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Tuesday, 18th December 2007 (2723 views)

A production target of 150,000 ounces of gold set earlier this year by Highland Gold is likely to be reached, it has been announced.

Better-than-anticipated ore grades in the firm's Mnogovershinnoe mine have been complemented by improved milling performance to achieve the output, Hemscott reports.

Particularly, higher-than-expected ounce production has been seen in both November and December this year, the company asserts.

In recent positive news from the mining firm, a feasibility study on the Mayskoye project is on track for conclusion before the end of the year and operations could potentially begin before the end of 2010.

And earlier this month, Highland Gold announced that it had secured funding from Millhouse LLC, which the firm suggested would enable it to continue with a "very active development programme" at a variety of "key sites".

It stated that the deal not only provided a relationship with a shareholder with "notable standing" in Russia but also supplemented its relationship with Barrick.

 

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