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17 April, 1998
Silver Ore & Barytes SA, the country's largest mining company, said yesterday that Thracian Gold Mining SA, which has been prospecting for precious metals in northern Greece, has been successful in locating gold.
Silver Ore & Barytes, which has a 33.3 per cent stake in Thracian, said gold deposits had been located in a privately-owned zone 700 meters long and 100-300 meters wide.
In the summer, the company will release the exact location of the gold deposits and its plans for their exploitation.
The results of drilling carried out in nearby areas - Southern Perama and Perama Dasaki - were also encouraging, the firm said.
The French company La Source SAS, which is managing the project, has a 44.5 per cent holding in Thracian, and the Canadian firm Inmet Mining Corporation has 22.2 per cent of shares.
In ancient times, Greece was a major gold producer with mines centered mainly in Macedonia.
In recent decades however, there has been little activity.
Source: Athens News Agency