Highland Gold Mining Limited New Exploration Licence Near MNV (6279W)
August 02 2018 - 4:19AM
UK Regulatory
TIDMHGM
RNS Number : 6279W
Highland Gold Mining Limited
02 August 2018
HIGHLAND GOLD MINING LIMITED
New Exploration Licence Near MNV
02 August 2018
Highland Gold Mining Limited ("Highland Gold" or the "Company",
AIM: HGM) is pleased to announce that it has received a new
exploration licence for the Vilkinskaya zone, a greenfield site
adjacent to the Company's existing licences for Mnogovershinnoye
(MNV).
Vilkinskaya is located to the northeast of MNV and covers a
territory of 33 square kilometres. Potential mineralisation has
already been identified at the site. The licence was granted to
Mnogovershinnoe LLC by Russia's Far East Federal District Subsoil
Use Department for a period of seven years.
In addition to the main MNV licence, the Company already holds
licences for the Western and North-Western Flanks, as well as the
Lower Horizons below current underground operations. Last year, the
Company received two more greenfield licences for the neighbouring
Zamanchivaya and Kulibinskaya zones.
MNV has been the focus of an extensive programme of near-mine
exploration and reserve recalculation over the past three years.
These efforts, which are ongoing, have already resulted in an
extension of the life of mine as well as an updated mineral
resource and ore reserve statement published last year.
A new JORC-compliant reserve estimate for MNV, taking into
account recent exploration results, is currently in progress and is
due to be published in Q3 2018. The updated reserve report is
expected to further extend MNV's life of mine beyond the previous
estimate of 2022.
FOR FURTHER INFORMATION PLEASE CONTACT:
Highland Gold Mining Ltd. John Mann, Head of Communications
+ 7 495 424 95 21
Duncan Baxter, Non-Executive Director
+ 44 (0) 1534 814 202
Numis Securities Limited John Prior, James Black, Paul Gillam
(Nominated Adviser and Joint Broker) +44 (0) 207 260 1000
BMO Capital Markets Jeffrey Couch, Neil Haycock, Pascal Lussier Duquette
(Joint Broker) +44 (0) 207 236 1010
Peat & Co Charlie Peat
(Joint Broker) +44 (0) 207 104 2334
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END
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