Thursday, 23rd September 2004 (2497 views)

Highland Gold Mining has announced today that it has been given a licence for production and exploration rights at a gold mine in Russia.

The Taseyevskoye deposit in Russia's Chita Siberian region cost the company $25.5 million, according to Reuters.

Resources at the deposit have been proven to be 32 tonnes of gold, but a feasibility study is to be consulted first which the British firm believes will reveal larger resources.

Highland managing director Ivan Kulakov said: "The price which works out at $15 per resource ounce is an attractive price for an asset with enormous potential in an area where we already have extensive infrastructure."

The main gold asset for the firm in Russia is the Mnogovershinnoye mine in Russia's far east, which produced around six tonnes of gold in 2003.

 

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