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Global Gold Is Doing Studies So Far

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  • Global Gold Is Doing Studies So Far

    GLOBAL GOLD IS DOING STUDIES SO FAR

    AZG Armenian Daily
    27/06/2006

    The American Global Gold Mining Company invested about $5,5 million
    in the mining industry of Armenia in 2006, Ashot Poghosian, regional
    director of the company, said at a recent press conference.

    He said that $1,5 were spent on purchasing 51% of "Mego Gold" Armenian
    Company, which had the right of exploitation of the Tukhmanuk Gold
    mining field and built a concentrating plant near the filed. The
    company spent $2 million to purchase the mining equipment. Besides,
    $0,5 million was directed to exploration works in that field. Poghosian
    stated that they have already completed the preparation works and the
    gold field will be exploited by late 2006. The operation expenses of
    the company amounted to $1,5 million. Poghosian said that till now
    the Global Gold Mining hasn't begun exploitation of the gold fields
    in Armenia being engaged in exploration works in the Hankavan Copper
    Molybdenum field, Kotayk region, in Terterasar and Litchkvaz-Teyskyan
    Gold field, Syunik region. Soon, the company will begin exploration
    of the Marjan field and the area near the Getik river.

    Poghosian added that by end 2006, the company is going to make about
    $9 million investment. Particularly, additional $2,2 millions will be
    allocated for exploration of the Tukhmanuk gold filed, $0,5 million
    will be spent on exploration works in Hankavan.

    Poghosian said that the Global Gold Corporation (GGC) is a holding
    and its shares are in free circulation in the US stock exchange. The
    market price of the company's capital makes $30 million. The GGC
    branch was registered in Armenia in early 2004.
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