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GV Gold Will Commence preparations for the Svetlovsky Mine construction in 2022

The Board of GV Gold (Vysochaishy, PJSC) adopted the resolution to start preparation activities in view of the construction of a new mining enterprise - the Svetlovsky Mine. The first gold is expected to be produced in 2025.

The Svetlovskoye deposit is located in the Bodaibo Area of the Irkutsk Region — at the very heart of the Russia’s gold mining industry and in the area where GV Gold traditionally operates. The distance to Bodaibo is 130 km and to the settlement of Svetly – 10 km. An all-season road will have to be built to access the site of the soon-to-be Svetlovsky Mine and camp. The enterprise will also have to be connected to the federal power supply system.

GV Gold won the bidding for the Svetlovskoye ore field site in 2018. The granted license is valid for 25 years and the site prognostic resources of the P1 category are estimated at 61 t, of the P2 category — at 59 t of gold. For two years since the license was issued, the Company carried out the large-scale geological exploration works and acquired additional licensed areas within the Svetlovskoye ore field, increasing the total area to 214 sq. km.
In 2020, the Company evaluated the Svetlovskoye deposit in compliance with the JORC Code: P&P reserves were estimated at 0.66 Moz of Au, the M, I&I resources — at 1.36 Moz of Au as of 01/01/2021.

In November 2021, the Company, in cooperation with Irgiredmet R&DI commenced the Svetlovskoye Mine Designing. The project features the open pit mining for 11 years, starting in 2022. The life of the mine (LOM) may be extended as a result of geological and exploration works in the promising areas of the Svetlovskoye ore field. The capacity of the Mill will be 3.5 Mtpa of ore with the production of up to 3.1 tpa of Au. The company expects to produce the first gold in 2025 and to attain the design capacity in 2026.

The Svetlovsky Mine construction project is being implemented taking into account the interests of the local communities and is aimed at increasing the number of jobs and improving the quality of life as well as of the social infrastructure of the Bodaibo Area, especially of the settlement of Svetly. About 750 new jobs will be created by the enterprise. The start of the new mine construction will give an impetus to economic growth in the region thanks to the synergistic effect from the participation of a large number of contractors and partners in the project.
For the staff of the Svetlovsky Mine, a modern-day camp will be constructed with all the necessary amenities for comfortable accommodation: Internet connection, a canteen with a shop, a first-aid post. The first dormitory blocks will be ready to move in already in 2022. As part of the project, the Company is going to build 61 km of 110 kV overhead line to 220/110 kV Sukhoi Log substation of FGC UES JSC and 110/6 kV 2x25 MVA substation of the Svetlovsky Mine to ensure uninterrupted power supply to the enterprise.

German Pikhoya, CEO of GV Gold:

 “Over the past five years, GV Gold has constructed and launched two high-quality mining enterprises, having confirmed its status of one of the most dynamically developing gold mining companies in Russia. Today I am pleased to announce that the Board of GV Gold has approved the start of the project implementation to construct a new promising mining enterprise, the Svetlovsky Mine, and next year we are starting the preparation works at the site. This launch will enable us to increase the total ore throughput of the Company Group to 14 Mtpa of ore and the annual gold production to 400 koz. The first “Svetlovskoye” gold will be produced in 2025. Congratulations to the GV Gold team on this new ambitious project and the Company's reaching the next stage of its development."

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 2020, its assets produced 272 koz of gold.

The Company’s 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 10.5 Mtpa of ore and holds 38 mining and exploration licenses.

GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 5.3 Moz and 10.8 Moz, respectively, as of 01/01/2021.