License for the Golets Vysochaishy Deposit is Extended until 2026
GV Gold (Vysochaishy, PJSC), together with its subsidiaries (hereinafter referred to as “GV Gold” or the “Company”), one of the largest and fastest growing gold mining businesses of Russia, announces the extension of the license for exploration and mining of minerals within the Golets Vysochaishy deposit until 2026, approved with the Federal Subsurface Resources Management Agency Rosnedra on January 14, 2021.
In April 2020, the Company received a positive expert opinion of the State Reserves Committee GKZ and the approval of the Federal Subsurface Resources Management Agency Rosnedra for the Golets Vysochaishy gold deposit cutoff grade estimation report and reserves calculation. The C1+C2 category balance reserves as of January 01, 2020 are increased almost tenfold to 22.8 t of gold. The Federal Subsurface Resources Management Agency Rosnedra also approved the mining schedule until 2026 as a part of the deposit development technical design.
The Golets Vysochaishy deposit is the first gold mining asset of GV Gold in the Bodaibo District of the Irkutsk Region. Since the moment of its commencement in 2001, the mine has processed 51 Mt of ore and produced 2.1 Moz or 64 t of gold. Extension of the license and expansion of the reserves support the GV Gold’s plans on further consistent development of the deposit.
About the Company
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 2019, the Company produced 260 koz of gold, becoming the 8th largest gold miner in Russia. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 4.4 Moz and 7.0 Moz, respectively.
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 10 Mt p.a. of ore and holds 34 mining and exploration licenses.
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