Irish mineral exploration company Navan Mining said today it has been holding preliminary discussions with a number of mining companies interested in its Krumovgrad gold project in southern Bulgaria.
No decisions have been made as to which option should be pursued although bringing in a strategic partner is one of them, it said.
It also said it retained the corporate finance firm Cutfield Freeman & Co Ltd to assist it in evaluating its strategic opportunities, including those related to Krumovgrad.
Navan has defined six mineralised zones in the Krumovgrad region. One of them, Ada Tepe, has an inferred resource of 3.1 million ounces of gold. The total resource within Krumovgrad is not yet defined and an extensive drilling and evaluation campaign is continuing.
Navan recently raised £22.8 million in a placing and open offer that is being used to complete exploration and evaluation of Krumovgrad and to reduce debt
AFP