Recent legislative changes in Bosnia have proven positive for Terra Balcanica Resources (CSE: TERA). Recent changes, which became law on Friday, extend the exploration period permitted for junior mining firms.
Under prior legislation, concessions were allowed a maximum of 4.5 years of exploration activities before converting to mining concessions. Inherently, this meant that a measured and indicated resource was mandated to be developed within that short time span, if explorers wished to continue to develop the project.
Under the new Mineral Exploration Act legislation, specifically within the Republic of Srpska, explorers are now eligible to expand exploration concessions twice as they continue to develop the property, for a maximum of eight years. Initial concessions are granted for a three year period, followed by potential renewals of three and two years, respectively.
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“The newly enacted regime on exploration of mineral resources in the Republic of Srpska is a positive development for the legislative mining framework in Bosnia and Herzegovina benefitting Terra Balcanica. The total extended mineral concession term of 8 years ensures that companies are afforded sufficient time to drill prospective targets prior to advancing into the mineral resource stage. The Republic of Srpska in Bosnia has many areas of highly fertile exploration ground where Terra Balcanica covers 216 km2 at its flagship Viogor-Zanik project,” commented Terra Balcanica CEO Dr Aleksandar Miskovic.
In addition to the positive legislative developments, the company also indicated that has completed a total of 205 metres of trenching at the Brezani target at its flagship Viogor-Zanik polymetallic project. Drilling has also commenced, under a planned 3,500 diamond drilling program, which is focused on high-grade silver-gold-lead-zinc prospects.
Terra Balcanica last traded at $0.05 on the CSE.
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