Romania’s National Agency for Mineral Resources (ANRM) has granted a new license to the Canadian firm Euro Sun Mining, the former Carpathian Gold, to prospect the gold perimeter Stanija, in Hunedoara county.

The area was previously exploited both by the Canadian group as well as European Goldfields, a company that was taken over by Eldorado Gold five years ago, and whose shareholders included Romanian investor Frank Timis.

The prospecting license is valid for three years, and the exploration work will begin immediately, according to a press release of Euro Sun Mining.

The Stanija perimeter, which covers 42 square kilometers, is located about 3 kilometers away from the village of Rovina, where Euro Sun Mining owns another gold mining operation. In May 2015, ANRM granted the Canadian group a license for exploiting gold in Rovina for 20 years. The gold mine in Rovina, the second largest in Europe, includes resources of 204 tons of gold and over 635,000 tons of copper.

The Rovina mine is 17 kilometers away from the Certej mine, owned by Eldorado Gold, and 20 kilometers away from Rosia Montana.

Euro Sun Mining recorded a net profit of USD 224.11 million in the first half of this year, compared to losses of USD 23.9 million during the same period in 2015.

editor@romania-insider.com