Arabian American Development Co. reported that the company received approval for four additional mining leases in Saudi Arabia. The company believes that the areas are prospective for gold, copper, zinc, nickel, and silver.
The leases were awarded to Al Masane Al Kobra Mining Company, a joint stock company active in Saudi Arabia that is 37% owned by Arabian American Development Co. The leases were explored previously by Arabian American Development Co. in the 1980’s at a cost of $3 million.
Arabian American Development said that the leases are in the Al Masane area of Najran province and are near to other leases held by the company. The new leases were approved by the Saudi Arabian Ministry of Petroleum and Minerals after an exploration plan was submitted by the company.
Arabian American Development plans to begin a mapping and exploration program at the four lease sites as soon as practicable. The program will take approximately eighteen months and cost $3.5 million. The company will then select a number of prospects and continue exploration for an additional six months.
The Al Masane Al Kobra Mining is in the final stages of construction of a mine in Najran Province, with first production expected in early 2012.
For more information on the company, go to www.arabianamericandev.com
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