OREANDA-NEWS. On December 10, 2007 OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia’s leading gold producer, announced that it has won an auction on entrails usage licence for Doroninskoye ore field in Magadan region, reported the press-centre of Polyus Gold.

Magadan Exploration ltd., a wholly owned subsidiary of Polyus Gold, participated in the auction on Doroninskoye ore field held on December 10, 2007, and suggested final price. The acquisition of the licence was done as part of the long-term exploration programme of Polyus Gold. The price of the licence amounted to 18,7 million rubles (approx. $720 000).

Doroninskoye ore field is located in Khassynkiy district of Magadan region. The total area of the field is 79 square kilometers. The field’s resources under P1 category (Russian classification), according to TsNIGRI (Central exploration research institute for non-ferous and precious metals), are estimated at 5,5 tonnes of gold, 1,340 tonnes of silver and 4,800 tonnes of tin. Exploration works at Doroninskoye ore filed in 2008-2012 will require approximately 75 million rubles ($2,9 million).

“We expect that our exploration works at the deposit will result in the discovery of a significant gold-silver mineralization on flanks of the ore-bearing system, which will substantially increase gold resources potential of the deposit, - Mr. Ivanov said. According to him, Doroninskoye ore field is a valuable addition to the project portfolio of Magadan Exploration. “The stage of the deposit’s development gives ground to expect substantial reserves increase after completing the exploration programme” – Mr. Ivanov noted. Separately Evgueni Ivanov noticed that in less then half a month Polyus Gold anticipatory enhanced its mineral base through the acquisition of 4 new licences for exploration fields. Those ore fields with combined resources of over 190 tonnes of gold (P1+P2+P3) are located in the key areas of the company’s operations – Krasnoyarsk, Irkutsk and Magadan regions. In all those regions the company has already established firm industrial, infrastructural and exploration base, and we will continue to be focusing on enhancing our presence there.