Canadian Mining Co. Finds Gold In Troodos
Canadian mining company Northern Lion Gold Corp. said it has found high grade copper, silver and zinc massive sulphide mineralisation with 'significant gold values' in Troodos and has bought an option to exploit the reserves.
The company will pay 977,000 euros to mine the Philani and Red Hill land areas owned by Michael Poullaides, according to a statement released today. The deal is subject to TSX Venture Exchange approval.
The history of mineral exploitation (copper, gold and other metals) on the island of Cyprus dates back to the Bronze age, approximately 5,000 years ago. The Phoenicians were the first to process copper on the island, followed by the Romans and this activity has continued to the present day.
Mineral exploration in the Republic of Cyprus has been at a very low level over the last few decades, and Northern Lion management said it believes that there is a high probability of additional massive sulphide bodies waiting to be discovered.