StockMarketWire.com - Georgian Mining said it had failed to gain national approval for part of the licence area at its Bolnisi copper an gold project in Georgia.

The National Agency of Mines had confirmed the tenure for two areas: Kvemo Bolnisi East and Dambludi.

However, the government had also decided to return the remainder of the licence area, including the three further deposits Kvemo Bolnisi West, Tsitel Sopeli and Balichi, to the state.

Georgian Mining said it intended to appeal the government's decision and that the economy and sustainable development minister had three months to respond.

'The conclusion of this process with the mining agency is an important milestone in our ongoing efforts to obtain the extension to the permit in Georgia,' chief executive Mike Struthers said.

'We have confirmed our entitlement to two of the key deposits in the area, and we will vigorously challenge NAM's position on the remainder of the area with the minister to secure the balance of our rights.'

At 2:13pm: [LON:GEO] Georgian Mining Corporation Ord Npv Di share price was +1.32p at 2.14p



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