CORPORATE NEWS

Investor Company Avellana Gold Ltd. Enlisted the Support of the Ministry of Finance of Ukraine in Solving the Problem of Licenses Issuance Investor Company Avellana Gold Ltd. Enlisted the Support of the Ministry of Finance of Ukraine in Solving the Problem of Licenses Issuance
The State Geological and Subsurface Survey of Ukraine groundlessly refuses American investor Avellana Gold the extension of the licenses for geological exploration of the Transcarpathian deposit of polymetals. On this occasion, November 30, the head of Avellana Gold Brian C Savage met with the Head of investment protection company Ukrinvest Daniel Bilak and the government investment commissioner Oksana Markarova. “ The State Geological and Subsurface Survey of Ukraine deliberately impedes the work of the company, putting forward requirements that are contrary to the legislation of Ukraine and are based on facts that do not correspond to reality” – Brian C Savage said. Participants of the meeting, Oksana Markarova and Daniel Bilak, expressed their readiness to examine the situation in detail and make proposals to Prime Minister Volodymyr Groisman on solution of the difficulties that the bureaucratic system creates for foreign investors. "This meeting is our hope for support in solving the problem. Now, we are preparing a legal summary of the violations of the State Geological and Subsurface Survey of Ukraine for non-issuance of licenses, "- added Brian C Savage. Today, Avellana Gold is the only mining company in Ukraine, which, over the next five years, plans to invest $100 million in the extraction of polymetals in Transcarpathia. The project provides for the creation of 500 jobs with a perspective of 20-40 years. The company also has committed to carry out reclamation and landscaping on the territory of the deposit.