On June 30, 2014 he annual general meeting of GV Gold (Vysochaishy, OJSC) shareholders took place
On April 2, 2014 “SAKHA Gold Mining”, CJSC, a subsidiary of GV Gold (Vysochaishy, OJSC), managing the Yakutia assets of the Company, was granted the subsurface use license for the deposit located along Sorevnovanie Stream and its tributaries — streams Vecherny, Zeleny, Gornyak, Pervy. The right to use the subsurface is granted for the purposes of exploration and production of placer gold for the period of 7 years.
Sorevnovanie Stream placer gold deposit and its tributaries, streams Vecherny, Zeleny, Gornyak, Pervy, is located in Adychansky gold-bearing province. In the administrative respect the area represents a part of the Municipal Entity “Verkhoyansky Area”. The deposit is located 150 km to the Southeast of Batagai settlement and 18 km to the Southeast of Lazo settlement, where the camp of the former Adychansky placer mine was located. The license site’s area is 10.45 km2.
As of 01.01.2013 the C1+C2 category balance reserves of the deposit minable with the open pit mining method and registered on the state balance amount to 146 kg of gold. Sakha (Yakutia) Republic’s balance of perspective gold-bearing properties registered the P1 category resources of 76 kg of gold.
In October 2012 GV Gold (Vysochaishy, OJSC) acquired a license for Drazhnoye deposit and last year it won an auction for the right to use the subsurface within Central Part of the Taryn Ore Field. The license for the right to use the subsurface of the Sorevnovanie Stream deposit broadens the prospects of the project on establishment of a major mining asset of the Company within Sakha (Yakutia) Republic and expands Yakutia project resource base.