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Acquisition

10 Dec 2012 07:00

RNS Number : 0886T
Highland Gold Mining Limited
10 December 2012
 

HIGHLAND GOLD ACQUIRES THE WESTERN FLANK EXPLORATION PROPERTY ADJACENT TO MNOGOVERSHINNOYE MINE

 

10 December 2012 - Highland Gold Mining Limited ("Highland Gold" or the "Company") announces the acquisition of a license for exploration and mining rights for the Western Flank, a 3.9 km² property immediately adjacent to the Company's existing Mnogovershinnoye (MNV) mine operations. The acquisition resulted from an open auction held on 6 December in the regional capital of Khabarovsk for a bid price of 8.690 million roubles (ca. US$ 280,322). This new license area includes the highly prospective Chaynoye zone which has good potential to deliver new resources at MNV.

 

The Chaynoye prospect is approximately 1,000 metres in length and varies from 40 to 150 metres in width. It is situated in a favourable structural setting near the intersection of two major faults immediately northwest and adjacent to the current MNV license area. Chaynoye was partially explored in the past and has a historical reported prognostic resource of 3.5 tonnes (112,500 oz) of gold. Gold mineralisation is hosted within zones of quartz and quartz-carbonate veins and veinlets as well as within areas of quartz-sericite altered and silicified volcanic rock. Explored vein widths range between 0.3 to 3.0 metres for up to 115 metres along strike and reported historic gold grades as high as 207 g/t.

 

An aggressive trenching and drilling programme is being designed for 2013 in order to upgrade the resource potential of Chaynoye for future exploitation via the Company's operations at MNV.

 

This acquisition underpins the Company's continued focus on its near-mine exploration efforts at MNV with a goal of verifying and further increasing the known near mine mineralised prospects thereby adding value to the ongoing operations.

 

Mr. Werner Klemens, Head of Exploration at Highland Gold has reviewed and verified the information contained in this release with respect to drilling and resource / reserve matters. Mr. Klemens holds a Ph.D. in Geology from the University of Toronto, has over 15 years of experience in mineral exploration and is a fellow of the Geological Association of Canada. A rigorous quality assurance programme complying with international standards is in effect at all exploration projects and includes duplicate sampling, insertion of standards and check assaying at external laboratories.

 

 

For further information please contact:

 

Highland Gold Dmitry Yakushkin, Head of Communications

+ 7 495 424 95 21

Duncan Baxter, Non-Executive Director

+ 44 (0) 1534 814 202

 

Numis Securities Limited

(Nominated Adviser and Joint Broker)

 

Alastair Stratton / Stuart Skinner, Nominated Adviser

+44 (0) 207 260 1000

James Black, Corporate Broking

+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
 
 
ACQUWVNRUVAURAA
Date   Source Headline
10th Aug 202011:51 amRNSForm 8.5 (EPT/NON-RI)
10th Aug 202010:28 amBUSFORM 8.3 - HIGHLAND GOLD MINING LTD
10th Aug 20209:22 amRNSForm 8.5 (EPT/RI)
10th Aug 20207:00 amRNSForm 8.3 - Highland Gold Mining Limited
10th Aug 20207:00 amBUSForm 8.3 - Highland Gold Mining Limited
7th Aug 202011:58 amBUSForm 8.3 - HIGHLAND GOLD MINING LTD
7th Aug 202010:09 amRNSForm 8.5 (EPT/NON-RI)
7th Aug 20209:17 amRNSForm 8.5 (EPT/RI)
7th Aug 20209:11 amRNSForm 8.5 (EPT/RI) - Highand Gold Mining Ltd
7th Aug 20207:00 amRNSForm 8 – Opening Position Disclosure - HGM
6th Aug 20203:22 pmBUSForm 8.3 - Highland Gold Mining
6th Aug 202011:25 amPRNForm 8.3 - Highland Gold Mining Ltd
6th Aug 202011:22 amBUSForm 8.3 - Highland Gold Mining Ltd
6th Aug 202011:14 amRNSForm 8.5 (EPT/NON-RI)
6th Aug 20209:31 amRNSForm 8.5 (EPT/RI)
6th Aug 20209:10 amRNSForm 8.5 (EPT/RI) - Highland Gold Mining Ltd
5th Aug 20203:25 pmBUSForm 8.3 - Highland Gold Mining
5th Aug 20202:08 pmRNSForm 8.3 - Highland Gold Mining Limited
5th Aug 202011:29 amGNWForm 8.3 - [Highland Gold Mining Limited] - (HHL)
5th Aug 202011:26 amGNWForm 8.3 - [Highland Gold Mining Limited] - (HHL)
5th Aug 202011:25 amRNSForm 8.3 - Highland Gold Mining Limited
5th Aug 202011:16 amRNSForm 8.5 (EPT/NON-RI)
5th Aug 202011:14 amPRNForm 8.3 - Highland Gold Mining Ltd
5th Aug 202010:40 amBUSForm 8.3 - Highland Gold Mining Ltd
5th Aug 202010:06 amRNSForm 8.5 (EPT/RI)
5th Aug 20207:00 amRNSTR-1: Form for notification of major holdings
4th Aug 20202:09 pmRNSForm 8.3 - Highland Gold Mining Limited
4th Aug 202012:59 pmRNSBMO CML - Form 8.5 (EPT/NON-RI)
4th Aug 202011:17 amBUSForm 8.3 - HIGHLAND GOLD MINING LTD
4th Aug 202010:50 amRNSForm 8.3 - Highland Gold Mining Limited
4th Aug 20209:40 amRNSForm 8.5 (EPT/RI)
4th Aug 20207:00 amBUSForm 8.3 - Highland Gold Mining - Amendment
3rd Aug 20205:01 pmBUSForm 8.3 - Highland Gold Mining
3rd Aug 20204:20 pmRNSForm 8.3 - [Highland Gold Mining LTD]
3rd Aug 20204:06 pmRNSForm 8.3 - Highland Gold Mining Ltd
3rd Aug 20203:41 pmRNSTR-1: Form for notification of major holdings
3rd Aug 20202:49 pmRNSForm 8.3 - Offer for Highland Gold Mining Limited
3rd Aug 202012:22 pmPRNForm 8 (DD) - Highland Gold Mining Ltd
3rd Aug 202012:15 pmPRNForm 8 (OPD) - Highland Gold Mining Ltd
3rd Aug 202012:12 pmRNSForm 8.3 - Highland Gold Mining Limited
3rd Aug 202012:08 pmRNSBMO CML - Form 8.5 (EPT/NON-RI)
3rd Aug 202011:59 amRNSForm 8.3 - HIGHLAND GOLD MINING LIMITED
3rd Aug 202011:06 amRNSForm 8.3 - Highland Gold Mining Limited
3rd Aug 202010:57 amGNWForm 8.3 - [Highland Gold Mining Limited] - (HHL)
3rd Aug 202010:53 amGNWDimensional Fund Advisors Ltd. : Form 8.3 - Highland Gold Mining Ltd - Ordinary Shares
3rd Aug 20209:34 amRNSForm 8.5 (EPT/RI)
31st Jul 20204:16 pmRNSForm 8.3 - [Highland Gold Mining Ltd]
31st Jul 20204:00 pmRNSDirector/PDMR Shareholding
31st Jul 202012:28 pmRNSResults of Annual General Meeting
31st Jul 20207:00 amRNSRECOMMENDED PRE-CONDITIONAL MANDATORY CASH OFFER

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