Monday, 5th July 2004 (2653 views)

Highland Gold Mining Ltd has announced that production rose eight per cent during the first half of this year.

In a trading statement, the firm reported it was well on the way to meeting its full-year output target of 235,000 ounces. Highland also predicts that producing and development assets are on track for 345,000 oz in 2005.

First-half production climbed to 96,986 oz from 90,133 oz in the six months to June 30th, compared with the same period in 2003.

Highland also revealed that it had been awarded exploration licences for two ore fields - Bystrinskoye and Lubavinskoye, in Russia's Chita Region. The two exploration licences, which will shortly be issued to Highland Gold without charge, are subject to 50 per cent back-in rights by Barrick Gold under the existing participation agreement.

"Moving into exploration will provide another way that we can grow the business and we are excited about the potential production opportunities exploration licences could now lead to, not only in the Chita region but across Russia and the former Soviet Union," managing director Ivan Koulakov explained.

Highland Gold Mining is currently in talks with banks on financing options and has also filed registration with Russia's Federal Commission for the Securities Market to issue bonds for up to 750 million roubles.

 

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