Friday, 22 November

Encouraged by Success at Armenia's Amulsar Mine, British Company Wants to Expand Operations at Mutsk

British-based Orogen PLC says its wants to expand operations at the Mutsk gold mine in Armenia’s Syunik Province

Orogen Managing Director Colin Bird says the company’s renewed interest in Mutsk is based on the successful project at Armenia’s Amulsar mine.

 Orogen says it has invested US$2.5 million in exploratory work and thus has taken 80% control of the Armenia-based GeoRoyal CJSC.

The transaction is based on a prior agreement with GeoRoyal, which owns the exploratory license for Mutsk.

GeoRoyal was registered in Armenia in 2009. Given that it’s a closed stock company, information as to the shareholders isn’t publicly available.

Hovsep Hovasapyan, a citizen of Russia, served as GeoRoyal’s director until 2016, being replaced by Armen Safaryan, an Armenian citizen.

Orogen has no mine operating experience. Then company’s 2016 interim report says Mutsk will be its biggest business project to date. Orogen signed a contract to search for gold and silver in the U.S. state of Nevada.

The Mutsk mine is located 3.5 kilometers from the village of the same name in Syunik.

GeoRoyal has submitted a preliminary evaluation of the work to be carried out and the environmental impact with Armenia’s Ministry of Nature Protection.

The second public hearing on the mine is scheduled for May 12 in Mutsk.

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