Zod and Meghradzor Gold Ore Development Not Yet Approved

YEREVAN (Noyan Tapan)–Feasibility study on development of Zod and Meghradzor gold ore deposits in Armenia has not yet been approved–said Deputy Director General of the Ararat Goldmining Company Vardan Vardanian.

He denied reports by Info-Prod Research stating that the European Bank for Reconstruction and Development had approved a program of development of Zod and Meghradzor gold ore deposits. He said that the feasibility study was submitted to several organizations–including EBRD–for consideration. However–so far none of these organizations have approved the program.

The reports by Info-Prod Research state that the Canadian co-founder of the Ararat Goldmining Company–First Dynasty Mines–is currently holding talks with EBRD on allocation of an investment credit. Info-Prod Research also specified the size of the loan and interest rate to be paid. Vardanian said that he did not have such information. According to him–the talks can begin only after the program is approved.

Vardanian also said that he had never met with an Info-Prod Research representative–even though the information spread by Info-Prod Research quotes Vardanian as a source of information.

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