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Canadian driller to spend USD 150 M on Bulgaria gold mine

Date: 13.12.2005

Canada's Dundee Precious Metals plans to raise investment in its Chelopech gold and copper mine in Bulgaria by two thirds over original plans to USD 150 M.

The investment would expand the project's output to 2.0 million tons of ore annually, versus earlier estimates of 1.5 million, was quoted as saying Dundee Executive Director Laurence Marsland.

The project, expected to be completed in 2008, should eventually produce 21,700 tons of copper metal and 130,000 ounces of gold bullion per year.

"The Chelopech project feasibility study confirms a long life, low cost mine that will be the flagship asset for Dundee Precious Metals for many years to come," Dundee President and CEO Jonathan Goodman said in a statement.

Last year Dundee had said it would invest USD 90 M in Chelopech.

The expanded investment will allow the company to upgrade its existing tailings management system and create a metal production facility for copper cathode and gold.

The project of Chelopech gold mine is expected to be completed in 2008.

The Canadian investor said the mine is expected to have a minimum lifespan of 9.3 years once the investment is concluded. The company also operates a smaller mine in Bulgaria at the Ada Tepe site.

Sofia news agency

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