Yerevan, August 10 /Mediamax/. Armenian “Deno Gold Mining Company” (DGMC) and Canadian Dundee Precious Metals signed an agreement on new $10mln investment program in Kapan ore-dressing plant in Yerevan today.

As the DGMC Public Relations Officer Vahe Mkhitaryan stated at the press conference today, the investment program will create the necessary prerequisites for the large-scale examination of the Kapan mine area reserves.

The investment package envisages a transfer of 80% shares of Dundee Precious Metals to DGMC, the exclusive owner of which is the “Vatrin Investment” company.

As the President and the General Director of Dundee Precious Metals Jonattan Goodman stated, the company took upon itself the responsibility to gain crediting of the Kapan ore-dressing plant by the European Bank for Reconstruction and Development (EBRD) for the increase of the production of the plant to 1mln tons a year. At present the annual volume of the production makes 300 000 tons of production.