Tuesday, 21st November 2006 (2266 views)

Polyus Gold, a leading gold producer from Russia, has just got a licence to begin exploration work in the Amur Region.

The company is specifically looking to develop the Apsakanskaya site which is in the south-eastern part of the Apasakansky ore cluster.

Polyus bought the licence in an auction last week and purchased 242 sq m of the area.

From 2007 into 2010 the firm hopes to carry out a prospect evaluation survey which will require strong investment.

Resource estimates stand at approximately 170 tonnes but these estimates are expected to rise considerably after the exploration work commences.

Polyus also owns deposits in the Krasnoyarsk Territory, Irkutsk, Magadan and Amur Regions and in the Republic of Sakha or Yakutia.

In 2005, the Company increased its proved gold reserve to 25.1 million ounces from 13.3 million ounces.

The firm has a social responsibility agenda to make sure that the gold it mines actually benefits Russia. It sponsors various community development activities and projects.

It is also one of the largest tax payers and employers in the regions it works in.

For every single tonne of gold the company produces, it employs a thousand workers.

 

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