News and Press-releases

Krasny Project Status

GV Gold (Vysochaishy, PJSC) received an offer from Kopy Goldfields for acquisition of the stake (49%) in the Krasny joint project held by KOPY for USD 19.2 M or for sale of the majority stake (51%) held by GV Gold for USD 20 M. 

GV Gold believes that the valuation of the partner’s stake being offered for the sale is overestimated due to the fact that the asset is underexplored and will require not less than USD 14 M for further exploration, metallurgical studies and survey operations in the next two years. Besides, the price proposed by the partner does not reflect a minority status of KOPY in the project.

GV Gold has a successful track record of development of the assets in the region and sees the potential for efficient exploitation of the Krasny deposit provided that the gold prices remain on the current level and the asset’s reserves are upgraded to higher categories at due financing of the project.  

Mineral resources of the asset require further exploration for confirmation of the reserves. Today, the tonnage of explored reserves totals 9 t of gold at the average grade of c. 1 g/t, which is insufficient for commencement of the operations on preparation of the asset to commercial 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 2019, its assets produced 260 koz of gold.

GV Gold’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 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%).