Today Polyus Gold Mining Company has won license auction for Kvartzevaya Gora (Quartz Mountain) gold deposit in Krasnoyarsk region. The final auction price of Kvartzevaya Gora exploration and production license comprised 1.68 million rubles.

Kvartzevaya Gora hard rock gold deposit is located in the Severo-Enisseysk district of Krasnoyarsk region, 27 km south-east of Severo-Enisseysk settlement and 40 km away from Polyus’ Olympiada mine. The area of Kvartzevaya Gora deposit is 2.8 square km, initial prospecting was carried out in 1965-1969. According to auction terms its C2 reserves total 13 tons at the average gold grade of 3.6 g/t. State registration of reserves was not conducted.

Commenting on the event, Polyus Group CEO Evgueni Ivanov said: “Krasnoyarsk is our flagship production and we are going to expand our operations here.” Mr. Ivanov also noted that “Polyus will actively explore Kvartzevaya Gora and expects to grow its reserves substantially. The company is considering various options of the deposit further development while making maximum use of Olympiada mine infrastructure and resources”.