HGM.L Regulatory News (HGM)

24 Oct 2007 12:00

Highland Gold Mining Limited24 October 2007 Highland Gold Mining Limited CLOSING OF THE SALE OF THE DARASUN MINES October 24, 2007 Following on from the announcement made on 8 August 2007 and after further finalnegotiations, Highland Gold Mining Limited ("Highland Gold" or the "Company") ispleased to announce that it has now completed the sale of its 100% share in OOODarasunsky Rudnik, owner of the Darasun, Teremky and Talatui mines in the ChitaRegion, Russia, for total cash proceeds of US$15mln and retention of certainmining equipment that will be used elsewhere within the Highland Goldoperations. US$3mln of the proceeds have been received and US$7mln should to bepaid by the end of 2007 and US$5mln by the end of the first quarter 2008. Theshareholders of the purchaser have issued a guarantee to Highland Gold to securethe outstanding payment obligations. - ENDS - For further informationplease contact: Henry Horne, Managing Director Dmitry Yakushkin, Director of Communications Moscow: + 7 (495) 777 31 55 Dominic Palmer-Tomkinson, Head of Investor Relations London: +44 20 7239 0149 or, Fin Public Relations, Alex Glover on +44 20 7608 2280 Michael Wentworth-Stanley, JPMorgan Cazenove (Nominated Adviser) +44 (0) 207 588 2828 This information is provided by RNS The company news service from the London Stock Exchange