Canarm wins bid

"Canar Precious Metals Co.", owned by "Gadji Commerce International Inc.", Canadian entity with headquarters in Montreal, Canada, won an international bid organized by the Ministry of the Environment of Armenia on November 7, 2007.

According to the state license, Gadji Co. received the right to study and exploit the gold mine located in the southern region of Armenia. The estimated value of gold in this mine is about 26MT.