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Highland Gold acquires licence for mining rights in Khabarovsk

Highland Gold Mining has acquired a license for exploration and mining rights for the Blagodatnoye prospect in the Khabarovsk region of Russia.

 Blagodatnoye has a reported prognostic resource of five tonnes (161,000 oz) of gold.

The acquisition was made in an open auction on 19 February in Khabarovsk for a bid price of RUB3.25m (USD107,794).

Preliminary evaluation of data from previous exploration work revealed that the property has good potential to increase the mineral resource.

The Blagodatnoye prospect features stockwork-type gold mineralisation with average gold grades in the range of 1.5 g/t – 2 g/t.

A multi-disciplinary exploration programme will be designed and executed to verify and expand the known mineralised zones.

The acquisition of the Blagodatnoye property underlines Highland Gold’s strategy of growing its asset portfolio in the vicinity of its existing operations by adding exploration properties with potential for future gold production.

The new prospect is situated in close proximity to the company’s two other important assets: Mnogovershinnoye and Belaya Gora.

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