News and Press-releases

GV Gold Increased the Taryn Mine Reserves to 50 t

On October 24, the Federal Subsurface Management Agency Rosnedra approved a positive resolution of the State Reserves Committee GKZ expert examination of the Drazhnoye deposit cutoff grade estimation report and the reserves calculation.

As at 01.01.2019, the C1+C2 category balance reserves of the Drazhnoye deposit increased by 30% to 49.8 t of gold at the average grade of 2.86 g/t.

In 2020-2023, within the framework of the complex exploration program, the Company will carry on geological surveying and follow-up exploration of the Drazhnoye deposit. The purpose of the program is the establishment of the mineral resource base for implementation of the second stage of the Taryn Mine. At the same time it will carry out the advance metallurgical sampling for specification of the recovery, and the geomechanical survey of stability of the walls of the designed open pits Peresheek, Promezhutochny, Terrasovy and Severny.

An approval of the reserves is the result of large scale exploration program of GV Gold held in 2016-2019 in the scope of 168,000 line m.

Produced results secure the Company’s sustainable development for the next few years. The Company expects to achieve the gold production of 10 t by 2021.

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.

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%).

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