This is first time Romania grants a mining license without the involvement of a state-owned enterprise.

Carpathian’s stock soared on the news. It was up 200% to 0.0150 at 11:00 am ET.

The Toronto based company, through its wholly-owned subsidiary, Samax Romania S.R.L., will now work on updating the Preliminary Economic Assessment of 2010, to provide revised project costs and evaluate scalability options, Carpathian said in a statement.

The Rovina License lies within the Metalliferi Mountains, in the southern part of the Apuseni Mountains, in the area known as the Golden Quadrilateral, one of Europe’s most prolific mining districts for over 2,000 years.