Source: Novosti | Wednesday, 11.07.2012.| 12:14
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Canadian Avala resources to pour 500 million dollars in opening of two mines at Crni vrh

In the next three years, Canadian company, Avala resources, will invest more than half a billion dollars in the opening of two open pit mines of gold at Crni vrh mountain, between Bor and Zagubica.

Justin vander Toorn, the leading Exploration Manager in the Canadian company, confirmed exclusively for Novosti.

- According to previous researches, at the locality Bigar at Crni vrh, 38 million tons of gold ore has been found, out of which 48 tons of this precious metal – Toorn stressed out.

- We have also finished researches at another place at Crni vrh,Krokan, and got even better results than the ones at Bigar.

According to an interlocutor of Novosti, geological exploration preliminary results on the third locality at Crni vrh, Kraku Pester, will be familiar very soon. Therefore, as Avala resources expect, in the next two or three months, the golden mosaic at Crni vrh will be finalized and available to public.

- We have all the reasons to believe that these three locations are hiding reserves of at least four million ounces of gold, i.e. 130 tons of this precious metal –Vander Toorn said.

- Therefore, if all upcoming studies prove exploitation economic stability, investing at least 500 million dollars, we are planning to open two open-pit mines at Crni vrh and additional mining and metallurgy facilities employing more hundreds of people.

The main Exploration Manager in Avala resources says that the gold deposit at Crni vrh are among the riches in Europe, but he points out resources with 10 million ounces potential of this precious metal, which arevery rare, make the highest class of gold deposit.

- If a gold mine opens, Serbia will also benefit from it since it is entitled to five percent of royalty fees (fee for mineral raw materials consumption) out of total gold production – Van der Toorn said.

- Apart from that, your country is entitled to additional 10% profit from various fees. Then, couple of hundreds of people will have safe andwell-paid job. But, the most important thing may be that the opening of gold mine contributes to development of other fields. This way, one miner indirectly generates a couple of vacancies more in the surroundings. We expect to completely refund the investment of half a billion dollars in two to three years, the moment we open the mine. Everything else is profit management.

DPM Avala doo Beograd
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