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Wednesday, 29th August 2007 (2736 views)

Highland Gold has announced that it has sealed the exploration and production rights to the Iska ore field, located in the Khabarovsk region of Russia.

The company, which was incorporated in Jersey in 2002, paid 1.87 million roubles (£36,180) for the field, following an open auction in Khabarovsk at the end of last week.

Henry Horne, managing director of Highland Gold, said: "This is an important addition to our exploration portfolio and signals our desire to exploit properties that we believe to be of potential value."

Mr Horne pointed to the "geological similarities" of the Iska field with that of the Belaya Gora volcano-tectonic structure, which has seen positive results from an extensive drilling programme.

Despite the fact that Iska is "underexplored" for gold, the volcanic host rocks, geological structure, mineral assemblages and hydrothermal alteration are all similar to that of Belaya Gora, Highland has said.

The licence covers an area of some 920 km sq and is 80 km south of the the fully operational Mnogovershinnoe mine, which is also owned by Highland and is situated in the Khabarovsk region.

 

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