28 October 2016
Orogen Gold plc
(“Orogen” or the “Company”)
Mutsk gold project update
Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration company, is pleased to announce that it has now received its shares in Georaid CJSC (“Georaid”) following successful completion of the USD 2.5 million earn-in as announced on 31 August 2016.
Orogen now has an 80% interest in Georaid, which holds the exploration licence covering the Mutsk gold project in southern Armenia.
As announced on 18 October 2016, Orogen has commenced step-out drilling at the Mutsk property to help define the scale of the gold envelope. Work is progressing satisfactorily and the Company looks forward to reporting the results of this work to shareholders in the coming weeks.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
|Orogen Gold plc
Colin Bird, CEO
|Cairn Financial Advisers LLP (Nominated Adviser)
Liam Murray / Sandy Jamieson
|+44 (0) 20 7213 0880|
|Beaufort Securities Limited (Broker)
|+44 (0) 20 7382 8300|
|Walbrook (Public Relations and Investor Relations)
Paul Cornelius / Gary Middleton
|+44 (0) 20 7933 8780|
About the Mutsk Project
The Mutsk Project is located in southern Armenia at about 2,000m elevation and is three and a half hours’ drive from the capital Yerevan. The site is accessible most of the year other than during the core winter months. Maps showing the location and details of the project are available on the Company’s website.
Limited historic exploration had been carried out until drilling by Georaid in 2011 and subsequent follow-up by Orogen, which intersected low sulphidation epithermal-type pyrite-gold mineralisation in altered and brecciated tuffs, similar in age and gold grade to those that host the Lydian International high sulphidation Amulsar gold deposit (4.1 million ounces in Measured, Indicated and Inferred Resources at an average grade of 1g/t Au) located 30km to the northwest, also in Armenia. Lydian has secured the financing for the project and has recently commenced construction at site.