25 May 2012

Orogen ready to mine

23/05/2011 Miles Nolan

AIM listed Orogen Gold (ORE), formerly known as Medavinci, has secured a landowner agreement to help facilitate the planned work at its project in Serbia.

Orogen has already secured permission from the Serbian Licensing Authority to open up the original shafts at its Deli Jovan project. Of the two shallow underground mines, Orogen has received landowner confirmation to enter the mine at the Rusman project, and has also acquired 39 acres of land over the Gindusa mine area.

Work is due to commence later this month having secured the services of an experienced underground mining refurbishment contractor. Orogen is uncertain of the condition of the shafts, but previous drawings reported high grade gold veins. Given the scope of the project it could lead to a significant mining project in Serbia.

A further plus point is the infrastructure that is in place. Orogen has good transport links with decent road access, and doesn't need to install electricity into the site. The heavily traded shares are up 4.8 per cent to 0.87p today, and offer speculative appeal.

Tags: AIM market, Deli-Jovan, Penny shares, Serbia, Serbian Licensing Authority

Sector: Mining

Companies: Orogen Gold

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