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Asia Now Resources has received strong government support for its Beiya and Habo gold and base metal exploration projects in Yunnan Province, China.
Asia Now has been drilling on the properties for more than 12 months and requested clarification from provincial and local county governments of its exploration permits and plans to request mining licences. The company was concerned about the potential impact of recent government policy changes on foreign joint ventures in the mining industry but has been informed that they will not affect the existing joint ventures in Yunnan. Officials from both levels of government say the company is highly regarded for its exploration work and the contributions it has made to local communities, including the assessment of local environmental issues, potential risks of geological disasters, consulting advice for the benefit of legally operating small mines, training for local geologists, and support for local students in graduate research programs.
Asia Now chairman Douglas Scharf says: "We have been reassured that our properties in Yunnan have full legal protection and government support at both provincial and local levels. Our exploration programs in Yunnan will progress in a very straightforward and unhindered manner. "We are committed to invest significant funds for an aggressive exploration program. We are accelerating and expanding the drilling program at Beiya North, where we have demonstrated significant potential for a large gold and base metal deposit."
The Beiya property covers 586sqkm and includes two major mineralization zones Beiya North and Beiya Far North. Beiya North is adjacent to the open pit Beiya Gold Mine which was recently expanded to a production capacity of 100,000 ounces of gold annually.
The company is conducting drilling on both zones to test their significant potential for gold and base metal deposits. Beiya involves two cooperative joint venture companies (CJVs). Asia Now is earning a 70-88% interest in a CJV with Yunnan Geology and Mineral Resources Company (YGMR) and a 72-90% interest in a CJV with Yunnan Non-Ferrous Geology and Mineral Resources Company. The Habo project includes a large porphyry copper-gold-molybdenum mineralization system and involves a CJV with YGMR in which Asia Now is earning a 70-88% interest.
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