Highland Gold Cleared to Proceed with Kekura Development
Highland Gold Mining Limited ("Highland Gold" or the "Company", AIM: HGM) is pleased to announce that it has received clearance from the government of the Russian Federation for development of the Kekura gold deposit, in accordance with mining legislation that covers mineral deposits of "federal significance".
By virtue of its size, Kekura is designated under law as federally significant, thereby requiring the Company to apply for special dispensation to begin mining at the site. This permit is in addition to the standard exploration and mining licences already held by the Company for Kekura and the surrounding Stadukhinsky ore zone.
Kekura, located in the Chukotka region in Russia's Far East, is the Company's flagship development project with estimated JORC-compliant reserves of 1.7 million ounces of gold. Substantial exploration work and technical studies have already been completed at the site to date, along with initial infrastructure and building construction. A definitive feasibility study is currently in development and scheduled for completion this autumn, with a view towards beginning commercial production in 2020.
FOR FURTHER INFORMATION PLEASE CONTACT:
|Highland Gold||John Mann, Head of Communications
+ 7 495 424 95 21
Duncan Baxter, Non-Executive Director
+ 44 (0) 1534 814 202
|Numis Securities Limited
(Nominated Adviser and Broker)
|John Prior, James Black
+44 (0) 207 260 1000
|Peat & Co
+44 (0) 207 104 2334