“The granting of the License represents the first and most important step in the licensing process. Under Romanian law, the License will come into effect upon final review by several government departments and its publication in the official gazette. The Corporation will now proceed with an update to the Preliminary Economic Assessment of 2010 which will outline revised project costs and evaluate scalability options,” Carpathian Gold said in a statement.
It is the first time that Romania has granted a license for metals without the involvement of a state-owned enterprise, the Canadian company said.
Carpathian is an exploration and development company whose primary business is gold production at its 100% owned Riacho dos Machados Gold Project in Brazil.
In addition, it is also focused on advancing its exploration and development plans on its 100% owned Rovina Valley Au-CuProject located in Romania.
Samax Romania is registered in Baia Mare and posted revenues worth RON9.2 million and a profit of RON3.5 million in 2013. It employs 43 people, according to Finance Ministry’s data.
Rovina Valley is located in the Apuseni Mountains, about 20 kilometers from Rosia Montana.