TIDMHGM

RNS Number : 0876H

Highland Gold Mining Limited

05 June 2017

HIGHLAND GOLD MINING LIMITED

05 June 2017

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         John Prior, James Black 
 (Nominated Adviser and Broker)   Paul Gillam 
                                  +44 (0) 207 260 1000 
Peat & Co                        Charlie Peat 
 (Joint Broker)                   +44 (0) 207 104 2334

This information is provided by RNS

The company news service from the London Stock Exchange

END

UPDFIMMTMBBMTMR

(END) Dow Jones Newswires

June 05, 2017 02:00 ET (06:00 GMT)

Highland Gold Mining Ld (LSE:HGM)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Highland Gold Mining Ld Charts.
Highland Gold Mining Ld (LSE:HGM)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Highland Gold Mining Ld Charts.