Bor sees 0,26 g of gold per ton of ore– Explorations to show whether findings in Cukar Peka can turn into a mine

We are very encouraged with this preliminary results which we received through exploration drilling but the same as any other new finding, it takes a lot of additional research to define project feasibility and to make a decision on whether it is possible that a project in Cukar Peka becomes a mine– the head of Rakita exploration Dejan Kozelj said.

In the third quarter this year the company successfully ended 12.103 m m of exploration drilling and they expect lab results from fours drilling locations more which have already been completed. Since the beginning of the year, a total of 21.921 m of exploration drilling was carried out and when it comes to finding the ore findings 2012, 85.338 m. in the last quarter this year, 12.150 m of exploration drill was planned, 6.650 m in upper zone and 5.500 m in lower zone.

Project of copper and gold exploration in Cukar Peka in east Serbia is a mutual investment of Freeport McMoRan Exploration Corporation (Freeport) and Reservoir Minerals Inc. (Timok Project). Freeport has 55% stake and the rest went to Reservoir Minerals from Vancouver.