New gold fields are planned to be commissioned in ? 2007 in Azerbaijan

According to him, after commencing operation on drilling the gold fields in Ordubad region, in Piyazbashi, Shekerdere settlements, new gold mines are planned to establish. (Trend)

During this period, the drilling equipment will be brought to Nakhchevan Autonomous Republic (NAR), which will start operations in Ordubad and its suburbs.

He also noted, the design capacity of gold fields in Piyazbashi and Shekerdere will be 250,000 ounces a year. After taking special courses mostly the local personnel, geologists, engineers will be involved in the work. Totally, about 500-700 people will be employed.

For the moment the company’s specialists are preparing the Feasibility Study on 7 perspective fields. The initial investments at the first stage of operations for setting up gold mines are envisioned in the amount of $50 million. For commissioning the gold mines about $600 million will be required by the preliminary estimates.

The contract for exploration of 6 gold mines in the South-West of Azerbaijan - Kedabek, Ordubad, Gosha Bulag, Gyzil Bulag, Vejnali and Souytlu was signed in August 1997.  49% of the contract’s shares belong to RV Investment Services Grou? LLC, 51% - to the government of Azerbaijan, represented by the Ministry of Ecology and Natural Resources.