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Highland Gold Mining – Q3 2016 progress

Highland Gold Mining (HGM:LSE)

Three operating mines in Russia and a pipeline of promising development projects.

  • 9-months production 191,752 oz AuEq (2015:191,408 oz ).
  • Q3 production 63,096 oz AuEq, 11% decrease from Q3 2015.

Mnogovershinnoye:

  • Recovery rates improved to 92.1% from 91.9% Q3 2015.
  • Average grade improved to 2.42 g/t from 2.22 g/t in Q3 2015.
  • Reserve estimates for the Central and Eastern flanks are expected to be approved by year-end.
  • Reserve reports for the historic waste dumps are currently being prepared for regulators, in Q3 an estimated 212.7k tonnes of material containing 8,200 oz Au were identified and registered. A total of 512k tonnes of ore have been reclassified over the course of the year.
  • Exploration programmes for the Southern and Flank ore bodies will commence Q4 2016 and be completed by the end of 2017.
  • Updated JORC reserve report is expected in Q1 2017.

Belaya Gora:

  • Q3 focused on treatment of low-grade stockpiles while SRK continues to work on optimisation of mining and  processing operations.
  • Results of a comprehensive review of the processing plant flowsheet are expected in Q4 2016.

Blagodatnoye:

  • Extensive drill programme completed in Q3; including 15k metres for resource identification and upgrade,
  • Updated JORC reserve statement for Belaya Gora and Blagodatnoye will be finalised in Q1 2017, along with a study on the option of treating ore from both deposits at the Belaya Gora mill using CIL processing technology.

Novovshirokinskoye:

  • Planned expansion of processing capacity to 1.3m tonnes per annum are progressing. The mine and mill are expected to reach increased capacity in late 2018.

Sredny Golgotay:- Kaftan Site & Taseevskoye

  • Pilot project at the Kaftan site, mined 6,262 tonnes of ore at 3.04 g/t and was transported and processed at the Novo Mill.
  • Kaftan’s resource is currently being re-evaluated using 8,281 assay results from completed July drilling programme.
  • By end of Q3, over 940k m3 of water has been pumped from the Taseevskoye open pit since de-watering commenced in May of this year.
  • A pilot X-ray fluorescence spectrometry (XRF) unit has been launched and a preliminary report on the results is expected in Q4.

Lyubov (ZIF Tailings); Kekura; Klen:

  • During Q3, retained an outside contractor for a resource verification project at Lyubov. Project due to be completed in Q2 2017.
  • Kekura- Q3 completed 25k metre 2016 exploration programme to potentially increase reserves for underground mining. Updated JORC reserve is expected Q1 2017.
  • Work is ongoing to produce a detailed feasibility study for Kekura; Fluor Canada was awarded a contract to develop the processing and tailings sections.
  • Klen – work continued on an updated PFS and a report is expected in Q1 2017. A technical design for developing the deposit was submitted and approved by regulatory authorities.

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