Mon, May 21 2012

CANADIAN COMPANIES INTERESTED IN GOLD EXTRACTION IN BULGARIA

Mon, Mar 06 2006 09:00 CET

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Two Canadian companies will invest in gold deposit research and extraction in regions near Bulgaria's Trun village.

EurOmax Resources already has a permit for research in the region, Capital newspaper reported. The company's activities will receive sponsorship from another Canadian company, Teck Cominco Ltd. Teck Cominco will invest 700 000 Canadian dollars in the process.

According to the agreement after the first year EurOmax Resources might give Teck Cominco the right to research in 55 per cent of the terrain. For the aim Teck Cominco needs to pay additional three million Canadian dollars.

EurOmax Resources data shows the Trun region holds significant gold and silver deposits. The region is located in a well-known gold extraction area, where gold was extracted in the first half of the 20th century.

If the Canadians apply and win a gold-extraction concession for the region, they will have to pay the state concession taxes.

EurOmax Resources is active on the Bulgarian market for several years already. It has a permit for research in one more region apart from Trun but due to the protests of residents of Popintsi village the company is not active there.

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