🕐15.04.10 - 10:36 Uhr
PNG RNS 150410 Update on Operations
15th April 2010
Update on Operations
* Foreign investment approval obtained in Iran.
This guarantees
profit repatriation
* Discovery Certificate applications on our two Iranian projects
are being reviewed
* Memoranda of Understanding agreed to explore Bolivian
gold/silver properties
* Negotiations at advanced stage on West African oil exploration
concession
The directors of Persian Gold (AIM:PNG), the Irish explorer, are pleased
to provide an update on operations.
Iran
In Iran, Persian Gold has received approval under the Foreign Investment
Protection legislation for over $1.5 million of investment made in the
years 2005 - 2007.
This is a state guarantee on freedom to repatriate
profits.
The balance of investment is being examined by the commission
and we expect approval when the necessary documents have been supplied.
Persian Gold has two outstanding applications for Discovery
Certificates; one on the Chah-e-Zard gold deposit in Central Iran and
the other on the Dalli copper/gold porphyry deposit near Isfahan.
Both
projects are optioned from local Iranian licence holders.
Chah-e-Zard
has an indicated resource of 160,000 ounces of gold and 1 million ounces
of silver contained in near surface oxide ore.
A conceptual study
completed by Persian Gold indicates a profitable vat leach operation.
Dalli has the possibility of becoming a small polymetallic producer.
These projects have been on hold for some time awaiting state approval
to proceed.
We are hopeful that progress will be made on one or both
projects in the coming weeks.
Bolivia
While awaiting approvals in Iran, the directors have looked at projects
elsewhere.
We targeted lithium in Bolivia, due to the vast reserves in
Lake Uyuni, the good prospects for lithium batteries and our long term
in-country expertise.
While awaiting development on our lithium
proposal, we have identified two polymetallic opportunities in the
Potosi region of southern Bolivia.
We signed Memoranda of Understanding
on both properties.
The agreements provide for Persian Gold to
undertake primary and secondary exploration.
Our Iranian geological
team are conducting the early investigations.
West Africa
For the past two years, Persian Gold directors have been negotiating an
oil exploration concession in West Africa, close to recent large
discoveries.
The concession has been awarded to a consortium in which
it is intended Persian Gold will hold a 30% interest.
Further details
will be announced when Persian Golds participation is finalised.
John Teeling, Chairman, commented:
"While we remain committed to the exploration potential in Iran, delays
in obtaining approvals forced us to look elsewhere.
We sought
opportunities in areas and minerals in which we have expertise.
During
the boom years, excellent opportunities were few, now there are many
attractive options.
I am delighted to report progress in Iran, where
the state has approved our Foreign Investor status, thus guaranteeing
profit repatriation.
I hope that this leads to rapid approval on one or
both of our Discovery Certificate applications.
Once we receive
approval, we will move to feasibility studies on each project.
Outside
of Iran progress is also being made.
We now have exploration ground in
Bolivia, with mineral opportunities similar to those in Iran.
Our
Iranian exploration team will conduct the early prospecting.
In West Africa, we are part of a consortium finalising an agreement on
an oil/gas exploration block".
Persian Gold PLC
John Teeling, Chairman
+353 (0) 1 833 2833
FinnCap
Matthew Robinson
+44 (0) 20 7600 1658
College Hill
Nick Elwes
+44 (0) 20 7457 2020
www.persiangoldplc.com
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