Polyus Gold unit wins entrails usage licence for Doroninskoye ore field

Polyus Gold unit wins entrails usage licence for Doroninskoye ore field

12.10.07, 11:12 AM ET

LONDON (Thomson Financial) - OJSC Polyus Gold said its unit Magadan Exploration Ltd has won the auction for an entrails usage licence at the Doroninskoye ore field in the Magadan region in Russia for 18.7 mln roubles, or 720,000 usd.

The company said it expects its exploration works at the deposit to result in the discovery of a 'significant' gold-silver mineralization on the flanks of the ore-bearing system.

The field's resources are estimated at 5.5 tonnes of gold, 1,340 tonnes of silver and 4,800 tonnes of tin.

Exploration works at Doroninskoye in 2008-12 will require approximately 75 mln roubles, the company said in a statement.

On Dec 5, the company said it has won an auction for an entrails usage licence at the Kuzeyevskiy ore field in the Sukhobzimskiy district of the Krasnoyarsk region for about 1.5 mln usd.

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