Premier Gold shares slump after gangs stymie fieldwork

4th Oct 2013 12:42

Shares in Premier Gold Resources lost nearly a quarter of their value on news that local gangs in the Kyrgyz Republic were preventing it from starting fieldwork operations at the Cholokkaindy gold licence.The gold exploration company said these gangs had sought to threaten and intimidate employees of the company and its Kyrgyz contractors as they tried to hold up the work programme at Cholokkaindy.Premier Gold said: "The company's first priority is the safety of its employees and contractors. As such the company will not be able to commence fieldwork operations as originally intended."The added problem facing Premier is that the weather conditions in the area mean exploration activity has to be conducted outside of the peak winter months. Premier Gold Chief Executive Richard Nolan said: "The company's primary objective is to resolve the local issues in order that activity on Cholokkaindy can commence safely, either before the first snow fall, or immediately at the outset of the next weather window beginning in the second quarter of next year."Premier Gold has been told that the Deputy Prime Minister of the Kyrgyz Republic has been instructed by the Prime Minister to resolve the issue. Shares in Premier Gold were down 24.4% at 0.17p. TB