The gold production might start in Azerbaijan by the end of 2006, Trend reports quoting President of R.V. Investment Group Services LLS, a company involved in the development of goldmines in Azerbaijan, Riza Vaziri.
According to Vaziri, at present the company is involved in the conduct of exploration work in the territory of Nakhchivan Autonomous Republic of Azerbaijan (Ordubad group of companies Piyazbashi, Agyurd, Shakardag, Misdag, Shalala and Dikchay) and Gosha field in Tovus District and in Gadabay District.
The researches held in the territory of Ordubad did not yield the expected results. The forecasts on existence of 1 ounce of gold in 1 tons of cooper did not justify. Therefore, we directed the accent on the fields in Gadabay District, the head of the company underlined.
According to the President of R.V. Investment, in difference to Ordubad, hopes for successful outcomes of activities in Gadabay are close to reality. With this respect the company purchased special research laboratory which is currently installed in Gadabay.
So far the companies have spent approximately $28m in exploration out of $51m allocated in this respect. All work in this direction will be complete in August 2006.