Last checked at 17 Jul 2018 07:00
Georgian Mining Corporation / EPIC: GEO / Sector: Natural Resources
17th July 2018
Georgian Mining Corporation ('GEO' or the 'Company')
Appointment of New Cabinet in Georgian Government
Georgian Mining Corporation advises that the Parliament of Georgia has today confirmed the appointments of its new cabinet ministers, following the resignation of the former Prime Minister and his cabinet on June 13th, 2018.
Mike Struthers, Chief Executive Officer, said
"These new appointments are great news for the Company as they are the first milestone that we have been waiting for in the remaining steps towards extending our exploration permits.
"As we explained in our recent announcement (on 5th July 2018) although the previous Minister of Economy endorsed our application just before the former Prime Minister resigned, it is necessary for the new Minister to also endorse the application before the Government Resolution can be circulated and approved.
"Although it is difficult to be precise as to when the overall process will be completed, this is an important step forwards. We continue to remain optimistic this will be resolved soon and allow us to push ahead with our 2018 work programme."
Some of the key ministerial appointments include:
· Minister of Economy - Giorgi Kobulia;
· Minister of Finance - Ivane Machavariani;
· Minister of Environment Protection and Agriculture - Levan Davitashvili;
· Regional Development and Infrastructure Minister- Maia Tskitishvili;
Further information is available in the following links:
http://georgiatoday.ge/news/11295/Georgian-Parliament-Approves-Reshuffled-Cabinet
http://gov.ge/index.php?lang_id=ENG&sec_id=497&info_id=66993
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information please visit www.georgianmining.com or contact:
Mike Struthers | Georgian Mining Corporation | Company | Tel: 020 7907 9327 |
Ewan Leggat | S. P. Angel Corporate Finance LLP | Nomad & Broker | Tel: 020 3470 0470 |
Soltan Tagiev | S. P. Angel Corporate Finance LLP | Nomad & Broker | Tel: 020 3470 0470 |
Damon Heath | Shard Capital Partners LLP | Joint Broker | Tel: 020 7186 9950 |
Camilla Horsfall | Blytheweigh | PR | Tel: 020 7138 3224 |
Simon Woods | Blytheweigh | PR | Tel: 020 7138 3204 |
About Georgian Mining Corporation
Georgian Mining Corporation has 50% ownership and operational control of the Bolnisi Copper and Gold Project in Georgia, situated on the prolific Tethyan Belt, a well-known geological region and host to many high-grade copper-gold deposits and producing mines. The Bolnisi licence covers an area of over 860 sq km and has a 30-year mining licence with a variety of targets and projects ranging from greenfield exploration / target definition phase through intermediate target-testing phases to more advanced projects including Kvemo Bolnisi East which will advance to Feasibility Study in 2018. These projects are proximal to several advanced projects and existing mining operations owned by the Company's joint venture partner, and their sister production company. Georgia has an established mining code and is a jurisdiction open to direct foreign investment.