Persian Gold has received approval under Iran's Foreign Investment Protection Organization's legislation for repatriating profits on investments made in 2005-7.
The balance of investment is being examined by the organization and the firm expects approval when the necessary documents have been supplied, reported Business Financial Newswire.
Persian Gold also has two outstanding applications for discovery certificates in Iran--one on Chah-e-Zard gold deposit and the other on Dalli copper/gold porphyry deposit near Isfahan. Both projects are optioned from Iranian license holders.
The firm said that while awaiting approvals in Iran, the directors have looked at projects elsewhere and targeted lithium in Bolivia, due to the vast reserves in Lake Uyuni, the good prospects for lithium batteries and their long-term in-country expertise.
While awaiting development on our lithium proposal, we have identified two poly-metallic opportunities in the Potosi region of southern Bolivia. We signed memoranda of understanding on both properties,he said.
Persian Gold directors have been negotiating an oil exploration concession in West Africa, close to recent large discoveries, for the past two years.
The concession has been awarded to a consortium in which it is intended Persian Gold will hold a 30-percent interest. Further details will be announced when Persian Golds participation is finalized.

NGDIR