StockMarketWire.com - Mining company Highland Gold Mining said it had entered into an agreement to sell the Kayenmivaam licence located in Russia for $15m plus a royalty.

The company would receive a 2% royalty on gold produced and sold from the deposit in excess of 500,000 ounces for a period of 30 years.

Kayen was an early-stage gold exploration property covering 1,214 square kilometres in the Chukotka region of Russia.

The transaction was subject to approval by Russia's Federal Anti-Monopoly Service and was expected to be completed later this year.



At 9:37am: [LON:HGM] Highland Gold Mining LD share price was +2.2p at 261.6p



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