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GV Gold (Vysochaishy, OJSC) gets the controlling equity stake in the Krasny project of the Swedish company Kopy Goldfields AB

GV Gold (Vysochaishy, OJSC) and Kopy Goldfields AB signed the shareholders agreement, in accordance with the terms of which the Russian company gets the controlling equity stake (51%) in the Krasny deposit development project in return for financing of the exploration program in the amount of USD 6 million. Besides Kopy Goldfields AB gets the payment of USD 1 million for covering of the current debts, and additional USD 2 million, subject to the results of exploration operations.

It is planned to complete the exploration operations within 18 months, including the time required for preparation and approval of the report, containing the reserves calculation, compliant with the GKZ requirements. It is planned that during the exploration period, the Swedish company will act as the project operator.

Resources of the Krasny deposit, which are located in the vicinity of the main producing assets of the Irkutsk project belonging to GV Gold, are estimated according to the Inferred category at 43 t (1.37 Moz) of gold. About one third of the reserves (down to the depth of 200 m) may be economically mined. GV Gold plans to carry out the accelerated infill exploration and subsequently take the deposit into commercial production.

GV Gold (Vysochaishy, OJSC) is a dynamically-developing private Russian group of gold mining companies which has a high production efficiency level — it is the 8-th largest gold producing company in Russia. GV Gold group produces more than 5.4 t (175.5 koz) of gold p.a. and has the balanced portfolio of mining and exploration assets, comprising 12 license areas in the Irkutsk Region and the Sakha (Yakutia) Republic. The total resource base is 632 t (20.32 Moz). In accordance with the results of 2013 GV Gold earned the net profit of RUB 2.3 billion (RAS). The Company plans to increase the gold production up to 9 t (300 koz) of gold by 2017