Kopy Goldfields AB (publ) (ticker: KOPY Nasdaq OMX First North) is pleased to announce that the company has successfully acquired two highly prospective exploration properties increasing its current exploration area from 255 km2 to 486 km2. Both prospects have reasonable infrastructure, bordering known gold deposits owned by International listed companies and are located within Lena Goldfields, Bodaibo-region, Russia. The acquisition costs were totaled 1 000 USD and the license obligations are beneficial for the company.
Highlights:
· The exploration licenses are covering highly prospective areas of total 231 km2: Purpolskaya by 150 km2, located 190 km to the North and Verkhnyaya Orlovka by 81 km2, located 110 km to the South East of Bodaibo city.
· Roads and other basic infrastructure are in place due to on-going alluvial mining operations nearby.
· There is a number of known gold mineralizations within the license boundaries. Both licenses border known bedrock gold deposits.
· Purpolskaya-license:
- Borders the gold-ore deposit Chertovo Koryto with Measured and Indicated resources of 3 MOz @1,84 g/t (cut-off 0,8g/t) within the JORC Code. It is owned by the London listed company Polyus Gold.
· Verkhnyaya Orlovka- license:
- Has a quartz-vein formation along a belt of 3 km width. The vein thickness is 0.1-1.6 meter, the length is 100-600 meter, the gold grades are 0.1-70 g/t and the silver grades are 1.0 – 419 g/t based on historical information.
- Borders a license owned by the London listed company Severstal which they acquired for 10 MUSD in 2007.
- Borders Nasdaq and Deutsche Börse listed company Stargold Mines Karalon-deposit with proven resources in Russian C1+C2 category.
· Both license areas are covered with geophysical and geochemical studies of 1:200,000-1:50,000 scale.
· Kopy Goldfields will develop an exploration program and submit for state review and approval. The license terms are beneficial for the company. License terms are summarized in Appendix 2 below.
· Acquired properties demonstrate strong synergies with the Kopy Goldfields current portfolio and are in line with the short term target of acquiring new license areas to support the development of 5 Moz of mineral resources in long term.
Comments from Mikhail Damrin, CEO Kopy Goldfields:
- Both new projects broaden our interests in Lena Goldfields area and strengthen our position as a developing exploration company. Based on the ages of the rocks and the geology, which differs from the Kopylovskoye-deposit, the new prospects have the possibility to host significant gold deposits. We believe that the exploration terms are very beneficial for us and represent limited obligations for the company. Our first step will be to summarize the existing historic data, develop and approve with the state exploration work scope and then commence field exploration activities no later than February 2013.
For location details and license terms, see Appendix 1 and 2 attached.
Stockholm, March 6, 2012
For more information, please contact:
Mikhail Damrin, CEO, +7 916 808 12 17
Tim Carlsson, CFO, +46 70 231 87 01
The following documents can be retrieved from beQuoted
Kopy Goldfields Pressrelease 2012-03-05 (English).pdf
Mer information från beQuoted
Nyhetsrum Kopy Goldfields (Swedish)
About Kopy Goldfields AB
Kopy Goldfields AB (publ), listed at NASDAQ OMX First North in Stockholm is a gold exploration and production company operating in one of the most gold rich areas in the world; Lena Goldfields, Bodaibo, Russia. The major owner is Eldorado Gold Corp. The company holds 100% of seven bedrock exploration- and production licenses. The long term target is to develop a gold exploration and production company with resources of 5Moz supporting annual gold production of 0.2 Moz.
Kopy Goldfields AB applies International Financial Reporting Standards (IFRS), as approved by the European Union. Mangold Fondkommission acts as Certified Adviser, contact number: +46 8-503 015 50.
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