The Ministry of Mining and Energy announced that a rich gold deposit was found at the Čoka Rakita site in the municipality of Žagubica in eastern Serbia. At the location of Čoka Rakita, the research is carried out by the company Crni vrh Resources d.o.o. which belongs to Dundee Precious Avala based in Luxembourg.
The Ministry also announced that the preliminary results of technological tests show that it is possible to produce a pure gold concentrate, with a total gold recovery of more than 93 percent.
The Canadian company Dundee Precious Metals INC is conducting research on other deposits that were detected at the Timok project near Žagubica.
In Serbia, 16 companies conduct geological gold exploration, and in most cases they are foreign companies.
When it comes to gold and other valuable mineral raw materials, geological reasearch is, in accordance with the law, a secret, until the official confirmation publicaly announced by the Government of Serbia, or by the competent commission.
*The information in this announcement does not represent legal advice and is provided for general informational purposes only.