HGM.L Regulatory News (HGM)

15 Feb 2006 07:07

Highland Gold Mining Limited15 February 2006 Barrick Gold - Exercise of Participation Rights Moscow, 15 February 2006 - Highland Gold Mining Limited is pleased to announcethat Barrick Gold has exercised its rights to acquire a 50% interest in threerecently acquired mineral licences. These rights were granted to Barrick Goldpursuant to the January 2004 Participation Agreement between the two companiesand cover the Belaya Gora and Sovinoye exploration projects as well as the BaleyZIF-1 tailings. Planning is now underway for the 2006 exploration of the Belaya Gora andSovinoye projects. Further details of the planned activities will be announcedonce the programs have been finalised and approved by Highland and Barrick Gold.The Baley ZIF-1 tailings deposit will now be incorporated into the existingTaseevskoye Joint Venture. Commenting on today's announcement Ivan Koulakov, Deputy Chairman, said: "These new partnerships with Barrick in earlier stage exploration projects buildon our existing relationship in the Tassevskoye Joint Venture. We are verypleased and fortunate to have the benefit of such an experienced partner andlook forward to an active season of exploration." About Highland Gold Highland Gold is a Russian focused, intermediate gold producer with twooperating mines and 3 advanced projects progressing to the feasibility studystage. Highland Gold shares are quoted under the symbol HGM.L on the AlternativeInvestment Market (AIM) of the London Stock Exchange. Barrick Gold is theCompany's largest shareholder, holding a 20% equity stake. For further information please contact: Enquiries: London: +44 (0) 207 851 6400 Moscow: +7 (495) 777 5529 E-mail: info@highlandgold.com Henry Horne, Managing Director Dmitry Yakushkin, Director of Communications Grant Sinitsin, Director of Investor Relations This information is provided by RNS The company news service from the London Stock Exchange