LONDON (Alliance News) - Orogen Gold PLC Wednesday said it has began the second phase of its appraisal drilling at the Mutsk gold project in Armenia.
On October 11, the gold mining company said it has raised GBP650,000 through a placing of around 216.7 million shares to accelerate drill testing at the project.
Orogen said the drilling programme will target a first resource estimate by the end of 2014 and that a drill rig has been mobilised to test the mineralised ore further before the onset of winter.
The company said it expects that this stage of drilling will be a relatively short campaign, with the bulk of second phase drilling programme to be completed during 2014, and that results from the programme will be announced as soon as they are received.
Orogen shares were up 1.5% to 0.335 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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