Orogen confirms it now holds 80% of Georaid

Gold exploration company Orogen Gold announced on Friday that it has now received its shares in Georaid CJSC following successful completion of the $2.5m earn-in as announced on 31 August.

The AIM-traded firm now has an 80% interest in Georaid, which holds the exploration licence covering the Mutsk gold project in southern Armenia.

“As announced on 18 October, Orogen has commenced step-out drilling at the Mutsk property to help define the scale of the gold envelope,” its board said in a statement.

“Work is progressing satisfactorily and the company looks forward to reporting the results of this work to shareholders in the coming weeks.”