

“Naturally we help not only Armenians, but everyone in Kherson who needs help,” Hakobyan said.

Union of Armenians of Ukraine Kherson regional director Tigran Mkrtchyan told AnalitikaUA that the community is actively cooperating with the military-civil administrations of Kherson in evacuating and accommodating the victims of the floods. Several Armenian communities have already offered to accommodate those affected.

The CSTO countries intend to increase the number of joint exercises

Antranik Varosian

 17:51, 8 June 2023

YEREVAN, JUNE 8, ARMENPRESS. The Secretaries of the Security Councils of the member states of the Collective Security Treaty Organization (CSTO) discussed security challenges and threats in the region at the meeting held in Minsk, ARMENPRESS reports, citing TASS.

"Directions of cooperation in the military and migration spheres, as well as in the information space, were outlined. The importance of increasing the number of CSTO military exercises at different levels”, the press service of the Security Council of the Russian Federation announced after the meeting.

The representatives of the CSTO countries paid special attention to the joint fight against international terrorism and extremism, strengthening the anti-terrorist potential of the organization. The Security Council of the Russian Federation noted that tasks were set to block the ways of recruiting citizens and traveling to different places to participate in terrorist activities.

"Taking into account the increase in terrorism threat in the immediate vicinity of CSTO's zones of responsibility, decisions were made regarding the implementation of a complex of operational and preventive measures," the press service added.

Central Bank of Armenia: exchange rates and prices of precious metals – 07-06-23

Antranik Varosian

 17:16, 7 June 2023

YEREVAN, 7 JUNE, ARMENPRESS. The Central Bank of Armenia informs “Armenpress” that today, 7 June, USD exchange rate down by 0.29 drams to 386.75 drams. EUR exchange rate up by 0.20 drams to 414.33 drams. Russian Ruble exchange rate down by 0.02 drams to 4.75 drams. GBP exchange rate up by 0.95 drams to 481.50 drams.

The Central Bank has set the following prices for precious metals.

Gold price down by 48.12 drams to 24337.03 drams. Silver price up by 1.90 drams to 294.01 drams.

Azerbaijan provides information to the ECHR regarding 2 kidnapped Armenian servicemen

Antranik Varosian

 17:44, 7 June 2023

YEREVAN, JUNE 7, ARMENPRESS. On June 7, the Office of the Representative for International Legal Matters of Armenia received information from the European Court of Human Rights regarding the two Armenian servicemen submitted by Azerbaijan to the European Court, including medical documents and details of detention conditions.

As ARMENPRESS was informed from the message issued by the Office of the Representative on International Legal Matters, Armenia will present its position regarding the information and documents provided by Azerbaijan within the deadline set by the European Court, until June 16.

On May 26, the armed forces of Azerbaijan invaded the sovereign territory of the Republic of Armenia and abducted 2 Armenian servicemen who were delivering food to combat positions. Fake criminal cases were initiated against the kidnapped Armenian servicemen in Azerbaijan, presenting them as "saboteurs".




Armenia-Azerbaijan border situation ‘relatively stable’, says deputy minister of defense

Antranik Varosian

 11:51, 7 June 2023

YEREVAN, JUNE 7, ARMENPRESS. Deputy Minister of Defense Arman Sargsyan said Wednesday that the situation on the Armenian-Azerbaijani border is relatively stable.

“The situation is relatively stable, there were shootings yesterday that were reported. We immediately respond in case of intensive shootings by the adversary,” Sargsyan told reporters.

FREMONT ANNOUNCES: Signs Agreement on Vardenis Property in Armenia …

Antranik Varosian
June 6 2023

Vancouver, British Columbia–(Newsfile Corp. – June 6, 2023) –  Fremont Gold Ltd. (TSXV: FRE) (OTCQB: FRERF) (FSE: FR2) ("Fremont" or the "Company") Fremont is pleased to provide a comprehensive update of its recent activities in Armenia:

  • The Company has executed a definitive option agreement to acquire up to a 100% interest in Mendia Resources Corp. ("Mendia"), an Armenian corporation, with Mendia's sole shareholder (the "Optionor"). Mendia holds the exploration license over the Vardenis copper-gold project in central Armenia. The Optionor will also provide drilling services to the Company in upcoming drill programs.

  • The Company has entered into an agreement with Dundee Precious Metals Corp. ("DPMC") to purchase the historic exploration data that was collected by DPMC when they explored the Vardenis project from 2015 to 2018.

  • Fremont has applied for an exploration permit comprising 33.8 km2 over the Urasar mineral district in northern Armenia. The license application was submitted in late 2022 and the Armenian Ministry of Territories is in the process completing their review. The permit is expected to be granted within the next 15 working days. Historical Soviet data reveals a non-NI 43-101 compliant resource totalling 344K oz Au in the Russian C1+C2 category and 649K oz Au in the P category[1] in two separate zones.

Vardenis Definitive Agreement

The Company and the Optionor have executed a definitive option agreement which provides the Company with the right to acquire up to a 100% interest in Mendia. Mendia holds the exploration license over the Vardenis copper-gold project in central Armenia. The option agreement provides for a series of staged cash payments, share issuances and work commitments over 4.5 years to earn up to 100% of Mendia. The cash and share grants total US$350,000 and 2.2M Fremont common shares, respectively, to earn up to 90% of Mendia (see a complete description of the option terms in the news release dated May 9, 2023). Exploration work is expected to commence immediately with the initial drill program planned for September of this year.

Importantly, Fremont will be using the drilling services of the Optionor at Vardenis and is confident that both parties' economic interests are aligned to ensure a timely and cost-effective drill program.

Acquisition of Historic Vardenis Exploration Data

The Company has entered into an agreement with DPMC to acquire their Vardenis exploration data base which includes over 6,000 geochemical soil, rock and stream sediment samples as well as the data set from 1,246 meters of diamond drilling. The data defines a 7 km long gold-in-soil geochemical anomaly as well as a 3.6 km x 2 km circular copper anomaly located 1.4 km south of the gold anomaly. The Company has paid C$30,000 to DPMC and will issue C$20,000 worth of Fremont common shares by December 31, 2024, if the Company elects to continue the Mendia option agreement. The issuance of Fremont common shares is subject to TSX Venture Exchange approval.

Figure 1. Vardenis geology, with license outline and Au soil geochemistry

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3169/168929_70fcd0aee4ac9a8b_002full.jpg

Urasar District: Result of Regional Reconnaissance

The area was first visited by Fremont management In September 2021, when Urasar was one of ten prospects evaluated and sampled. It was ranked the highest priority due to wide-spread surface alteration/mineralization and encouraging geochemical results that comprised eight surface rock chip and channel samples, ranging from a minimum of 0.123 g/t Au to a maximum of 12.5 g/t Au, and averaging 2.65 g/t Au. Thirty follow-up rock chip samples were collected in November 2022 from other parts of the license area and returned an average of 0.75 g/t Au, and 6,285 ppm Cu.

Based on the opportunity to obtain an exploration license over the Urasar district, the availability of other prospective mineralized zones in Armenia, and a welcoming, mining-friendly business environment, Fremont management decided to set up a small office in Yerevan, the capital of Armenia, in mid-2022.

Figure 2. Project Location with geology in relation to nearby mines

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3169/168929_70fcd0aee4ac9a8b_003full.jpg

Historic Soviet-era Exploration at Urasar

The only significant exploration work undertaken at Urasar was carried out in the 1950's through the early 1970's by Soviet government exploration teams. The district was explored for copper, base metals and to a lesser extent gold, within a 250m wide, 7.2km long quartz-sericite-pyrite alteration zone along the Chibukhlu fault. The exploration comprised 16 trenches, six adits and several drillholes (the latter not currently located). Three polymetallic precious metal deposits were defined based on Soviet era, non-NI 43-101 compliant resource models, named the Black River, Chibukhlu and Hanqakutak deposits. Other similarly mineralised areas that constitute additional targets within the Urasar licence property were also identified as part of this historic work. Figure 3 shows the location of two of the deposits as well as the prospects defined by this work, while the historic non-NI 43-101 compliant resources estimates are discussed below.

PATANY ERKRABAN LLC based in Yerevan, Armenia, completed a mineral resource estimate for the three deposits in 2008 based on the Russian C1, C2 and P mineral resource categories using the Soviet historical data and including several duplicate drillholes. They estimated that the Black River deposit hosts 209,000 ounces Au in the C1+C2 categories and 334,000 ounces Au in the P category. The Chibukhlu deposit was reported to have good potential for Cu with up to 20,000 tonnes of Cu in the P category as well as 135,000 ounces Au in the C1+C2 categories and 315,000 ounces Au in the P category[2]. The Hanqakutak deposit, which lies mostly outside of the Urasar license boundary, is estimated to host more than 500,000 ounces Au in the C1+C2 and P categories. (Ounces and tonnes have been rounded to the nearest 1,000).

A NI 43-101 compliant report is being prepared and is expected to be posted on SEDAR within the next three to four weeks. The report will not include an update of the mineral resource estimate.

Figure 3. Urasar Geology showing mineral occurrences, prospective areas

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3169/168929_70fcd0aee4ac9a8b_004full.jpg

Fremont CEO Dennis Moore states, "Fremont is a 'first mover' in this new era of mineral exploration in Armenia. With the anticipated permitting of the Urasar exploration license, plus the recently signed Vardenis Project, Fremont will have two properties capable of hosting world-class mineral deposits in this favorable jurisdiction, positioning the Company for significant discovery opportunities and growth. The Urasar project is one of the few places in the world where one can encounter numerous mineralized outcrops over a strike length of seven kilometers……and with only a few shallow drill holes! I personally find this district to be very exciting given its size, at-surface mineralization and location along the same large-scale structure with a similar geological setting that hosts the world class Sotk mine."

Geochemical surveys will commence upon formal reception of the permit, with trenching later this summer and drilling next year.

Qualified person

The content of this news release was reviewed by Dennis Moore, Fremont's President and CEO, a qualified person as defined by National Instrument 43-101.

About Fremont

Fremont's mine-finding management team has assembled a portfolio of high-quality Nevada gold and lithium projects with the goal of making a new discovery. The Company has also been seeking world-class mineral opportunities within the central Tethyan belt of Armenia and Georgia. Besides gold and lithium projects in Nevada, Fremont has signed an option agreement over the Vardenis property and applied for an exploration license over the Urasar area, which are located in central and northern Armenia respectively.

On behalf of the Board of Directors,

"Dennis Moore"

Dennis Moore
President and CEO, interim Chairman
Fremont Gold Ltd.

For further information, contact:

Corporate Information
Fremont Gold Ltd.
Dennis Moore, President and CEO, interim Chairman
Telephone: +351 9250 62196
www.fremontgold.net
https://twitter.com/GoldFremont
https://www.linkedin.com/company/fremont-gold/

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward looking statements

Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will", "hope", "will be", "expected" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to the potential to identify a NI 43-101 mineral resource on the Urasar property. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Actual results and future events could differ materially from those anticipated in such statements. Fremont undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

[1] C1 and C2 are roughly equivalent to CIM's (Canadian Institute of Mining Metallurgy and Petroleum) "indicated" category, while P is roughly equivalent to CIM's "inferred" category

[2] C1 and C2 are roughly equivalent to CIM's (Canadian Institute of Mining Metallurgy and Petroleum) "indicated" category, while P is roughly equivalent to CIM's "inferred" category