Highland Gold announced on Wednesday that it has appointed four new executive directors to its board.
The new appointees include Valery Oif, the company’s chief executive officer, Alla Baranovskaya, the company’s chief financial officer, Sergey Mineev, the company’s head of exploration and capital project development, and Andrey Solovyov, the company’s head of human resources and administration. The four appointees were made effective as executive directors starting on Wednesday.
On Thursday, Highland announced that it completed an acquisition of Klen LLC. Klen holds the exploration and mining rights to the Klen gold deposit and the adjacent property of Verkhne-Krichalskaya in the Chukotka autonomous region in the northeastern part of Russia.
The Klen gold deposit has an expected production of 50,000 to 60,000 ounces of gold per year with 300,000 to 400,000 metric tons of ore processed annually. The design work for the plant and mine has begun and will target an initial supply delivery of August. The plant construction will begin in 2013 and the first gold production from the mine is anticipated for 2015.
The Verkhne-Krichalskaya property has distinct geological features that may be indicative of gold prospectivity. The company plans to delineate drilling and trenching targets for the property in 2013 and beyond.