They say every cloud has a silver lining, but when it comes to the global economic crisis, it might be golden.

At least this could be the case in Cyprus, where gold mining may soon become viable for the first time since the thirties, after gold prices reached an all time high of €34 per gram on the international markets.

The rush to find gold and other valuable metals is now well underway, after the government's mining authority issued 55 permits to several mining firms to test locations in and around the Troodos Mountains.

According to Canadian firm Northern Lion, which began searching for gold in Troodos in January 2010, ‘significant' amounts of gold - and other valuable metals - have already been found in one site.

For example, in September 2010 one sample showed 50 grams of gold per tonne of ore at the Anglisides site, and since February the firm has been drilling at Pitha and Anglisides in the Larnaca district to build a clearer picture of the exact amount of deposits.

The company has also received approval from the government to search in Limni, Asproyia in the Paphos district, and they have two permits for the Klirou area, covering 0.83 square km. Five more permits cover around 20.75 square km adjacent to these areas.