Orogen Gold PLC (LON:ORE) defied the gloomy trend in London trade with a near 4 percent rise in its share price after announcing it will receive all results from the soil sampling programme at the Deli Jovan gold project in Serbia within the next 10 days.
The high level of activity in the mining and mineral exploration sector, globally, has led to all laboratories around the world dealing with substantial workloads, the group said in a statement.
It has to date received a number of results from the ALS Chemex laboratory in Romania, with an assurance that Orogen will have all the results within the next ten days.
The company therefore believes it will be in the position to announce the full results before the end of September.
The shares rose in early deals and by late morning, was trading up 3.95 percent at 0.80 pence.
Orogen came into existence earlier this year after medicel investment group MeDaVinci took full control in Orogen Gold and changed its name.
Back in August 2010 MeDaVinci acquired a 49 percent stake in Orogen.
The Deli Jovan project is being developed by a 50-50 joint venture between Orogen and a local Serbian mining firm.
Deli Jovan has a 69 square kilometre permit area and icludes two shallow underground gold mines with historic gold production, which were last in operation before World War II.
A report by SRK consulting suggests that Orogen Gold could establish a small-scale mining operation to produce 30,000 ounces of gold each year.
Source .proactiveinvestors.co.uk
