Update on Operations

 

TIDMPNG 
 
RNS Number : 1893K 
Persian Gold PLC 
15 April 2010 
 

 
 
 
 
 
 
15th April 2010 
 
                              Update on Operations 
 
·     Foreign investment approval obtained in Iran.  This guarantees profit 
repatriation 
·     Discovery Certificate applications on our two Iranian projects are being 
reviewed 
·     Memoranda of Understanding agreed to explore Bolivian gold/silver 
properties 
·     Negotiations at advanced stage on West African oil exploration concession 
 
The directors of Persian Gold (AIM:PNG), the Irish explorer, are pleased to 
provide an update on operations. 
 
Iran 
In Iran, Persian Gold has received approval under the Foreign Investment 
Protection legislation for over $1.5 million of investment made in the years 
2005 - 2007.  This is a state guarantee on freedom to repatriate profits.  The 
balance of investment is being examined by the commission and we expect approval 
when the necessary documents have been supplied. 
 
Persian Gold has two outstanding applications for Discovery Certificates; one on 
the Chah-e-Zard gold deposit in Central Iran and the other on the Dalli 
copper/gold porphyry deposit near Isfahan.  Both projects are optioned from 
local Iranian licence holders.  Chah-e-Zard has an indicated resource of 160,000 
ounces of gold and 1 million ounces of silver contained in near surface oxide 
ore.  A conceptual study completed by Persian Gold indicates a profitable vat 
leach operation.  Dalli has the possibility of becoming a small polymetallic 
producer.  These projects have been on hold for some time awaiting state 
approval to proceed.  We are hopeful that progress will be made on one or both 
projects in the coming weeks. 
 
Bolivia 
While awaiting approvals in Iran, the directors have looked at projects 
elsewhere.  We targeted lithium in Bolivia, due to the vast reserves in Lake 
Uyuni, the good prospects for lithium batteries and our long term in-country 
expertise.  While awaiting development on our lithium proposal, we have 
identified two polymetallic opportunities in the Potosi region of southern 
Bolivia.  We signed Memoranda of Understanding on both properties.  The 
agreements provide for Persian Gold to undertake primary and secondary 
exploration.  Our Iranian geological team are conducting the early 
investigations. 
 
 
 
West Africa 
For the past two years, Persian Gold directors have been negotiating an oil 
exploration concession in West Africa, close to recent large discoveries.  The 
concession has been awarded to a consortium in which it is intended Persian Gold 
will hold a 30% interest.  Further details will be announced when Persian Gold's 
participation is finalised. 
 
John Teeling, Chairman, commented: 
"While we remain committed to the exploration potential in Iran, delays in 
obtaining approvals forced us to look elsewhere.  We sought opportunities in 
areas and minerals in which we have expertise.  During the boom years, excellent 
opportunities were few, now there are many attractive options.  I am delighted 
to report progress in Iran, where the state has approved our Foreign Investor 
status, thus guaranteeing profit repatriation.  I hope that this leads to rapid 
approval on one or both of our Discovery Certificate applications.  Once we 
receive approval, we will move to feasibility studies on each project.  Outside 
of Iran progress is also being made.  We now have exploration ground in Bolivia, 
with mineral opportunities similar to those in Iran.  Our Iranian exploration 
team will conduct the early prospecting. 
In West Africa, we are part of a consortium finalising an agreement on an 
oil/gas exploration block". 
 
 
 
+----------+---------------------------+-----------------------------+ 
| Persian Gold PLC                     |                             | 
+--------------------------------------+-----------------------------+ 
|          | John Teeling, Chairman    | [phone]         | 
|          |                           |                             | 
+----------+---------------------------+-----------------------------+ 
| FinnCap                              |                             | 
+--------------------------------------+-----------------------------+ 
|          | Matthew Robinson          | [phone]        | 
+----------+---------------------------+-----------------------------+ 
| College Hill                         |                             | 
+--------------------------------------+-----------------------------+ 
|          | Nick Elwes                | [phone]        | 
+----------+---------------------------+-----------------------------+ 
|          |                           |                             | 
+----------+---------------------------+-----------------------------+ 
 
                             www.persiangoldplc.com 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCBXGDSRDBBGGS