3rd Apr 2019 10:57
LONDON (Alliance News) - Trans-Siberian Gold PLC said Wednesday it has won a licence auction for the Rodnikova deposit located in Kamchatka, Russia.
The Russia-focused gold producer's subsidiary ZAO Trevozhnoe Zarevo submitted the highest bid in the auction for the licence at USD3 million, of which USD2.7 million has been prepaid.
The auction was held on Thursday last week by the Russia Federal Agency for Subsoil Use, also known as Rosendra. The agency is expected to confirm the award and issue the licence in May.
Should the licence be awarded, Trans-Siberian Gold will have the exclusive right to conduct exploration and development work over an area of 22 square kilometres for 20 years.
The Rodnikova deposit is a high grade gold-silver deposit and located 50 kilometres from Trans-Siberian Gold's operating Asacha Gold mine.
The deposit has a GKZ Russian classified resource of 1 million ounces at 5.3 grams per tonne of gold and 8.0 million ounces of 44.6 grams per tonne of silver.
Shares in Trans-Siberian Gold were up 0.9% at 54.00 pence each on Wednesday.
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