Canadians win Serb concession
TORONTO – Canadian mining company Dundee Precious Metals Inc (DPM) announced on Wednesday it had signed an agreement with the government of Serbia for exploration and mining concession contracts for Coka Kuruga, Coka Kupjatra and Tilva Njagra, located in the Crni Vrh area of Serbia. «Serbia represents a great opportunity in a significantly underexplored area where we can apply our expertise gained in Eastern Europe,» said Jonathan Goodman, president and CEO of DPM. The three concessions are contiguous and are located approximately 10 kilometers west and northwest of the town of Bor. The exploration concession is granted for a three-year period, renewable for an additional two years, and includes mining rights which are granted for 25 years. DPM has committed to an aggregate net smelter royalty and concession royalty of 4 percent, a cash payment of $4 million and significant exploration commitments, $13.6 million of which will be incurred in the first year.
