Financial and business news from Bulgaria

Canadians announced $270 million gold in a locality in Kardzhalisko

A Canadian company Velocity Minerals announced its valuation of 156,000 ounces of gold at the Obichnik field, in the Durusu zone in Southeast Bulgaria with an estimated gold resource averaging 1.1 g per tonne in 4.4 million tons of ore. The announcement is on the company's website as of March 16.
At a gold price of 1731 BGN per troy ounce as of 15 pm on March 17, this is about $270 million. Studies in this zone are also reportedly expanding. The company is up for search and research, its shares are traded on the Toronto exchange, and so it periodically publishes its survey results.

The company has focused its research in the Eastern Rhodopes, in February reports that it has acquired 100% of the property of Balkan Minerals Development, which has a permit for searching and exploring metal fossil in the area “Primlika”.

Vélocity has a 70% stake in the search and exploration permission for the field “Tintyava”, which includes the golden project “Rozino”, it is clear from announcements from the Canadian company, in it partnered with Gorubso-Kardzhali, as well as 70% of the projects of “Obichnik” and “Macedonia”. The company announces that with its partner Gorubso Kardzhali has the potential to produce approximately 200,000 ounces of gold per year. Recently, in November last year, Dundee Precious acquired 9.9% of its shares.

In October last year the company announced a technical project for the Rozino field, predicting that the profit from the mine before tax will be 293 million Canadian dollars.