Orogen confirms it now holds 80% of Georaid

(ShareCast News) - Gold exploration company Orogen Gold announced on Friday that it has now received its shares in Georaid CJSC following successful completion of the $2.5m earn-in as announced on 31 August.The AIM-traded firm now has an 80% interest in Georaid, which holds the exploration licence covering the Mutsk gold project in southern Armenia."As announced on 18 October, Orogen has commenced step-out drilling at the Mutsk property to help define the scale of the gold envelope," its board said in a statement."Work is progressing satisfactorily and the company looks forward to reporting the results of this work to shareholders in the coming weeks."