BRITISH-LISTED NAVAN GETS SECOND BULGARIA GOLD LICENCE AREA

Business | February 28, 2002, Thursday // 00:00

British-listed miner Navan Mining Plc said its Bulgarian subsidiary, Balkan Mineral and Mining, had been awarded a licence area in Bulgaria, adjacent to a zone with high-grade gold mineralisation, Reuters reported. The 128 square km Perunika licence is still subject to negotiation of the contractual terms and ratification by Bulgaria's government. Perunika is located near the Krumovgrad licence, in southeastern Bulgaria, which Navan won in a tender last year. According to NAVAN representatives exploratory drilling at Krumovgrad, which started in 2001 and continued this year, had revealed high-grade gold mineralisation, indicating a major gold deposit.

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