Proactive Investors (Sep 2014)4 Jan 2015 22:40
Premier Gold Resources (LON:PGR) says it's pursuing all "remedies available" to sort out problems at its main Cholokkaindy project in the Kyrgyz Republic, as it posted its latest half year report.
The firm has been unable to start operations at the site as local gangs have held up work illegally.
"We are pursuing all remedies available to us to bring about a resolution of the local interference prior to the outset of the 2015 field season, or to seek compensation for our loss," the firm said, though it conceded it could not confirm either would happen.
As reported in June, Premier confirmed it was considering a claim for compensation relating to the problems it has faced in the Kyrgyz Republic.
The amount of compensation it could potentially claim for may total US$35mln, the company said.
The firm's preference remains to work cooperatively with the Kyrgyz Government, and it has been encouraged that recently the government established a working committee aiming to reach a resolution.
I hope they continue work hard to resolve the problem.
Good luck to all here, New Year and New hope.
Obelix