StockMarketWire.com - Highland Gold Mining has received exploration licences for two greenfield sites adjacent to the existing licence areas for the Mnogovershinnoye mine (MNV). Highland Gold said the Kulibinskaya licence area, located to the south west of MNV, covered a territory of 38 square kilometres, while the Zamanchivaya area included 4.2 sq. km to the north east of MNV.

The licences were granted to Mnogovershinnoe LLC by Russia's Far East Federal District Subsoil Use Department for a period of seven years.

Highland Gold said potential mineralisation was previously identified in both of the licence areas, which suggested that they might represent continuations of MNV's geological structure.

Highland Gold said Zamanchivaya was located directly adjacent to the Pebble ore body, one of MNV's existing open pits. The company said it had set aside a budget of US$1m for preliminary prospecting work at these sites in 2017, including US$200,000 for exploratory drilling, which would assist in developing more detailed exploration plans for next year.

It said the purpose of this exploration was to potentially add gold resources to MNV's operations.

In addition to the central MNV licence, the company already holds licences for the Western and North-Western Flanks, and the Lower Horizons of the central licence.




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