25 May 2012

Medavinci gets the green light

18/01/2011 Miles Nolan

Leading mining consultant SRK has provided a welcome boost to MedaVinci (MVC) with news that it should be able to establish a commercial mining operation in Serbia. MedaVinci has employed SRK to undertake a review of its core Deli Jovan asset in Serbia with the intention to re-open two historic mines dating back to the early 1900's.

SRK believes a small scall operation can be established using handheld pneumatic drilling equipment, the main constraints being the unknown processing recovery. The area is believed to have historically mined in the region of 600,000 ounces of gold so MedaVinci feels comfortable with its estimates of producing 30,000 ounces a year. A plan to re-open the mines was sent to the Serbian Ministry of Mining and Energy last month so once approval is received a local contractor will be signed up to undertake detailed mapping and sampling of the old mines.

Estimates suggest a production cost of $500 an ounce with the smelting price in the region of $1050 an ounce - on production of 30,000 ounces this would produce revenues of approximately $15m with very little cost of sale attached. Following a recent fundraising AIM quoted MedaVinci has sufficient funding to take it through a planned 42 month work out of the old mines. Further news flow is expected including the hoped for sale of two fitness clubs in Hungary that remain a legacy dating back to old management. The shares have rallied 16% this morning to 1.42p and offer speculative appeal.

Tags: AIM market, Gold explorer, Serbia

Sector: Mining

Companies: Orogen Gold

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