Timiș negotiated with the Romanian state and, in 1996, they signed a contract with state-owned Regia Autonomă a Cuprului Deva for the creation of a joint venture (Eurogold Resources) for the exploitation of auriferous residues from previous exploitations [REF].
In 2000, RMGC paid $20 million for a pre-feasibility study (done by American company Pincock Allen & Holt[REF]) which resulted in an estimate of 8 million ounces of gold [REF].