We are pleased to announce that as the major creditor it has entered into an agreement to acquire 91% of Ukrainian Zakarpatpolimetally LLC and initiate the sanation procedure.

Zakarpatpolimetally LLC owns the Muzhievo, Berehove and Kvasovo polymetallic gold deposits with a total ore content in excess of 100 million tons and extensive tailing over ground that contain at least 2 tonnes of refinable gold.

Gofer Mining in cooperation with its stakeholders plans to restore this historically important business and bring it back to profitability by investing 250 million pounds sterling over the course of five years into the development of the above-mentioned mines.

The former forms a mining concession in the Carpathian Mountains and relates to numbers 5459, 4113 and 4112 licenses respectively. The investment aims to bring up to 5000 direct and indirect jobs in the wider region.

Oleksandr Mashtepa Head of Ukrainian operations for Gofer Mining commented:

“A 20-year political and legal battle to protect the interests of the local community and the business creditors has finally yielded fruits that culminated in the new investment and we look forward to developing the Carpathian Mountains mining region.”

Gofer Mining is committed to being a good corporate citizen and as future major employer in the region the company will build a hospital in the area that will be accessible for free for all company employees and local citizens alike.

Contact Jeff using his profile below for any investor queries and Jenny for any media requests reference the current press release.