Persian Gold aiming to strike it rich in Iran

Persian Gold has started trading on the London Stock Exchange's Alternative Investment Market today.

Persian Gold was formed in the UK in 2003 specifically to explore for gold in Iran. The group is chaired by Irishman John Teeling.

Prior to its admittance, Persian Gold successfully raised £1m (€1.4m) by placing four million ordinary shares at a price of 25p per share. The placing price values the company at £14m (€20m).

Mr Teeling said: “We are at the start of something which could be really big. We have had excellent assistance from the authorities in Tehran and we could not wish for better local co-operation.

"The aim of Persian Gold is to rekindle this sparkling history by applying modern exploration techniques to this relatively under-explored country.”