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We maintained our orbit and directed the two boats the remaining distance to Olympias and the ladder that had been lowered halfway down her starboard side.
Furthermore, both Stratoni and Olympias were previously in production and have extensive existing mining and plant infrastructure and a ship-loading facility on the Aegean Sea.
Hellas Gold is in the process of applying for similar permits for Olympias and Skouries, having met its first milestone by submitting business plans to the Greek government in January 2006.
Given the nature of the ruling, effectively blocking the development of the gold plant at Olympias, and taking into consideration the significant expenditures made to-date in progressing the development of the project, TVX will be reviewing all of its options, including possible legal remedies.
TVX's Stratoni base metal operation and the Skouries development project are unaffected by the Olympias decision.
The 1999 bankable feasibility study estimated that, upon commencement of commercial production, the Olympias project would produce 254,000 ounces of gold along with 2.
The Olympias project has reserves and resources totaling 4.
TVX recently announced the completion of the revised bankable feasibility study, led by Kvaerner Metals (Stockton, UK), for Olympias.
During the course of the third quarter, TVX finalized all necessary on-site work for completion of the Olympias Environmental Impact Study (EIS).
TVX has received a conditional commitment letter from Deutsche Bank, AG (London) which proposes underwriting $130 million of limited recourse debt finance and $40 million of grant bridging finance for the development of the Olympias project.
In the course of preparation for the filing of the site pre-approval permit, TVX conducted a thorough review of its June 1998 Olympias bankable feasibility study focusing on the proposed gold recovery process.
The Olympias proven and probable reserves, as calculated for the June 1998 feasibility study, stood at 11.