KIEV, Sept. 2 – U.S. Avellana Gold has acquired a number of companies holding licenses for production and exploration of polymetallic ores in western Ukraine and is negotiating the practical implementation of a project for extraction of metals, the State Service of Geology and Natural Resources said.

"Today we are fully aware of the geological and operational risks of the project, the high demands of local communities as for environmental friendliness, as well as the actual inability to attract long-term debt capital to the country with a pre-default rating," Avellana Gold head and shareholder Brian Savage said.