(Alliance News) - Highland Gold Mining Ltd on Tuesday said its subsidiary AO Mnogovershinnoye has received an exploration licence for the Krasnaya Gorka deposit.
The AIM-listed gold producer said that the deposit is a greenfield site located in the Nikolaevsk district of Russia's Khabarovsk region.
The licence was issued for a period of seven years by the Far Eastern District Department for subsoil use, Highland Gold said.
According to the licence, Krasnaya Gorka contains resources of gold, silver, lead, zinc, copper and molybdenum that will need to be confirmed and updated by Highland Gold's geologists.
Highland Gold intends to prepare an exploration programme "over the course of this year" and carry out preliminary preparations for the work, which is expected to begin in 2021.
The stock was trading 7.8% lower in London on Tuesday at 158.10 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.