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Thursday, 5th February 2009 (1577 views)

Highland Gold Mining has announced its production results for the second half of 2008 and has stated that it is continuing with its efficiency and cost reduction measures.

The company reported that its Mnogovershinnoye (MNV) property produced 90,002 ounces of gold over the last six months of the year, bringing annual production for 2008 to 158,885 ounces and within the forecasted range.

All works planned at its exploration sites for 2008 were accomplished and Highland Gold is maintaining its "cautious approach to expenditure" at present, having delayed the commissioning of the Novoshirokinskoye mine and slowed down the development of its Mayskoye and Taseevskoye projects.

However, Duncan Baxter, the firm's chairman, stated that he would like to note that "the recent recovery of the gold price is encouraging and the board continues to keep a close eye on potential acquisitions of producing assets".

Gold producer Highland Gold Mining is based in Jersey and is focused on the acquisition and development of gold mining projects in Russia and central Asia.

 

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