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Highland sells early stage exploration licence

Russia-focused gold miner Highland Gold has agreed to sell one of its early stage exploration licences to an undisclosed party for US$15 million plus a 2% royalty,
Highland sells early stage exploration licence Highland sells early stage exploration licence Highland sells early stage exploration licence Highland sells early stage exploration licence Highland sells early stage exploration licence

Highland Gold's premier development project, Kekura, located in Russia's Chukotka region

Staff reporter

Highland said the Kayen licence, which covers 1,214 square kilometres in the Chukotka region in Russia's Far East, was non-core to its portfolio.

"The site's distance from the Valunisty mine and from the Company's premier development project, Kekura, preclude any operational synergies," said Highland.

The royalty will be paid on any gold produced and sold from the deposit in excess of 500,000oz over 30 years, meaning Highland retains upside to the asset, should it be developed into an operating mine.

Kayen saw about 23km of drilling completed up to mid-2018, with US$15 million spent in the process.