The Egyptian Mineral Resources Authority (EMRA) has signed an agreement with Lotus Gold Corporation to explore gold and minerals in three sectors with investments estimated at $2.5 million.

The agreement was signed by the Chairman of EMRA Yasser Ramadan and the Company’s Regional Manager Omar Abdel Nasser, in attendance of the Minister of Petroleum and Mineral Resources Tarek El Molla, the Co-founder, CEO and Director of Lotus Gold Corporation Mike Silver, and the Canadian Ambassador to Egypt Louis Dumas.

Lotus Gold has participated in the first and second rounds of the international gold bid round that was launched in 2020 and it has won seven areas during the first phase. The company has signed agreements for these areas and it delivered them in Q4 of 2021. It has also won three sectors during the second phase for which it signed the current agreement.

Before the signature ceremony, El Molla has met with the company’s delegation to review the situation of working progress in the areas of the first phase.