TODAY’S – Koza AltIn to explore for gold and silver in Portugal

Koza AltIn to explore for gold and silver in PortugalKoza Ltd., an overseas subsidiary of Turkish gold mining company Koza AltIn, signed a deal with Canada-based Medgold Resources for gold and silver prospecting activities in mining areas owned by Medgold in Portugal.

In a statement issued by Koza AltIn on Monday, the company said the agreement covers mining research and geological activities in the region, as well as the financing of the project.It is also stressed in the statement that Koza Ltd.

will have a 55 percent share in a joint-venture company that will be established to operate and develop the mining area, with an option to increase its stake up to 75 percent.According to the deal, Koza Ltd.

will also purchase 19.31 percent of Medgold Resources for 15 million Canadian dollars.

Koza AltInand#39s parent company Ipek Holding has long been at the center of pressure imposed by the government for critical broadcasts by media outlets owned by the conglomerate.Koza AltIn had its activities halted in several mining areas across the country in 2013.

Also, the state-run Radio and Television Supreme Council (RTuK)anceled the nationwide broadcasting license of the Ipek Holdingand#39s Kanalturk TV station in March of last yearThe groupand#39s other media outlets have also been suffering from a lack of aertising revenues from state-institutions and pro-government firms.Seeking relief from the pressure at home, Koza AltIn announced on April 1 of last year that it had established Koza Ltd.

to carry out possible gold extraction abroad.

SOURCE: Today’s Zaman