28th Oct 2013 09:06
LONDON (Alliance News) - Kolar Gold Ltd Monday said that partner Geomysore Services India Private Ltd has been granted a mining lease for its Jonnagiri Greenstone gold project by authorities in India, and will mobilise drilling rigs to undertake more exploratory drilling.
Kolar Gold has a 30% stake in Geomysore Services India and all its gold projects.
"This is a rare event in a complex and bureaucratic licence regime and therefore a major step forward for the companies," Kolar Gold Chief Executive Nick Spencer said in a statement. "We now look forward to working closely together to develop the project with the intention of building one of India's first private gold mines and realising its significant resource potential."
Kolar Gold shares were up 26% at 4.72 pence early Monday, one of the biggest gainers on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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