Armada eyes gold in Chita

Armada Gold (AAU-T) has signed a protocol with the regional administration of Chita Oblast, Russia, addressing the future development of its Baley gold project.

The agreement covers various tax issues that will affect the project, which is expected to produce more than 450,000 oz. gold per year for 11 years. It also commits Armada and the Chita administration to work together on a production-sharing agreement, including favorable tax provisions for Baley.

Armada holds an 85% stake in Balgold, the joint venture developing the 10-Million-oz. Baley gold project.

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