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Highland Gold Mining awarded two mining licences in Kyrgyzstan

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Highland Gold Mining (LON:HGM) has been awarded two mining permits at the Unkurtash project in Kyrgyzstan.

The gold miner has been granted the licences at the Unkurtash and Karatube prospects in Highland’s Unkurtash-Andagul and Kassan licence areas respectively.

Highland, which is 40 per cent owned by Russian billionaire and Chelsea Football Club owner Roman Abramovich through his investment vehicle Millhouse Capital, will now be able to exploit the underground gold reserves at the project.

The company is continuing its exploration programme with the aim of boosting the current resource base and developing the project into a large-scale open-pit mining operation.

Unkurtash hosts four prospects, the combined mineralisation of which totals 4,000 metres along strike, ranges from 250-500 metres in width and has a known vertical extent of at least 350 metres.

The project has a JORC compliant resource of more than 3 million ounces of gold (94 per cent measured and indicated) from surface to 250 metres in depth.

The current drilling programme is focused on exploring between 250 and 450 metres in depth at Unkurtash, while an independent JORC compliant resource update is due in the second half of 2012.

Shares traded 0.5 per cent lower today at 108.5 pence.

 

Quick facts: Highland Gold Mining Ltd.

Price: 209.6 GBX

AIM:HGM
Market: AIM
Market Cap: £762.62 m
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