LONDON (Alliance News) - Georgian Mining Corp said Friday its copper and gold exploration permit in the Eurasian country went before the government in late 2018, ahead of a decision.
The firm explained the cabinet of the Georgian Government addressed its permit application at a meeting at the end of December, immediately before the Christmas and New Year holiday recess.
In October, Georgian Minister of Economy & Sustainable Development George Kobulia endorsed the permit application by the firm in what Georgian Mining described as a "major step forwards".
"We're pleased the Resolution on the exploration permit was finally addressed at a government session," Georgian Mining Chief Executive Officer Mike Struthers said. "During the meeting there were minor points for clarification raised with the Mining Agency, which were satisfactorily addressed and we are now awaiting the final approval."
"It is our understanding that all of the ministries have responded positively, and there continues to be strong support for the application," Struthers added. "We look forward to updating the market when we have further news."
Shares in Georgian Mining were 7.0% lower at 6.00 pence on Friday.