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Monday, 22nd May 2006 (4418 views)

High River Gold Mines says it has raised funding to ensure it can push through the development of the Berezitovy open pit gold mine in Russia.

Located in the Amurskaya Oblast region of the country, the mine is expected to cost around $88 million.

Project financing has been arranged worth $49 million to complete the construction of the open pit gold mine and processing plant using loans from the European Bank for Reconstruction and Development and two facilities provided by Russian bank NOMOS.

High River said it was "pleased to continue its successful relationship" with the lenders, describing their working relationship as "excellent".

According to the miner significant progress has been made already on the mine's infrastructure, including a powerline stretching for more than 100km to service the site.

Construction of the plant and processing facilities is expected to begin this year.

The mine will add to High River's other main open pit gold mine, the Taparko-Bouroum Project in Burkina Faso.

 

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