Canadian mineral exploration company Zarcan International Resources Inc. has recently approved an amendment to a $135,000 loan, offered by a company under the control of one of Zarcan’s directors in late October, raising the principal amount to $300,000.
All other terms and conditions of the loan remain unchanged. The proceeds of the loan will be used by Zarcan to fund the continued development of its mineral projects in Iran and for working capital.
In June 2002, Zarcan was granted exploration licenses by the Iranian Ministry of Industries and Mines for 10 concession areas located in the Province of Sistan va Baluchestan in southeastern Iran. The concessions, each about 40 square kilometers, were selected after three years of regional mapping by geologists of Zarcan Minerals Inc., the company's wholly owned subsidiary.
Headquartered in Vancouver, British Columbia, Zarcan, has with interests in properties located primarily in Iran and Brazil. The company aims to identify low-cost mining projects internationally and acquire advanced stage projects predominantly in the precious and base metal sectors. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
