Source Pravda.Ru

Bima Gold to develop gold mining in Russian Far East

Canadian Bima Gold Corporation plans to mine at least 15 tons of gold and 5 tons of silver at the Kupol deposit on the Chukot Peninsula. The government of the Chukot Autonomous Area signed an agreement with this Canadian company last year on selling a 75% stake in the Kupol gold and silver deposit, located 200 km of the town of Bilibino. Representatives of the Canadian company conducted a presentation of the project of development of one of the richest deposits in the northeast of Russia. According to preliminary estimates, it contains about 30 tons of gold and about 300 tons of silver. The Canadians are ready to invest $50m within three years in exchange for 75% of the metal to be produced. This is the first large foreign investment in the economy of the Chukot Area.

Experts believe that the real reserves of precious metals may exceed the present estimate by dozens of times.

Bima Gold Corporation has experience in working in Russia. The firm has been developing the Julietta deposit in the Magadan Region since the middle of the 1990s.

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