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GV Gold paid for Svetlovskoye Ore Field ahead of schedule

GV Gold (Vysochaishy, PJSC) obtained the license granting the right to use the subsurface plot of the Svetlovskoye Ore Field located in the Bodaibo Area. The Company made a one-off payment for the subsurface exploitation in the amount of RUB 697.444 million ahead of the schedule.

The Svetlovskoye Ore Field’s total prognostic resources of the P1 category are estimated at 61 t, of the P2 category — at 59 t. The average grade is c. 2g/t. The site has an area of 40 km2. The license is valid for 25 years.

In 2019, GV Gold plans to commence the large scale exploration for further appraisal of the asset, drafting of the cutoff grade estimation report and registration of the reserves on the state balance.

Company profile

GV Gold (Vysochaishy, PJSC) is one of largest and fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2017, the Company produced 225 koz of gold, becoming the 7th largest gold miner in Russia. In 2018, the Company expects to produce 280-300 koz of gold.

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