Friday, March 22nd 03:01 PM IST

Crisis hit Cyprus speeds up Gold projects

# Cyprus crisis  # Gold projects  # Troodos Mountains.  

For the island nation, the clock is ticking to come up with a solution to clinch an international bailout, otherwise it could face the collapse of its financial system and likely exit from the euro zone.

NICOSIA(BullionStreet): Crisis hit Cyprus is rushing to find gold and other valuable metals after the country plunged into a financial meltdown.

For the island nation, the clock is ticking to come up with a solution to clinch an international bailout, otherwise it could face the collapse of its financial system and likely exit from the euro zone.

Though gold is a long time solution, Cyprus issued several permits to mining firms to test locations in and around the Troodos Mountains.

Cyprus government has asked Canadian firm Northern Lion, which began searching for gold in Troodos in January 2010, to speed up exploartion.

The company have already found gold in one site. Several other firms have licences for exploration in areas including Mitsero, Agrokipias, Mathiatis and Lysou among others. In total, as much as 140 square km of the island is set to be explored.

Analysts said under present conditions, a yield of two grams of gold per tonne of excavated earth could make mining profitable.

The history of mineral exploitation (copper, gold and other metals) in Cyprus dates back to the Bronze Age, approximately 5,000 years ago, but really picked up when the Phoenicians, then Romans began processing the island’s copper.

The island nation requires gold now desperately to escape a looming financial crisis, analysts added.

For gold market, the crisis has offered a helping hand, after investors had been pulling out of the precious metal and piling into stock markets which have rallied this year on a brighter economic outlook.

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