Mayskoye Licence

10 Oct 2007 14:30

Highland Gold Mining Limited10 October 2007 News Release Highland Gold Mining Limited, licence for the Mayskoye project successfullyextended. 10 October 2007. Highland Gold Mining Limited ("Highland Gold", or the "Company") is pleased toannounce the extension of the terms of the operating licence for its Mayskoyeproject located in the Chukotka region. As was previously announced, the Company, in accordance with the establishedprocedure, had submitted all the necessary documents required for the extensionof the licence to Rosnedra, the agency in charge of issuing, extending andrevoking the subsoil licences. Having studied the submitted documents as well asthe flawless results of two Rosprirodnadzor inspections conducted at the site in2006 and 2007 and the letter in favour of the extension issued by the Chukotkaregional authorities, Rosnedra has given its official approval for theextension. The revised clause in the licence agreement now requires that themine should be commissioned no later than 2010. Henry Horne, Managing Director said: "We are delighted with this decision. Since2004 we have invested more than US$100 million in the Mayskoye project and onceagain confirm our commitment to develop the Mayskoye project in order tocommission it in 2010. We will continue to demonstrate our strong support to theChukotka region and its people. We are satisfied that the licence extensionprocess has come to a positive conclusion." For further information please contact: Henry Horne, Managing Director Dmitry Yakushkin, Director of Communications+7 (495) 777 3155 Alex Glover, WMC Communications,+44 (0) 207 930 9030 Michael Wentworth-Stanley, JPMorgan Cazenove (Nominated Adviser)+44 (0) 207 588 2828 Dominic Palmer-Tomkinson, Smith's Corporate Advisory+44 (0) 207 239 0149 This information is provided by RNS The company news service from the London Stock Exchange