The two projects are a joint venture between Panax and Kentor Gold Limited (KGL).
The request for formal project proposals to be submitted follows the original expressions of interest that were lodged with the Geofund in December 2008 as well as recent meetings between Panax Geothermal and World Bank Officials in Istanbul.
The Inylchek geothermal exploration project in Eastern Kyrgyz Republic includes the drilling of two 500 meters (m) holes and two 2,000m wells. The expression of interest as lodged was for a grant of between $3.5 to $4 million; and the Tajikistan general geothermal exploration programme includes the drilling of a 2,000m deep exploration well. The expression of interest as lodged was for a grant of $2 million.
The request for formal project proposals to be submitted follows the original expressions of interest that were lodged with the Geofund in December 2008 as well as recent meetings between Panax Geothermal and World Bank Officials in Istanbul.
A key aspect of the project proposals to be submitted relate to the ability of Panax Geothermal to demonstrate the full support of the Government in the development of the proposed project. Panax Geothermal is making solid progress in this area, particularly in respect of the Inylchek geothermal exploration project in Kyrgyz Republic where formal title to the area has been granted.
The expression of interest lodged for the Puga project in India was noted and as expected by the company not considered at this time as India is currently not included in the current Geofund scheme.
