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GV Gold Won Ergelyakh in Yakutia

On March 05, 2019, the Taryn business unit of GV Gold (Vysochaishy, PJSC), won the auction for geological surveying, exploration and production of hardrock gold within the Ergelyakh prospect.

The Ergelyakh prospect is located in the Oimyakon Area of the Republic of Sakha (Yakutia), in 30 km from Drazhnoye deposit of the Taryn Plant. The license’s area is 69.1 sq.km. The P1 category prognostic resources of gold are estimated at 0.12 t, of the P2 category – 0.6 t, of the P3 category – 9.3 t.

Taryn Mine is one of the leading gold mining enterprises in the Republic of Sakha (Yakutia). In 2018, the enterprise produced 93.0 koz of gold. The company carries out active exploration of the Taryn ore field aimed at the expansion of the enterprise’s mineral resource base. After the license is granted, the Ergelyakh prospect would serve an excellent addition to the exploration assets portfolio of the Taryn business unit.

Company Profile

GV Gold (Vysochaishy, PJSC) is one of the largest and fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2018, the Company produced 304 koz of gold. For the second year in a row, the Company demonstrates a double-digit growth of production, unprecedented in the industry. Compared to 2016, it practically doubled this index.

Its key operating assets are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 8 Mtpa of ore and holds 20 mining and exploration licenses. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 4.4 Moz and 7.0 Moz, respectively.

The Company adheres to high corporate governance standards and has a transparent ownership structure, with BlackRock among its shareholders (17.99%).

For further information, please visit http://gvgold.ru