Highland Gold Receives New Exploration Licences Adjacent to MNV
Highland Gold Mining Limited ("Highland Gold" or the "Company", AIM: HGM) is pleased to announce that it has received exploration licences for two greenfield sites adjacent to the existing licence areas for the Mnogovershinnoye mine (MNV).
The Kulibinskaya licence area, located to the south west of MNV, covers a territory of 38 square kilometres, while the Zamanchivaya area includes 4.2 sq. km to the north east of MNV. The licences were granted to Mnogovershinnoye LLC by Russia's Far East Federal District Subsoil Use Department for a period of seven years.
Potential mineralisation was previously identified in both of the licence areas, suggesting that they may represent continuations of MNV’s geological structure. Zamanchivaya is located directly adjacent to the Pebble ore body, one of MNV's existing open pits.
The Company has set aside a budget of US$ 1 million for preliminary prospecting work at these sites in 2017, including US$ 200,000 for exploratory drilling, which will assist in developing more detailed exploration plans for next year. The purpose of this exploration is to potentially add gold resources to MNV’s operations.
In addition to the central MNV licence, the Company already holds licences for the Western and North-Western Flanks, and the Lower Horizons of the central licence. MNV has been the focus of extensive programmes for near-mine exploration and reserve recalculation in recent years. These efforts, which are ongoing, have already resulted in the extension of MNV's life of mine to 2022, as well as the updated mineral resource and ore reserve statement published earlier this month.
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