News and Press-releases

GV Gold (Vysochaishy, OJSC) approved the cutoff grade estimation report and the Ugakhan deposit reserves

GV Gold (Vysochaishy, OJSC) upheld the cutoff grade estimation report and approved the Ugakhan deposit reserves at the Federal Budgetary Institution “State Reserves Committee”. The Ugakhan deposit is located in the Bodaibo Area of the Irkutsk Region, at the distance of 23 km from the Golets Vysochaishy deposit.

Over the period of three years from the license granting date, GV Gold completed a full complex of exploration operations within the Ugakhan deposit and prepared it to the commercial development having upheld the cutoff grade estimation report with the reserves calculation.

In accordance with the State Reserves Committee Protocol № 3892 dated October 24, 2014, the approved Ugakhan deposit reserves amount to 31.83 Mt of ore and 49.02 t (1 576 koz) of gold at the average grade 1.54 g/t. The Company practically tripled the tonnage of the deposit reserves in comparison with the prognostic resources (Р1 + Р2) of 16 t (514 koz) of gold as at 2010. The scope of drilling operations made c. 44 km.

The Company plans to commence commercial development of the deposit as early as in 2016, when the first stage of the new mining and processing complex with the capacity of up to 3 Mtpa will be commissioned.