LONDON (Alliance News) - Highland Gold Mining PLC on Tuesday said it has acquired a licence for exploration and mining rights on the lower portion of the Mnogovershinnoye project in Russia.
Highland said it bought the licence extension at an auction held on October 23 in Khabarovsk for RUB7.8 million, about USD191,000.
Highland said that, in combination with its north-western flank property at Mnogovershinnoye, bought in July, the new acquisition will back its near-mine exploration efforts at the site.
Shares in Highland were up 3.6% to 38.35 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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