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Gold/Mining/Energy : TVX Gold -- Ignore unavailable to you. Want to Upgrade?

To: Davy Crockett who wrote (884)	3/1/2002 10:32:37 AM
From: Al Collard	Read Replies (1) \| Respond to of 905

TVX Gold's Olympias project permit denied Fri 1 Mar 2002 News Release Mr. Sean Harvey reports TVX GOLD INC. -- OLYMPIAS PROJECT PERMIT DENIED The Conseil d'Etat, by a 20-to-7 decision, has ruled that the permits issued by the Greek government to TVX Hellas, with respect to the Olympias project, are not legal and are annulled. "We are very disappointed with the decision from the Conseil d'Etat," said Sean Harvey, president and chief executive officer of TVX. "We have more than fulfilled our contractual obligations under the acquisition agreement and have spent in excess of $250-million (U.S.) in Greece with the understanding that, as specified in the ratified acquisition agreement, we would be given valid permits to enable us to develop a gold recovery plant at the Olympias site." In December, 1995, TVX signed the acquisition agreement with the Greek government finalizing the purchase of the Kassandra mine assets, which included the Olympias mine and mill facilities, the Stratoni mill and associated mines, and the Skouries deposit. The terms of the acquisition agreement were ratified by the Greek parliament into law and specified, among other things, that the Greek government would issue the required permits to TVX Hellas for the development of a gold recovery plant at the Olympias site. Given the nature of the ruling, effectively blocking the development of the gold plant at Olympias, and taking into consideration the significant expenditures made to date in progressing the development of the project, TVX will be reviewing all of its options, including possible legal remedies. TVX's Stratoni base metal operation and the Skouries development project are unaffected by the Olympias decision.