BELGRADE (Serbia), June 13 (SeeNews) – UK-based gold and copper miner Tethyan Resources said on Tuesday it has signed an access agreement for the use of public roads for drilling rigs and equipment of its Suva Ruda project in southern Serbia.
The aim of the agreement, signed with Raska municipality is to provide Tethyan, and its contractors, with access permissions where vehicle weights exceed normal limits, such as is the case with drilling rigs and equipment, the company said in a statement.
In addition, the agreement regulates the manner in which the repair of damage to roads, caused by Tethyan, will be compensated.
Tethyan has provided a signed representation and warranty document to the community of Rudnica village in relation to the use and maintenance of local roads, it added.
The aim of the drilling programme at Suva Ruda is to expand the footprint of mineralisation and test areas where mineralisation appears to be open, particularly to the north of the previous drilling.
In March, Tethyan said it made the first milestone payment of 100,000 euro ($112,083) to Serbian company Deep Research in order to retain its option to purchase 100% of the Suva Ruda copper and gold exploration permit.
In order to retain the option for the purchase of 100% of Suva Ruda, Tethyan was required to make certain milestone payments, consisting of 100,000 euro payable on or before March 1, 2017, and thereafter further payments of 100,000 euro due on each anniversary of signing the option agreement until the third year, making a total of four payments.
($ = 0.8922 euro)