Orogen Gold Plc
(‘Orogen’ or ‘the Company’)
Orogen Gold Plc (AIM:ORE) the AIM listed mineral exploration company, focussed on gold exploration and development in eastern Europe, gives an operational update on its Deli Jovan project in Eastern Serbia.
The Company is pleased to report that in October it began its programme of underground mapping and sampling at both the former Gindusa and Rusman mines.
The work of accessing the historic Deli Jovan mines has progressed well. When Orogen embarked on this project, very little was known about the mines which had been sealed off for over 70 years and the Board could not be sure of what obstacles would be encountered.
The Company is pleased to report that it has gained access to the upper levels at both mines and following further de-watering and recovery work the team should be able to gain access to the lowest levels. In the meantime the mapping programme is close to completion in the upper levels at Rusman and this work will continue for the next few weeks at both mines. The mapping programme will be supplemented by an underground sampling programme that will help identify targets for a drilling programme that the Company is planning for 2012. Initial indications are that the Gindusa mine represents the more productive of the two former mines, with evidence of pyrite-mineralised quartz veining and open stoping both in the lateral and vertical dimensions. This substantiates the historic reports that Gindusa was a significant gold producer in the past and also supports the potential to uncover new gold zones to the south and west as indicated by the recent soil sampling results.
Results of the mapping and sampling programme should be available for release in Q1 of 2012 at which time Orogen expects to be in a position to define the drilling programme in detail. In the meantime the Company has already reserved a diamond drilling rig in readiness for the commencement of the drilling programme which is scheduled for start-up in April 2012.
The Company would like to draw shareholders’ attention to the updated presentation on the Company website www.orogengold.com. The presentation contains additional information on the recent results of the soil sampling programme along with a timeline of future planned activity, amongst other information.
Chief Executive of Orogen Gold Plc, Ed Slowey, commented from the Deli Jovan project in Serbia:
“We knew it could be a challenging task regaining access to historic mines that hadn’t been disturbed for over 70 years; the extent of the work involved would only become apparent once we began. It is therefore pleasing to be progressing towards access of all working levels in the two mines. Mapping and sampling of these underground workings is an integral part of our programme in understanding the anatomy of this gold mineralising system. The information we gain from this work will be invaluable as it will guide the first diamond drilling programme in the Spring of 2012 to test the strike and depth continuity of these gold lodes.”
“The health and safety aspect of our work is of paramount importance to us and we are being very careful to proceed only when we have the necessary permits in place.”
“The placing announced on 28 November 2011 puts Orogen on a strong footing at this critical stage in our development. The Company is now fully funded through to the end of Phase 1 of our exploration programme, encompassing the first planned 7,500 metres diamond drilling campaign, and is also able to progress through a substantial part of Phase 2.”
“We look forward to updating shareholders further as we progress the exploration programme and move towards drill testing at the Deli Jovan gold field in the coming year.”
|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
John Grant/Karen Kelly
+44 (0) 207 101 7070
Guy McDougall/Nicholas Nelson
+44 (0) 207 245 1100