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GV Gold (Vysochaishy, OJSC) will steer the Raiffeisenbank’s Funds into Drazhnoye Deposit Development

IRKUTSK, Oct 16 – RIA/Prime. GV Gold (Vysochaishy, OJSC) will steer the Raiffeisenbank’s funds into future the Drazhnoye deposit development: acquisition of the equipment as well as construction and installation operations financing, Sergey Vasilyev, the Company’s CEO told the PRIME Agency.

Earlier on Friday, it was announced that Raiffeisenbank opened a 3-year credit facility of    USD 20 M to Taryn Gold Mining Company, CJSC (GV Gold subsidiary).

“At the moment our debt fund equals to USD 75 M. Now we are raising another USD 20 M for the Taryn Project (the Drazhnoye Deposit) in Yakutia. In 2016, I expect, we will raise another USD 50 M for Taryn and Ugakhan (Irkutsk Region) – our core development projects. Further funding will be effected through the net profit refinancing”, - said Mr. Vasilyev.

According to his words, at the end of 2016 (September-October) the Company will commission stage 1 of the Drazhnoye deposit processing plant with the capacity of 700 kt of ore p.a. Now the design works and the infrastructure construction operations are nearing completion. The project is progressing the way it was planned – within the framework of the license agreement.

“The mills will be installed next year and the first gold (100-200 kg) will also be produced in 2016. In winter we will stop the plant and in spring of 2017 it will attain its full capacity. The deposit’s gold reserves have been confirmed – there were 34 t (1 093 koz), and will be c. 40 t (1 286 koz) of gold with the grade in ore of c. 4 g/t. It is sufficient enough for the stage 1 mine”, - remarked the CEO.

As it was mentioned before, by 2020 GV Gold (Vysochaishy, OJSC) plans to achieve the annual gold production of 13 t (418 koz). The Company associates the production growth with development within the framework of the Yakutia and Irkutsk projects having the total investment requirement of more than USD 210 M. By 2016, at the Ugakhan deposit (JORC-compliant resources – 53.9 t of Au) the Company plans to commission a mine with the capacity of 2.6 Mt of ore p.a. and attain the annual gold production of 3 t (96 koz) by 2018. The capital expenditures are estimated at USD 110 M.

GV Gold is one of the Top-10 Russian gold mining companies. Mineral resource (JORC-compliant) totals 338 t of Au (10.9 Moz), the exploration potential is 753.7 t of Au (24.2 Moz). The Company operates four processing plants with the total capacity of c. 5 Mt of ore p.a.  In 2015 GV Gold intends to keep the gold production at the level of the previous year – 5.5 t (176 koz) of Au.