Mining company Carpathian Gold has more than doubled its estimates for gold and copper deposits at its Rovina Valley Project in west-central Romania. The Canadian company holds licenses for the Colnic, Rovina and Ciresata gold-rich copper porphyry deposits, all in close proximity and known collectively as the Rovina Valley Project.

The new estimate for the gold deposits is just under 203 million grams, an increase of 134 percent on the previous figure. Meanwhile, the company has upped its estimate for copper deposits by 87 percent to just over 644 million kilograms. The grade of gold estimate was also increased from previous levels.

Carpathian Gold's share price has increased by as much as 13 percent following the company's announcement on its Romanian deposits, according to Reuters news agency.

Headquartered in Toronto, Canada, Carpathian Gold is an exploration and development company with gold mining projects in Riacho dos Machados, Brazil and the Rovina Valley in Romania.

Liam Lever, liam@romania-insider.com

(photo source: Sxc.hu)