Wednesday, September 17 2014

Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration company, announces its interim results for the six months ended 30 June 2014, the company reports. 

The highlights are as follows: Results from Orogen's new phase of drilling have confirmed a substantial discovery at Mutsk in Armenia; Substantial widths of hydrothermally altered gold-bearing rocks seen in step-out holes at Mutsk; Follow-up 3,000m drilling programme underway, with initial assay results received in September 2014; Results included 60m @ 1.21g/t Au in hole OG14-27, which included 10m @ 3.11g/t Au; Mutsk warrants a further drilling programme both to explore the limits of the mineralisation and to undertake infill drilling that can define a maiden resource; Cash at 30 June 2014 stood at 713,000 pounds (31 December 2013: 1,208,000 pounds); Raised 1,125,000 pounds (before expenses) through the placing of 1,022,727,272 ordinary shares in the Company in September 2014 at a price of 0.11p per share; Anthony Venus appointed as a non-executive director, adding further deep sectoral and international experience to the Board; 'Equity-for-drilling' agreement with a Lebanese drilling contractor with an agreed issue price of 0.20p per share, representing a significant premium to the recent price.  
To recall, in its update on the new drilling programme at the Mutsk gold project in southern Armenia, Orogen Gold plc, the AIM quoted gold exploration company, confirms discovery of wide zones of gold mineralisation. 

The company's website said that the drilling has discovered intercepts up to 60m @ 1.21g/t Au, including 10m @ 3.11 g/t Au. Drilling is ongoing with two rigs currently operating. According to Ed Slowey, Chief Executive of Orogen, this new phase of drilling has confirmed our earlier belief that we have made a substantial gold discovery at Mutsk.

The Mutsk Project is located in southern Armenia at about 2,000m elevation and is three and a half hours' drive from the capital Yerevan. The site is accessible most of the year other than during the core winter months. Maps showing the location and details of the project are available on the Company's website.

Limited historic exploration had been carried out until drilling by Georaid in 2011, which intersected low sulphidation epithermal-type pyrite-gold mineralisation in altered and brecciated tuffs, similar in age and gold grade to those that host the Lydian International high sulphidation Amulsar gold deposit (4.1 million ounces in Measured, Indicated and Inferred Resources at an average grade of 1g/t Au) located 30km to the northwest, also in Armenia.

Orogen has an exclusive agreement with Georaid CJSC to earn an 80% interest in the property by spending a total of US$2.5m by the end of August 2016. Orogen Gold plc is a UK company listed on the London Stock Exchange - AIM market (ticker: ORE). The Company is focused on Gold and minerals exploration in Europe.
Georaid CJSC was permitted to explore Mutsk on July 26 2010. Its license is valid till June 30 2015. The company was set up in Oct 2009, with the names of shareholders kept confidential.