Greece Approves Drilling Exploration Report Extending Mining Area

Αssociated Press

FILE- In this undated photo provided on Monday, Sept. 11, 2017 by Hellas Gold company, an aerial view of a gold mine complex in Skouries, in the Halkidiki peninsula, northern Greece. (Hellas Gold via AP)

ATHENS -- The Greek government approved a technical report on drilling exploration by Hellas Gold south of the Mavres Petres deposit at the Kassandra mining area in northern Greece.

According to the Environment & Energy Ministry, the project includes 59 deep-drilled holes to determine whether the Mavres Petres deposit, which is being diminished, could extend the life of the mines by at least 8 years, so as to retain current jobs. The project is beyond the Stratoniki village area, and follows a viable mining plan in terms of the environment.

Meanwhile, negotiations between the Greek state and Eldorado Gold's subsidiary Hellas Gold are continuing, to update the transfer concession for Kassandra Mines based on a revised company plan. The government supports the investment, the ministry said, as long as notably more jobs are created, the company observes Greek and EU environmental impact laws, the revenues for the public are higher and there are compensatory benefits to local society.