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Gold/Mining/Energy : A to Z Junior Mining Research Site -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (711)	7/19/2002 1:07:36 PM
From: GeoDude	Read Replies (1) \| Respond to of 5423

OK I will nibble on YQR a little. The worm looks too good not to take a small bite. Lets hope I havent been hooked by an experienced fisherman ... LIA

To: russwinter who wrote (711)	7/19/2002 2:58:23 PM
From: que seria	Read Replies (4) \| Respond to of 5423

YQR looks inviting but I still remember the country risk I experienced in Russia with PAA, when it turned out to own the mining claim but not the structures above it! I blamed Pan American for that blunder, sold, and never looked back. Looks like the disclosed country risk in Kyrgyz Republic is more typical, per the recent press release: The Jerooy project is held by Talas Gold Mining Company ("Talas Gold") which is 66.67% owned by Norox Mining Company Limited and 33.33% owned by Kyrgyzaltyn, the Kyrgyz State owned mining company. Norox is currently owned 96% by Oxus and 4% by Conquest. The government of the Kyrgyz Republic granted Talas Gold the exclusive rights to develop the Jerooy gold deposit pursuant to a Joint Venture Agreement between Norox and Kyrgyzaltyn dated September 9, 1998 and as amended May 15, 1999 and December 16, 1999. A mining licence was issued to Talas Gold by the Kyrgyz Agency for Geology and Mineral Resources on March 6, 2000 following the completion of an earlier feasibility report and based on certain tax privileges for the Jerooy project. These tax privileges have not been forthcoming and the development of the project therefore did not commence, due to the historically low gold price. As announced previously as part of its evaluation of the Jerooy project, Conquest had planned to negotiate with the Kyrgyz government a foreign investment agreement which would involve either anamendment to the terms of the mining licence or the issue of a new licence, following completion of the revised feasibility study. Conquest has now been advised by Oxus, that the Kyrgyz Agency for Geology and Mineral Resources has published notification of the annulment of the March 6, 2000 mining licence previously issued in respect of the Jerooy gold deposit, apparently because the development of the property had not commenced within two years of the issuance of the licence. Norox is in negotiation with Kyrgyzaltyn and the Kyrgyz Government with a view to obtaining a new licence based on the current agreed work programme and the new feasibility study for Jerooy. News of the annulment of the March 6, 2000 licence was published by the Interfax News Service on July 5, 2002. Conquest has been informed that Norox regards the annulment as invalid on the basis that the licence agreement provided for the completion of a feasibility study based on certain tax privileges for the Jerooy project which were not forthcoming. The Joint Venture Agreement with Kyrgyzaltyn remains in full force and effect and is unaffected by the termination of the mining licence. The Wardell Armstrong Audited Mining and Development Report was presented to Kyrgyzaltyn and the Kyrgyz government on June 30, 2002. Norox is currently working to complete the definitive feasibility study, based on the existing Kyrgyz tax regime, by September 30, 2002, in accordance with a work programme agreed with Kyrgyzaltyn at a general meeting of shareholders of Talas Gold held on May 26, 2002. ________________ BTW, thanks 4figureau, and other contributors, for a very useful thread! Wish I knew more and could add to the mix.