Nordgold Granted Exploration and Mining Licence for Russian Gold

Dutch gold producer Nordgold has announced the granting of an exploration and mining licence to develop and operate the Onot-Kitoyskaya area in the Russian Republic of Buryatia.

The licence was granted to Buryatzoloto, of which Nordgold owns 84.9 percent, and the site in question lies adjacent to the parent company’s existing licence zones in the central-southern province of Russia.

Total resource potential of the area is estimated at 155 tonnes across all Russian classifications.

Nikolai Zelenski, Chief Executive Officer of Nordgold, said: "Nordgold has made considerable progress in extending its resources base, in both new geographies and in projects adjacent to existing Nordgold mine sites.

“In June alone we have announced an investment in Northquest which owns the promising Pistol Bay project in Canada, as well as an investment in Goldrush Resources which owns the Ronguen Gold project which sits alongside our Bissa mine.

“We also continue to look for a geologically promising exploration areas located next to our mines in Russia and this licence is perfectly aligned with that strategy.”

Nordgold is an emerging-markets gold producer established in 2007, and has expanded rapidly both organically and through acquisitions. It operates nine mines and last year its production increased by nearly a third.

It also has two development projects and four advanced exploration projects with further presence in Russia, Kazakhstan, Burkina Faso, Guinea and French Guinea, employing around 10,000 people.