US Gold Venture Shares in Armenia Sold to Canada

YEREVAN (Azg)–Global Gold company of the US sold its share in the Global Gold Armenia joint venture to the Canadian First Dynasty Mines.

According to US Ambassador Peter Tomsen–this Canadian company will continue operations on implementation of corresponding activities in Armenia.

The American side was going to implement a new technology of gold processing from the wastes of the gold mines. Currently existing technologies would allow to extract up to 50 percent of gold contained in the wastes. As a result–70 percent clean gold is produced.

Hence–another plant will be built in Armenia–consuming four types of raw materials (mentioned 70 percent gold–wastes of the jewelry plant–wastes of the copper melting plants–and wastes of the electronic industry–to produce a high quality 99.99 carat gold.)

One third of the final production will belong to Armenia–two thirds-to the US side. It is expected to extract 7,000 ounces of gold by the end of 1997–24 thousand ounces in 1998.


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