· Results from Orogen's new phase of drilling have confirmed a substantial discovery at Mutsk in Armenia · Substantial widths of hydrothermally altered gold-bearing rocks seen in step-out holes at Mutsk · Follow-up 3,000m drilling programme underway, with initial assay results received in September 2014 · Results included 60m @ 1.21g/t Au in hole OG14-27, which included 10m @ 3.11g/t Au · Mutsk warrants a further drilling programme both to explore the limits of the mineralisation and to undertake infill drilling that can define a maiden resource · Cash at 30 June 2014 stood at £713,000 (31 December 2013: £1,208,000) · Raised £1,125,000 (before expenses) through the placing of 1,022,727,272 ordinary shares in the Company in September 2014 at a price of 0.11p per share · Anthony Venus appointed as a non-executive director, adding further deep sectoral and international experience to the Board · 'Equity-for-drilling' agreement with a Lebanese drilling contractor with an agreed issue price of 0.20p per share, representing a significant premium to the recent price. Shares issued under the agreement are subject to a two year lock in
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