Britain’s Hereward Ventures PLC announced that the exploration conducted by the company on the gold deposits near the village of Rosino are more than encouraging, the company announced. According to the company, samples indicate high gold concentration. Hereward Ventures PLC said initial exploration results, including drilling, from their Rosino permit area in southeast Bulgaria have revealed high grade gold on February 14. Since acquiring the 189 square kilometre permit in April 2001, exploration activities have been primarily focused on the Tashlaka Hill prospect. In addition work programmes were also completed on the permit area at Lensko, Byalgradets and Kostilkovo. As a result of these programmes high-grade gold mineralization was intersected in drilling, both confirming and enhancing previous results by the Bulgarian State where a resource containing approximately 750,000 ounces of gold has been estimated. In March the next stage of the exploration works begins. Further drilling is planned to be to the north and south of the deposit and down dip of previous drilling to the east. Following this drill programme an independent resource estimate will be prepared.

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