Nordgold’s Buryatzoloto Receives Gold Exploration and Mining Licence in Russia.
Amsterdam, Netherlands, June 23, 2014 . Nord Gold N.V. (“Nordgold” or the “Company”, LSE: NORD), the internationally diversified, pure-play gold producer strategically focused on emerging markets, is pleased to announce that JSC “Buryatzoloto”, in which the Company holds an 84.9% in the common shares, has received an exploration and mining licence to develop and operate the Onot-Kitoyskaya gold area in the Republic of Buryatia in Russia.
The Onot-Kitoyskaya area is adjacent to Nordgold’s existing licence areas of Buryatzoloto, which operates two mature underground gold mines – Irokinda and Zun-Holba. Total resource potential of the area is estimated at 50 tonnes of gold in P2 Russian classification resources and 105 tonnes in P3 resources.
Buryatzoloto paid 18.150 million roubles (approximately US$0.5 million) for the licence.
Message from the CEO
Nordgold has made considerable progress in extending its resources base, in both new geographies and in projects adjacent to existing Nordgold mine sites. In June alone we have announced an investment in Northquest which owns the promising Pistol Bay project in Canada, as well as an investment in Goldrush Resources which owns the Ronguen Gold project which sits alongside our Bissa mine. We also continue to look for a geologically promising exploration areas located next to our mines in Russia and this licence is perfectly aligned with that strategy.
In 2013 we have acquired a Zhanokskaya deposit, which is adjacent to our Irokinda mine, and now we have won license for Zun-Holba satellite deposit Onot-Kitoiskaya. Together they offer strong potential to increase reserves and life of mine for both of our Buryatzoloto mines. We remain committed to identifying new projects to which we can bring our proven development expertise, which will provide long term value to Nordgold.Nikolai Zelenski, Chief Executive Officer, Nordgold
Nordgold (LSE: NORD) is a pure-play emerging-markets gold producer established in 2007. The Company has expanded rapidly through acquisitions and organic investment, achieving a rate of growth unmatched in the industry during that period. In 2013 Nordgold’s gold production was 924.4 koz, up from 717 Koz in 2012.
The company operates 9 active mines and has one development project, 5 advanced exploration projects and a diverse portfolio of early exploration projects and licenses in Russia, Kazakhstan, Burkina Faso, Guinea and French Guiana. Nordgold employs about 10,000 people.