Armada ups stake in Russian company

Alberta-listed Armada Gold has purchased an additional 85% interest in Balgold through the exercise of options. Balgold is the Russian joint stock company created by Armada and its Russian partners.

As a result, Armada now holds a 64% direct and a 67.5% indirect interest in the company, which holds the licences for Armada’s projects in the Chita region of southeastern Siberia.

Armada is completing a 5,000-metre program of confirmation drilling on its Taseevskoe gold deposit. The program is designed to twin existing drill holes to verify Russian data. The program will also test the area between the Taseevskoe 1 and 3 deposits to determine if it, too, is gold-bearing.

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