Mumbai, June 15 -- In 2015, the company's subsidiary Deccan Exploration Services had been granted the mining lease for the Ganajur gold project. The said project holds an estimated 3.08 lakh ounces of gold resources.

The Ganajur-Karajgi PL block comprises the highly rated Ganajur Main gold deposit and several satellite prospects such as Ganajur SE, Karajgi Main, Karajgi East, Ganajur South, Ganajur Central and Karajgi Hut, hosting gold materialisation in banded iron formations.

The Indian government made amendments to its mining laws (MMDR Act) back in 2015. This put many older mining applications into a legal deadlock. Deccan Gold Mines' subsidiary had applied for a lease before these changes took place.

In a regulatory filing made du...