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Monday, 28th February 2005 (4187 views)

Highland Gold Mining has announced it has won the production rights and exploration license for the Sredne-Golgotayskoye deposit.<br/><br/>The Russian gold producer offered a bid of $377,300 and will now be able to begin work on the 4.5 sq km site, located in the Chita region of Russia.<br/><br/>The license will run for a ten-year period and the company is confident of good results subject to further exploration and feasibility studies.<br/><br/>Dmitry Korobov, Highland's managing director, told Interactive Investor: "Should development prove feasible, the opportunity to share a processing plant and infrastructure with our neighbouring Taseevskoye project would provide enhanced economics for both projects."<br/><br/>As part of Highland's partnership agreement with Barrick Gold, Barrick will have the option to take part in up to 50 per cent of this acquisition.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7909173"/>

 

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