drilling under way30 Mar 2015 17:02
Nick Spencer, Chief Executive Officer of Kolar Gold Limited, commented:
"Our three objectives remain:
Firstly to support and assist the resource drilling at the GMSI Jonnagiri gold mining lease. There are now 3 drill rigs operating in order to upgrade and extend the current gold resource with the aim to develop India's first private gold mine operation.
Secondly we are increasing our efforts to engage with the new Government of India to explain the urgent need for India to develop domestic gold mines and therefore to issue the BGML mine sale tender and revival.
Lastly, discussions are continuing between GMSI and DGM to amalgamate the two companies, their respective projects and resources, by way of a scheme of arrangement, and for the combined group to be listed on the Bombay Stock Exchange. GMSI is also considering alternative strategies for listing on the BSE.
Achieving any of these objectives will enable a significant gold mining asset to be developed in India."