The Geological Survey of India and Orissa Mining Corp. have found a rich deposit of platinum in Orissa state, the Times of India reports.

The partners are evaluating the find, which lies in Orissa's Baula-Nuasahi valley. Orissa state is located southwest of Calcutta on the Bay of Bengal coast.

"Our assessment is encouraging, though the evaluation process is still on. The deposits are good," A. Sundaramoorthy, GSI's general director, said.

In addition to platinum, the deposits may contain commercial amounts of rhodium.