OREANDA-NEWS. On January 27, 2009 OJSC Polyus Gold (RTS, MICEX and LSE - PLZL) and Canadian gold mining company Kinross Gold Corporation have concluded Memorandum of understanding on the possible joint development of Nezhdaninskoye hard-rock gold deposit located in the Sakha Republic (Yakutia), reported the press-centre of Polyus Gold.

According to the Memorandum, within the time frame of 18 months the companies are planning to jointly prepare a Feasibility Study for the industrial development of the Nezhdaninskoye deposit.

Upon completion of the Feasibility Study and, if warranted by its results, the parties will review the possibility to enter into a joint venture agreement for developing the Nezhdaninskoye deposit.

In accordance with the Memorandum, should such decision to set up a joint venture be made, Polyus and Kinross Gold Corporation will own 51% and 49% interest, respectively, in the proposed joint venture. In case the said joint venture is set up, Kinross Gold will be designated as the operator of the project.