OREANDA-NEWS. On August 12, 2009 Polyus Gold (RTS, MICEX and LSE – PLZL) has entered into a technical alliance with Kinross to continue the joint assessment of the Nezhdaninskoye Deposit in the Republic of Sakha (Yakutiya), reported the press-centre of Polyus Gold.

Polyus Gold has entered into a technical alliance with Kinross to continue the joint assessment of the Nezhdaninskoye Deposit in the Republic of Sakha (Yakutiya) in the Russian Federation, and to explore other opportunities for exploration and development in the country. According to the terms of the agreement, Polyus and Kinross have extended the previously announced timetable for initiating a full feasibility study of the Nezhdaninskoye Deposit, and will now conduct a strategic review to more thoroughly explore and assess various technical alternatives for cost-effectively developing all or parts of the deposit. The strategic review will be completed within 12 months.

Polyus and Kinross have also agreed to conduct joint exploration work. Both parties have further agreed, on a non-exclusive basis, to consider and potentially pursue cooperative business opportunities related to other projects in the Russian Federation. Under the terms of the agreement, it is expected that Kinross’ investment in the technical alliance will total approximately US20 million over 24 months, commencing November 2009.

“The work on the Project for the strategic review of the deposit, with one of the largest gold-mining companies, makes it possible to explore a larger amount of options”, said the General Director of OJSC Polyus Gold, Evgueni Ivanov.  “I am confident, that the knowledge and experience of the two industry leaders will contribute to the successful development of the all prospective projects”, commented Evgueni Ivanov.