Toronto-listed TVX Gold is attempting to diversify beyond Latin American gold production.
In March, the company bought Greek-based Kassandra Mines for US$47 million, and, only last week, it acquired a 50% interest in two Russian gold-silver deposits.
TVX acquired an interest in the Asacha and Rodnikovoe gold deposits in the province of Kamchatka by purchasing half the outstanding shares of Russian-based Trevozhnoye Zarevo (TZ) for US$3.4 million. TZ holds licences to develop two deposits.
To maintain the half interest and increase it further to 100%, TVX must make payments amounting to US$5.3 million, complete a final feasibility study and obtain final permits.
The two deposits lie within the Southern Kamchatkan gold-silver belt and are representative of high-grade, bonanza, epithermal vein systems associated with recent volcanism.
Reserve calculations by the regional government have been computed, based on the C1 and C2 Russian categories (broadly comparable to North American proven and probable categories).
The two deposits are said to host 2.3 million oz. gold and 12.9 million oz. silver for a total of 2.4 million oz. gold-equivalent at current prices.
In addition to the two deposits, the licences, totalling 15.6 sq. miles, host other untested, high-priority targets. TVX anticipates completing the feasibility study by 1996.
Meanwhile, the company is examining other opportunities in eastern Russia.
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