Nikos funds search for gold in former Soviet Union

Vancouver – A search for multi-million-ounce gold deposits in the former Soviet Union will be funded by Nikos Explorations (NIK-V) for at least six months under the terms of a newly inked framework and cooperation agreement with Altynor Gold.

Altynor Gold is a privately held exploration company formed by geologists who had previously worked in Russia and Central Asia for Barrick Gold (ABX-T, ABX-N). The company is headed by Mirek Benes, a former regional exploration manager and chief representative in Russia and Central Asia for Barrick Gold.

Altynor will conduct the search for large gold deposits exclusively on behalf of Nikos, which will have the right of first refusal to make offers and enter into negotiations to acquire properties with reserves and/or resources containing more than 1 million oz. gold.

Nikos will also have a right to earn up to a 15% interest in Altynor during the first two years of the term of the agreement.

Altynor maintains a database of gold projects and prospects in the former Soviet Union and also reviews potential opportunities in the region with the help of a large network of business and government connections in the region.

Nikos President Roger Moss says the agreement represents an “excellent opportunity” for the company to use the expertise of Altynor “to quickly target significant deposits for potential acquisition.” He adds that privatization of mineral assets has accelerated in recent years as the former communist nations continue to evolve into market economies.