Yatkal Prospect is situated along the southern margin of the North Huttti R.P. Block and gold is found in the granites intruding the Hutti volcanic belt. Stream sediment sampling initially drew attention to the area as a possible source of gold anomaly. In several termite mound samples, more than 100 ppb gold, a highly anomalous geochemical value, was noted. This prompted a systematic soil grid geochemical survey involving collection of 819 soil samples at 20 m interval along profiles 40m apart. Gold content of greater than 50 ppb was taken to define the anomaly.
Deccan Gold Mines Limited is a company listed on the Mumbai Stock Exchange and is involved in gold exploration activities in the States of Karnataka, Andhra Pradesh, Rajasthan and Kerala. Rama Mines (Mauritius) Ltd. acquired a majority stake in the company from the promoters of Wimper Trading Limited and followed this acquisition by making an "open offer" to the public, as per the requirements of the Securities Exchange Board of India regulations, in the year 2001.
The name of the company was changed to Deccan Gold Mines Limited on 19 March, 2003. A rights issue to increase the paid up capital of the company to Rs.5 crore was undertaken in the year 2004.
In May 2006, DGML allotted 70 lakh shares at Rs. 15.10 per share to SUN Mining and Exploration Ltd - a Cyprus based company, which is a part of multi-national group of companies with investments in many projects, like energy, oil and gas and core infrastructure projects in India and overseas, with a turn over of about US $2bn per annum. The group of companies are majority owned by the Khemka family who are of Indian origin. Additional details on the SUN Group are available on their websit