YEREVAN. - Canada-based Dundee Precious Metals (DPM) gold minig company will explore new mineral occurrence in Armenia, Hratch Jabrayan, the company director in Armenia, said on the sidelines of Monday’s Armenian-Canadian mining forum in Yerevan.

The mineral occurrence is on the border of Vayots Dzor and Syunik provinces in southern Armenia.

Jabrayan stressed that after the sale of mining license for Shahumyan gold- polymetallic mine, the company will continue its operations in Armenia.

 “Now we want to focus on exploring new mineral occurrence. Last year we carried out certain work on the surface on the basis of preliminary data. This year we will already drill several holes, and also continue the work on the surface,” he said.

If the result is good, the company will move from trial drilling to exploration grid.

The exploration is in an early stage, and there are no reserve calculations yet. The Canadian NI 43-101 project documents aren't available either.  

On March 1, Canada-based Dundee Precious Metals announced concluding a definitive agreement for the sale of its interest in Shahumyan polymetallic mine in southern Armenia to Polymetal International Plc from Russia. The license for the mine is to be sold for US$25mn—of which $15mn in Polymetal ordinary shares—, and a 2 percent net smelter return royalty on future production, capped at $25mn.