Sovrudnik obtains right to gold and uranium site in Krasnoyarsk Territory for 75 mln rubles

KRASNOYARSK. Dec 21 (Interfax) - Sovrudnik LLC, part of UGC Gold Mining Company (UGC) , Yuzhuralzoloto, has obtained the right to exploit the subsoil plot at the Kovriginskaya area in the Krasnoyarsk Territory for the purpose of geological study, exploration, and production of gold ore and uranium ore, according to materials on torgi.gov.ru.

Sovrudnik was the sole participant in the corresponding auction, thus the auction was declared invalid. However, the tender committee decided to grant the right to exploit the subsoil plot and issue a license to a single applicant in order to exploit the subsoil.

Sovrudnik bid 75.3 million rubles at a starting price of 68.4 million rubles, according to the materials.

The resources of P2 lode gold in the subsoil area are estimated at 14.1 tonnes, P2 uranium ore at 23,000 tonnes, and P3 uranium ore at 13,000 tonnes.

The auction documentation indicates that the site is located in the northern part of the Yenisei Ridge in the basin of the Vorogovka River and its right tributary, the Olenya River [at least 500 km from Krasnoyarsk]. The site is administratively part of Yenisei and partly of the Evenki and Turukhansk districts of the Krasnoyarsk Territory. The plot measures 97.69 square km in area.

The Kovriginskaya area is also located in the northwestern part of the Central Yenisei gold-bearing belt that stretches in a wide strip of more than 300 km south to the Angara River.

The license to mine the site is valid for 25 years.

Sovrudnik LLC gold mining company specializes in mining lode gold in the North Yenisei region of the Krasnoyarsk Territory.

UGC is a top-10 Russian gold mining company, with operations at the Ural hub in the Chelyabinsk Region, and at the Siberian hub in the Krasnoyarsk Territory/Khakassia. Konstantin Strukov is the company's principal shareholder, and the free float is around 6%.