OREANDA-NEWS. OJSC Polyus Gold, Russia’s leading gold producer, today announced the acquisition of the exploration and development license for Chai-Yuryinsk gold field located in Susuman area of Magadan region of Russia.

According to the press service of Polyus Gold, predicted resources (Russian classification) of Chai-Yuryinsk gold field amount to 100 tonnes of gold, the license area of the field is 216 square km. Some gold prospects in the form of small high-grade veins had been identified on Chai-Yuryinsk field. There was a large alluvial gold deposit in the valley of the Chai-Yurya river, which had been mined out. The available geophysical and geochemical information suggests that a large mineralization of veinlet impregnated type could be found on the field. Thus a discovery of a large deposit with reserves exceeding 100 tonnes of hard rock gold is probable.

According to the CEO of Polyus Gold Mr. Evgueni Ivanov, acquiring the rights to explore and develop the Chai-Yuryinsk gold field will make its contribution to the increase of the Company’s mineral resources base in Magadan region.

The cost of the acquisition of the rights on Chai-Yuryinsk gold field amounted to $7.5 million.

In Magadan region, OJSC Polyus Gold (through its subsidiaries) holds licenses on geological exploration and development on Natalka deposit, Degdekan, Vostchnaya (Tokichanskaya) and Omchuck ore fields.