KYIV. Sept 5 (Interfax-Ukraine) – U.S. Avellana Gold has acquired a number of companies holding licenses for production and exploration of polymetallic ores in western Ukraine and is negotiating the practical implementation of a project for extraction of metals, the State Service of Geology and Natural Resources has said.
“Today we are fully aware of the geological and operational risks of the project, the high demands of local communities as for environmental friendliness, as well as the actual inability to attract long-term debt capital to the country with a pre-default rating,” Avellana Gold head and shareholder Brian C Savage said.
According to a press release, the service management has recently held a formal meeting with the company representatives in order to discuss the basic conditions of cooperation and obtaining guarantees of its long-term period.
Savage said Avellana Gold would like to receive a signal from the government that the country really needs a big project for extraction and enrichment of polymetallic ores and guarantees of stability of license conditions and regulatory rules in the sphere of subsoil use.
