OREANDA-NEWS. On December 05, 2007 OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia’s leading gold producer, announced that it has won an auction on entrails usage licences for Kuzeyevskiy ore field in Sukhobuzimskiy district of Krasnoyarsk region, reported the press-centre of Polyus Gold.

The auction was held on December 5, and Polyus Gold’s wholly owned subsidiary ZAO Polyus suggested final price. The acquisition of the licences for Kuzeyevskiy ore body was done as part of Polyus Gold’s long-term exploration programme, approved in the year 2004. The total price of the licence amounted to 38,5 million ruble (approximately $1,5 million).

Kuzeyevskiy ore field is located in Sukhobzimskiy district of Krasnoyarsk region, only 150 kilometers to the North-East of Krasnoyarsk, which allows access to road infrastructure. The total area of Kuzeyevskiy field is 169,7 square kilometers. Resources under P1+P2 and P3 categories (Russian classification) amount to 43 tonnes (1,4 million ounces) and 62 tonnes (2 million ounces), respectively. The total investments in exploration works during 2008-2012 will amount to approximately 450 million rubles ($17,3 million).

Commenting on the event General Director of Polyus Gold Evgueni Ivanov said: “Krasnoyarsk region remains the area of major focus for the company. Polyus Gold currently produces over 25 tonnes (804 k oz) of gold in the region alone. Having already established its firm basis in the region, which includes production and exploration base, developed transportation systems and social infrastructure, the company is committed to further growing its business in Krasnoyarsk region and is aiming at substantially increasing gold production there.”

Note for editors:
Polyus Gold is the largest gold producer in Russia. In 2006 its gold output totaled 1,2 million ounces. Headquartered in Moscow, Polyus Gold’s operating mines and development/exploration projects are located in five major gold mining regions of Russia - Krasnoyarsk, Irkutsk, Magadan, Amur regions and the Republic of Sakha (Yakutia).