Krasny project resources increase 45% to almost 1.4 mln oz gold
MOSCOW. July 31 (Interfax) - Micon International Co Limited has completed a re-estimate of mineral resources at Krasny in Irkutsk Region - a joint venture (JV) between GV Gold (Vysochaishy) and Sweden's Kopy Goldfields.
A Kopy Goldfields statement said that the new preliminary JORC mineral resource estimate is 1.388 million ounces of gold, up 45% on the previous estimate.
The project consists of two zones; Krasny and Vostochny.
Krasny JORC mineral resources:
| Category | Ore , mln tonnes | Gold grade, grams/tonne | Gold, '000 ounces |
| Krasny | |||
| Indicated | 7.617 | 1.113 | 273 |
| Inferred | 18.536 | 1.765 | 1,052 |
| Vostochny | |||
| Inferred | 1.114 | 1.762 | 63 |
| Total | 1,388 |
GV Gold owns 51% of the Krasny project and Kopy Goldfield, the project operator - 49%.
Headquartered in Stockholm, Kopy Goldfields was set up in 2007. The company holds licenses for gold fields in the Lenskaya gold province in the Bodaibo district of the Irkutsk region.
GV Gold is one of Russia's ten biggest gold producers with annual production of over 5 tonnes of gold. The company operates in Irkutsk Region where its production assets are located and conducts geological exploration work.
GV Gold chairman and Lanta Bank CEO Sergei Dokuchayev, company board director and Lanta Bank deputy CEO Natalya Opaleva and company board director and LT-Resurs CEO Valerian Tikhonov each own 20.36% of shares in GV Gold; BlackRock holds 17.99%; the European Bank for Reconstruction and Development (EBRD) owns 5.26%; Vladimir Kochetkov, a member of the GV Gold board of directors, owns 5.46%; Cyprus-based Brishurt Ltd owns 6.37%; Sergei Vasilyev holds 0.91%, and 2.95% of the shares are quasi-treasury.