Skip to Content

1974 Abandoned Mine Shows Gold Deposits

gold northern lionA mine in the Pitha area in the Troodos mountains that was abandoned after the 1974 invasion by Turkey has gold deposits, said Canadian company Northern Lion which has a permit to explore and mine the area.

The area was partially pre-stripped preparing for production when the Turkish invasion of 1974 halted activities. The company operating Peristerka mine went bankrupt when their ore stockpile sitting at the port of Famagusta was seized during the invasion.

The results of sample tests "show an excellent clustering of gold and copper values at the west end of the pit," said the company in a statement.

"Our initial view was that the Cyprus VHMS deposits had been overlooked for their gold potential and we are very encouraged from the consistent initial gold and copper results we have received to date. These results indicate that there is a gold component to these deposits and we have developed a number of drill targets to test the geological model," said President John Lando.

 

Poll

Are the authorities doing enough to prosecute those accountable for Cyprus' financial crash?
Yes, but it takes time to find evidence
7%
No, they are not moving fast enough
72%
Don't know
21%
Total votes: 314