Gold News

Highland Gold 'will meet 2007 target'

Channel Islands-based Highland Gold Mining has announced that it is on course to hit its 150,000-ounce target for 2007.

Better than predicted production has resulted from an increase in open pit activity at the company's Mnogovershinnoe mine in Russia over the last two months, it said, according to Thomson Financial.

The company also stated that it is set to finish its Mayskoye feasibility study by the end of the year, with work at the site predicted to begin in three years' time.

Meanwhile, efforts to begin the commissioning of Highland Gold's Novoshirokinskoye programme towards the end of next year are on track, it said.

Highland Gold was founded in 2002 and has operations across Russia and central Asia.

It was announced earlier this month that Russian asset management firm Millhouse - owned by billionaire Roman Abramovich - had acquired a 40 per cent stake in Highland Gold.

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