Friday, 3rd June 2005 (2536 views)

Mining group Peter Hambro has announced that its 65 per cent joint venture, Omchak, has been successful in the auction of the combined exploration and mining licence for the Verkhne-Alliinskiy gold property in the Chita Region of Russia.

The Peter Hambro Group operates in the Amur region of southeast Russia, on the Russo-Chinese border, and is the third-largest taxpayer in the region.

The company increased its stake from 50 per cent to 65 per cent in the Omchak assets in April of last year.

Omchak paid RuR 60 million (£1.2 million) for the licence and is located 30 km east of the town of Baley in the Chita Oblast, Russia.

The licensed area covers 15.6 km square and is estimated to contain gold reserves and resources of 76,000 oz and 593,000 oz in Russian categories C1 and C2 respectively and silver reserves of 138,000 oz and 752,000 oz in Russian categories C1 and C2 respectively.

 

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