Reza Vaziri, President and Chief Executive Officer of the company agreed to extend the term until January 8, 2017. Other conditions of the loan remained the same. The amount currently outstanding under the loan amounts to $3.9 million, while some $0.1 million of the loan has been
Further details of the extension of the term will be provided in the Company's Q4 2016 and Full Year 2016 update which is expected to be released in January 2017.
The company carries out operations in three contract areas covering 962 square
The production target of the company for 2016 is 73,000 to 77,000 ounces of gold and 1,700 to 2,100 tons of copper. The company carries out its operation under PSA agreement signed with the government of Azerbaijan in August 1997.
Gold produced at the field is sent to Switzerland for treatment. Ingots are delivered to Azerbaijan and stored in the account of the government.