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Investors prospect for gold

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.

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