YEREVAN, OCTOBER 30, ARMENPRESS: The Eurasian Development Bank (EDB) has allocated loan of 11 million to the company exploiting Armanis mine. As Armenpress reports, the loan agreement was signed between Dmitry Ushkov, Director General of “Sagamar” company, which exploits the mine, and EDB Deputy Chairman Gennady Zhuzhlev. The loan is for five years. The parties expressed hope that the cooperation will be continuous.

Director General of Sagamar CJSC Dmitry Ushkov said the received money will serve for implementation of an investment program, within the frameworks of which the technical means of the factory and the laboratory equipments will be replenished. “Due to the investment program we expect productivity increase of the factory,” said Ushkov.

As to realization of the product, it is completely exported. “We work with international trades, which deliver the product to different countries of the world,” he stressed.

The exploration of Armanis gold-polymetallic mine began in 1966 and continued until 1990. From 1990 to 2000, after approval of the reserves by the State Commission for Reserves of USSR, no work was done on the mine. 
    
In 2007 supplementary exploration of the mine started, followed by open pit stripping works. In 2010, after corporate restructuring, the shares of “Sagamar” CJSC were transferred to GLOBAL METALS (ARM) LIMITED Company.

Armanis mine is one of the largest gold-polymetallic deposits in Armenia. It is located in Lori marz, 7.5 km to the west of the town of Stepanavan and 1.5km to the north-west of Armanis village. The mine is connected to the town of Stepanavan with 7.5 km long paved road. The site is mountainous, situated on the base of Bazum mountain range. The absolute height fluctuates between 1400-1620m in the central part and up to 1400m on the flanks. The water resources are represented by Chqnagh and Debed rivers.   

The mining right of Armanis gold-polymetallic mine with 1.8 sq km area belongs to “Sagamar” CJSC. The deposit is to be exploited by integrated method: open pit and underground mine.

By mineral composition and formation conditions the mine belongs to the polymetallic formation, with relatively high content of gold and silver. As a result of exploration, 3 natural types are represented at the mine: copper-gold, copper-polymetallic and gold-polymetallic that constitute 16%, 34% and 50% of deposit total reserves respectively.