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ARMENIA : 49% OF GOLD ORE PROJECT ACQUIRED BY LLC SBERBANK CAPITAL
Equities.com
http://www.equities.com/news/headline-story?dt=2012-07-16&val=276003&cat=material
July 17 2012
Allwyn92 Al Bawaba Ltd.
Sberbank of Russia s subsidiary LLC Sberbank Capital announced that
it has acquired 49% of shares in Armenia CJSC Paramount Gold Mining,
which owns the license to construct the the Lusadzhur gold ore deposit
in Armenia Kotayk Province.
Paramount Gold Mining added that the industrial operations at the
deposit will begin by the end of this year. A 51% controlling stake
is held by the Armenian businessman Mr Tigran Arzakantsyan.
A beneficiation plant has already been established at the deposit
which is capable of producing 150,000 tonnes of ore a year.
"Sberbank Capital has come to Armenia for the first time as a major
investment partner, whose participation is a guarantee of the joint
project's success. Our cooperation has broad prospects, since the
Russian investor is interested in developing other ore deposits in
Armenia as well," added Arzakantsyan
Equities.com
http://www.equities.com/news/headline-story?dt=2012-07-16&val=276003&cat=material
July 17 2012
Allwyn92 Al Bawaba Ltd.
Sberbank of Russia s subsidiary LLC Sberbank Capital announced that
it has acquired 49% of shares in Armenia CJSC Paramount Gold Mining,
which owns the license to construct the the Lusadzhur gold ore deposit
in Armenia Kotayk Province.
Paramount Gold Mining added that the industrial operations at the
deposit will begin by the end of this year. A 51% controlling stake
is held by the Armenian businessman Mr Tigran Arzakantsyan.
A beneficiation plant has already been established at the deposit
which is capable of producing 150,000 tonnes of ore a year.
"Sberbank Capital has come to Armenia for the first time as a major
investment partner, whose participation is a guarantee of the joint
project's success. Our cooperation has broad prospects, since the
Russian investor is interested in developing other ore deposits in
Armenia as well," added Arzakantsyan