25 May 2012

Orogen progressing well

05/12/2011 Miles Nolan

Serbia based explorer Orogen Gold (ORE) has issued a positive operational update, stating it is well on track with progress at its Deli Jovan project.

In October, the AIM listed firm started underground mapping and sampling at both former mines: Gindusa and Rusman. Helped by old maps, it started with Rusman, here Orogen has gone down two levels, with plans to further its efforts as it goes deeper.

The Gindusa mine had less by way of historic data, other than old notes, but is looking like the more promising prospect, with evidence of pyrite-mineralised quartz veining. This backs up reports that the site was an active gold producer in the past - albeit dating back to the 1890's to 1930's period.

Results of the mapping and sampling programme at both sites will be available in the first quarter of 2012, perhaps February. At this point Orogen will define its diamond drilling programme in detail, but expects to kick off its campaign in April with drill efforts which will go down 7,500 metres.

Speaking to Growth Company Investor, chief executive Ed Slowey said 'though we have been going a bit into the unknown, the early indications are positive.' Last month Orogen raised £1.16 million at 0.5p a share, to help further its exploration efforts in Serbia. Depending on expenditure it should be able to push its ownership up to 55 per cent, rising to 75 per cent thereafter.

Orogen is also on the lookout for additional projects where it can add its expertise. A couple of gold related concerns are being explored, but there is nothing to add at this stage. The shares are well traded, with a great deal of attention paid on the bulletin boards. At 0.53p they are an interesting speculation.

Tags: AIM market, Ed Slowey, Gold explorer, Penny share, Serbia

Sector: Mining

Companies: Orogen Gold

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