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Tuesday, 28th November 2006 (5670 views)

Canadian-based mining comonay High River Gold has announced that it has acquired a key Russian property package.

High River Gold has successfully purchased the Sergachinsky property as well as the relevant exploration and mining license in an auction overseen by the Russian government.

The Sergachinsky site covers an area of 162.7 square kilometres and is located close to High River's Berezitov mine.

Initial findings suggest that the Sergachinsky region has numerous gold deposits and that the property's close location to High River Gold's existing operations will enable significant cost savings during the exploration and mining processes.

It is understood that High River Gold paid an up-front total of $125,000 (£64,200) in order to secure the license, as well as making a commitment to provide further annual payments over the next 208 years.

The company is set to begin a four-year exploration programme that will involve diamond drilling to 3,500 metres as well as channel sampling. Initial estimates suggest that the planned work will cost around $2 million (£1 million).

 

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