Carpathian Gold Receives 20-year Mining License for Rovina Valley

Carpathian Gold Inc. (TSX:CPN) announced that Samax Romania SRL, its subsidiary, has been granted a 20-year mining license for the Romania-based Rovina Valley project.

As quoted in the press release:

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.

The granting of the License represents the first time that Romania has granted a license for metals without the involvement of a state-owned enterprise.

Click here to read the full Carpathian Gold Inc. (TSX:CPN) press release.

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 focussed on advancing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project located in Romania.