The Asia Miner

JUN 2018

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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Page 29 of 51

Georgia the asia miner • volume 15 • issue 2 28 AROUND THE REGION: Georgia Georgian Mining CorporaƟon has agreed to a 2018 Work Programme with its partner Caucasian Mining Group (CMG) to proceed with the development of the Kvemo Bolnisi gold-copper project and to perform further regional exploraƟon at the 860km 2 licence located on the Tethyan Belt in Georgia. In line with this, Georgian Mining's 50% owned subsidiary, Georgian Copper & Gold JSC (GCG), has entered into a Memorandum of Understanding (MoU) with RMG Gold LLC, (RMG), CMG's sister producƟon company, relaƟng to the mining and processing of ore from the Kvemo Bolnisi East target. The Agreement required GEO to contribute US$6 million towards the operaƟng costs of GCG in return for its 50% stake while CMG transferred the licence into the JV in return for its 50% holding. Following compleƟon of the iniƟal two year work programme, GEO and CMG will now fund the development of GCG on a 50/50 basis. While the negoƟaƟons in relaƟon to the various agreements have been underway, GCG has focussed on expanding its knowledge of the extended licence area with a comprehensive soil sampling programme as well as metallurgical tesƟng and desktop work on the JORC resource at KBE. Following the successful compleƟon of the iniƟal two-year work programme and the saƟsfacƟon of the commitment of US$6 million, and in light of the progress made at Kvemo Bolnisi, CMG and GEO have now put in place a 2018 Work Programme and Budget. The focus will conƟnue to be on the further Georgian Mining Corp reaches agreement on Kvemo Bolnisi project development of KBE GZ2 gold oxides, iniƟally with an in-fill drilling programme for resource definiƟon and, in parallel, further testwork and environmental and feasibility studies to achieve the target of a starter mining operaƟon at GZ2. The Work Programme also includes further tesƟng and expansion of the JORC compliant copper-gold resources beneath the oxides at GZ2 and Copper Zone 1 ('CZ1'), which contribute significant value to the future operaƟon. Georgian Mining CorporaƟon Managing Director, Greg Kuenzel commented that the development of the gold oxides and expansion of the copper-gold sulphides at KBE are a core focus. "IniƟal producƟon from the gold oxides will serve as a starter operaƟon and pave the way for the subsequent exploitaƟon of the primary copper-gold sulphide ores at KBE. We also firmly believe that KB and the licence area as a whole have excellent potenƟal for a major discovery of large-scale epithermal gold-copper mineralisaƟon, and this is the focus of our wider exploraƟon programme. "With an agreed path towards development of the KBE operaƟon, a strengthened relaƟonship with our partner and further regional exploraƟon planned across the Licence, 2018 promises to be a pivotal year as we look to build a porƞolio of significant copper-gold assets in the prolific Tethyan Belt, and in the process generate value for our shareholders." A Focused View of the Asia-Pacific's New Mining and Resource Projects WWW.ASIAMINER.COM For information about events and combo buys including sponsorships, print, and electronic promotion, contact Lanita Idrus at or call +61 3 9006 1742. Through the magazine, newsletter and social media posts, The ASIA Miner provides comprehensive cover- age of important developments and issues relating to the mining industry in the Asia-Pacific. As the industry's most visible, most read and most passed along magazine focused on the Asia-Pacific region, The ASIA Miner has performed a vital role in guiding and supporting mining stakeholders in the region. In its 15th year, The ASIA Miner continues to pro- vide readers with concise, up-to-date project, product and technical information.

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