OREANDA-NEWS. According to the company's press-service, OOO Northern Gold Mining, a subsidiary of Russian miner and steel producer Severstal, has today won in 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 to the terms of the auction, the winner will begin geological exploration in 4 years with

the construction of the mine beginning no later than 8 years from now. The auction was held by the Irkutsk branch of the Federal Subsurface Management Agency of  the Russian Federation (Rosnedra) on August 6, 2007.