23 May 2011 07:00
23 May 2011
Orogen Gold Plc
("Orogen" or "the Company")
Exploration Update
Orogen Gold Plc (AIM:ORE) the AIM listed mineral exploration company, focussed on gold exploration and development in Eastern Europe, announces the advancement of its plan to reopen access to the Deli Jovan gold mines in eastern Serbia. Deli Jovan comprises two shallow underground gold mines at Rusman and Gindusa, about 6 kilometres apart along a major shear zone, that were last in production over seventy years ago.
As previously reported, permission has been granted by the Serbian Licensing Authority to open up the original shafts into the Deli Jovan mine. The Company is now pleased to announce that a landowner agreement has been completed to facilitate the planned work at the Rusman mine area; this will allow the Company begin work there. Furthermore, the Company is pleased to announce that it has purchased 39 acres of land over the Gindusa mine area. This has secured access to the site, in readiness for work to begin.
An experienced Serbian underground mining refurbishment contractor has been appointed and their preparation work will begin immediately, with work at the site to commence before the end of May 2011.
Historical drawings show mine shafts that descend approximately 100 metres, with galleries every 30 metres or so, following high grade gold veins. At this stage the condition of the shafts and galleries is unknown. Once access to the underground workings is completed, the Company plans to carry out detailed re-mapping and re-sampling to feed into a preliminary assessment of the resource potential.
Ed Slowey, CEO, commented:
"This news represents real momentum towards our company's goals. The successful accessing of these historic mines will be a significant step forward in our programme. We now have access to what we believe are prized assets with great potential .We look forward to reporting back as the work programme progresses".
23 May 2011
Enquiries
Orogen Gold Plc Ed Slowey, CEO Alan Mooney, FD |
+353 1662 8395
|
Zeus Capital Limited Nominated Adviser and Joint Broker Ross Andrews/Tom Rowley |
+44 (0)161 831 1512 |
XCAP Securities Plc Joint Broker John Grant/Karen Kelly
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+44 (0) 207 101 7070 |
Hansard Communications Financial PR Nicholas Nelson/Guy McDougall
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+44 (0) 207 245 1100 |