American junior Royal Gold (NASDAQ) and its Athens-based partner, Silver & Baryte Ores Mining, are set to explore for the yellow metal in Bulgaria.
The agreement calls for Greek American Exploration, a Bulgarian-owned company held equally by Royal Gold and Silver & Baryte (S&B), to examine more than 700 sq. km in southeastern Bulgaria.
The partners must spend US$100,000 in each of two years, and the deal carries with it an option for another two years.
Royal Gold has had a working relationship with S&B for about five years. The Bulgarian company has considerable commercial experience in Eastern Europe.
A publicly held mining company, S&D belongs to the Eliopoulos-Kyriacopoulis mining group. Established in 1934, the company is the largest bentonite and perlite producer in the European Union.
Stanley Dempsey, chairman of Royal Gold, says the potential for finding epithermal deposits within the Tertiary volcanics of Bulgaria is excellent. “They are the right rocks, much like what you would see in Nevada.”
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