Released: 16 Sep 2003
The Board of Highland Gold announces that it has today secured the freehold title for certain fixed assets at its principal operating mine, MNV, in a competitive auction conducted by the Khabarovsk Administration.
Peter Daresbury, Chairman, Highland Gold, said:
"This is a successful outcome for shareholders. The purchase price of Roubles 818 million (US$26.7m) has secured the assets at fair value. The management team has achieved a successful conclusion to the auction while sustaining uninterrupted production from the MNV mine.
"Highland Gold now owns 100% of the assets at MNV and the Board looks forward to developing MNV's presence in Khabarovsk and sustaining its contribution to the local community."
|Highland Gold||Peter Daresbury||+44 (0) 20 7409 5631|
|Brunswick||Patrick Handley / Alison Howard / Mark Antelme||+44 (0) 20 7404 5959|