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Orogen Gold Shares Rise On Armenia Drilling Results

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  • Orogen Gold Shares Rise On Armenia Drilling Results

    OROGEN GOLD SHARES RISE ON ARMENIA DRILLING RESULTS

    IFA Magazine
    Aug 30 2013

    Posted on: 30 Aug 2013 by Georgia Manors

    Orogen Gold shares jumped after a positive surprise from drilling
    results at the Mutsk gold project in Armenia. The company signed
    a deal with Armenian company Georaid in January that gave it the
    right to undertake a confirmatory exploration programme at the Mutsk
    project. Orogen Gold revealed today that the confirmatory drill
    holes had returned substantially higher gold grades than previously
    reported. It said the results confirmed the discovery of a new gold
    mineralising system of 'potential economic importance' at shallow
    depth. Chief Executive Ed Slowey said: 'While further work is needed
    to fully understand the controls on mineralisation, we are particularly
    encouraged by the high grades and widths encountered in several of the
    holes and the apparently large strike extent of the system.' Orogen
    has told its Armenian partners that it will now proceed to phase two
    of the programme under which it has the option to earn an 80% interest
    in the Mutsk project by spending a total of $2.5m on exploration by the
    end of August 2016. Shares in Orogen were up 9.09% to 0.48p at 15:15.

    http://www.ifamagazine.com/news/orogen-gold-shares-rise-on-armenia-drilling-results-281995

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