According to Icelandic National Broadcasting Service, RÚV, British investors are putting ISK 100 million into prospecting for gold in Thormods Valley, close to Reykjavík. The operation is conducted through a joint venture with the Icelandic company Melmi.
The prospectors will drill several hundred meters into the ground for samples over a period of 3 months and then analyze the samples. According to RÚV the operation is highly risky in financial terms, because even though some gold is found usually there is no more than a few grams of gold per each ton of rock. The backers of the project have been issued a prospecting license and they expect to receive the drilling license shortly.