(www.biznow.gy) Gold producer Troy Resources Limited says the Government of Guyana has approved an Investment Development Agreement (IDA) for its Karouni Gold Project in Guyana.

The IDA was signed by Guyana’s Minister of Finance, the Hon. Dr Ashni Singh, on Friday 25 April 2014.

Execution of this IDA allows the Company’s Guyanese operating subsidiaries to import duty and tax free the majority of the capital equipment required to be sourced offshore for the Karouni Project, as well as goods required to support its ongoing exploration program.

The first major item to be imported under the IDA is the 3.2MW grinding mill plus ancillary equipment which is scheduled to arrive in Guyana in mid-May.

Troy acknowledges the continuing strong support and commitment of the Government of Guyana and its agencies in its efforts to fast track the development of the Karouni Gold Project.

Commenting on the news, Managing Director Paul Benson said, “We are extremely pleased to have signed this agreement, which Troy required to enable it to make the investment in the new Karouni gold mine. With funding in place and all major long lead items ordered, the Company is confident that Karouni will be the first of the new large gold mines coming into production in Guyana over coming years. Karouni will have a major beneficial impact on the economy of Guyana through the creation of jobs and payments of taxes and royalties. In particular, we would like to acknowledge the very strong support received to date from the Government of Guyana and the different agencies and look forward to their continued assistance in bringing the mine into early production.”