Kyuchus gold deposit in Yakutia to be auctioned in Feb
MOSCOW. Dec 25 (Interfax) - The Russian Federal Subsurface Resources Agency (Rosnedra) will auction off exploration and mining rights to the Kyuchus gold and silver field in Yakutia ion February 19, the agency said.
The starting price is 880.126 million rubles.
Polyus Gold International Ltd., which owns 95.3% of Russia's largest gold producer, OJSC Polyus Gold , decided not to develop the Kyuchus deposit after conducting follow-up exploration in 2011 as is thinks the project will not be profitable.
As of January 1, 2011, the Kyuchus reserves were listed on the state balance as 70.919 tonnes C1 gold, 38.416 tonnes C2 gold and 16.6 tonnes of C2 silver (near surface) and 65.927 tonnes of C2 gold and 9.9 tonnes of C2 silver (underground mining).
Non-commercial C2 gold and silver reserves at the Kyuchus deposit for underground development total 2.647 tonnes and 400 kilograms, respectively.
In addition, there are 41.948 tonnes of probable P1 gold resources with average grading of 4.22 grams per tonne. Projected P2 gold resources total 9.181 tonnes, graded at 2.55 grams per tonne.
