Petropavlovsk could pour first gold at new deposit in Amur Region in Dec
MOSCOW. Oct 22 (Interfax) - Petropavlovsk plc plans to produce its first gold at the Magnetitovoye gold-silver deposit in the Amur region in December, the company said in a statement.
"JORC-compliant Mineral Resources and Ore Reserves are being evaluated for the Magnetitovoye licence area with a view to starting production in December 2013 and are expected to cover non-refractory production at the Malomir plant until 2015," the company said.
LLC Malomyrsky Rudnik, a unit of the Petropavlovsk mining group, won an auction for the rights to the Magnetitovoye gold and silver deposit at the end of August. The company offered 3.322 million rubles for the 20-year license.
Magnetitovoye consists of two separate properties in the Selemdzhinsky district of Amur Region, 36 km north of the village of Stoiba. The deposit has P1 category forecast reserves of 2,081 kg of gold and 465.9 kg of silver.
The Amur Region is expected to mine 29 tonnes of gold in 2013 and 29 tonnes in 2014, according to the Far East Development Ministry. Petropavlovsk, which mines the hard rock gold deposits Pokrovsky, Pioneer, Malomir and Albyn, is the leading gold producer in the region.
