Sibir Mining OJSC increases its reserves at Chukotka

July 18 2008
Sibir Mining OJSC performed exploration and evaluation works within Koralveem ore node of the Stadukhino prospective area in 2007. Pologaya ore zone was discovered at Tsentralnaya field of Stadukhino. It includes a number of parallel ore bodies within the borders of the tectonic zone (1,5 km long and 1 km wide).

Explored reserves of Pologaya zone calculated in C2 category are 7,347 tons of gold, P1 category resources are 17,336 tons. Preliminary studies of the technological characteristics and material composition of the ores were conducted.

Summarizing the work performed company’s geologists prepared a report in June 2008. The report has been sent for approval to the Natural Resources Administration in Chukotka region.

The license for exploration and mining at Stadukhino area was granted to Sibir Mining OJSC till 2022. Placer gold has been mined within the area for over 40 years. Within mentioned period over 100 tons of gold has been mined. SRK Exploration Services approved Stadukhino prospective area resources in the amount of 150-200 tons of gold in 2006.