RNS Number : 1142A
Orogen Gold PLC
27 March 2012
(“Orogen” or the “Company”)
Final Results for the Year Ended 31 December 2011
Orogen Gold Plc (AIM:ORE), the AIM listed mineral exploration company focussed on Gold exploration and development in eastern Europe, announces its final results for the year ended 31 December 2011 .
- Change of focus to new European gold exploration company
- Orogen Gold Limited acquired
- AIM re-admission, new ticker “ORE.L”
- Highly experienced Board built- with fusion of expertise in Geology and Financial Services
- Historic Deli Jovan mine workings fully accessed on all former operating levels
- 2km of mine shafts and drives cleared at Rusman and Gindusa over 7 months
- Underground mapping and sampling programme complete
- Underground channel and grab sample assay results due towards end April 2012 which will guide drilling programme
- Diamond drilling programme scheduled for early Q2 2012
- New prospective gold targets discovered from soil sampling programme
- Follow up work to commence in Q2 2012 alongside drilling programme
- Cash at 31 December 2011 was £2,004,000
- £549,000 spent on Deli Jovan with further expenditure of £397,000 required to achieve 55% earn-in to Deli Jovan Project
Chief Executive of Orogen Gold Plc, Ed Slowey, commented:
“I am very pleased with what we have achieved in 2011, from a standing start. Deli Jovan was a very interesting prospect to us, but one we knew would require significant input prior to the commencement of drilling. I am delighted that the work involved in clearing and dewatering the shafts at Rusman and Gindusa has run to schedule and is now complete.
“It is pleasing that we have been able to complete both soil sampling and underground sampling/structural mapping programmes at the site within less than a year. We now await the results of the underground sampling which will guide our drilling operation. We will simultaneously be following up on our soil sampling programme, where we will further investigate the anomalies previously highlighted through a surface trenching programme.
“The foundations are in place to make 2012 another year of significant progress for Orogen. We look forward to updating shareholders with operational developments as work progresses.”
Orogen Gold Plc
Ed Slowey, CEO
Alan Mooney, FD
+353 1662 8395
Zeus Capital Limited
Nominated Adviser and Joint Broker
Ross Andrews/Tom Rowley
+44 (0)161 831 1512
XCAP Securities Plc
+44 (0) 207 101 7070
Guy McDougall/Josh Royston/ Terry Garrett
+44 (0) 207 653 9842
Notes to Editors
CEO Ed Slowey, PGeo, EuroGeol is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.
The Deli Jovan gold project is in eastern Serbia, the site comprising two shallow underground gold mines at Rusman and Gindusa, about 6 kilometres apart along a major shear zone, that were last in production over seventy years ago.
To view the full press release, click here.
To download the Annual Report, click here.