OREANDA-NEWS. September 7, 2007. Severstal subsidiary northern gold-mining secures geological exploration and gold extraction rights for the Uryahskoe ore field

OOO Northern Gold Mining, a subsidiary of Russian miner and steel producer Severstal, has today won an auction for the geological exploration and lode gold extraction rights for the Uryahskoe ore field located in the Irkutskaya oblast.

The predictive resource estimate of the lode gold Р2+Р3 on this site is 100 tons.

According the terms of the auction, the winner will begin geological exploration in 4 years with the construction of the mine beginning in no later than 8 years from now.