This is old news but a deal with the locals was cut back then so they now have a stake in the project and ROL may not suufer the traumas of other companies in the region....certainly some sovereign risk though, but for 330 tons of gold may be worth it..
From Central Asia Newswire Talas Copper Gold to resume drilling in March Drilling will resume in Talas in late March, company says
Wednesday, February 29, 2012 - Kyrgyz mining firm Talas Copper Gold on Wednesday said it will resume operations in late March, ending a months-long suspension of operations brought on by attacks and death threats against its workers.
"The company intends to resume in late March, drilling on the gold deposit Taldy-Bulak Talas” in northwest Kyrgyzstan,” the company said in a statement.
Talas will initially drill for gold to a depth of around 16,400 feet.
“With good results, the drilling depth will be increased by 32,800 feet,” Talas said, the KyrTAG news agency reported.
The breakthrough came with the signing on January 11 of a tri-lateral deal between the company, government, and local population – a first-ever agreement of its kind for Kyrgyzstan in which the residents become a partner in the project.
"A special commission from the local community now selects candidates for drilling in the field,” the company said, adding: “Currently, the mine has more than 100 jobs.”
Operations were halted in October 2011 after local villagers wielding sticks and Molotov cocktails attacked a geologist camp, beating and threatening workers and damaging company property. In the wake of the attacks, Talas agreed to comply with their environmental concerns and to provide jobs to locals.
Talas Copper Gold is managed by South African company Gold Fields in partnership with Orsu Metals of Britain.
Taldy-Bulak Talas deposit is estimated to hold more than 330 tons of gold.
ROL Price at posting:
35.5¢ Sentiment: Hold Disclosure: Held
