Georgian Mining Corporation (LON:GEO) has today announced that the award of the pending exploration permit has taken a major step forwards with the endorsement of the application by Mr. George Kobulia, the Minister of Economy and Sustainable Development in Georgia. The final step, the Government Resolution, has now been submitted by the Mining Agency.
Mike Struthers, Georgian Mining Corp Chief Executive Officer said:
“Following my meeting with Mr. Kobulia on Friday 21st September, he has held further internal meetings and I’m very pleased to report that the Minister has now endorsed our application. This allows the Mining Agency to finalise the Government Resolution, which was done and submitted on Monday 8th October. This Resolution goes to other ministries such as Finance and Environment and takes only a few weeks to complete.
“It’s been a longer process than anticipated, for reasons I’ve explained previously. I’m grateful to our employees for their diligence during this period and to our shareholders for their patience. Our team in Georgia are poised to re-start physical fieldwork, and I’m confident once the drilling starts we’ll be generating interesting results very soon.”
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 concession 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 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 foreign direct investment.
