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Norilsk Sub Won In Large Gold Deposit Auction

Norilsk Nickel's gold mining unit Polyus won an auction to develop a gold deposit

Norilsk Nickel?s gold mining unit Polyus won an auction to develop a gold deposit in the Siberian Irkutsk region, the company said on Wednesday.

The deposit, called Mukodenskoye, contains 580,000 ounces (18 tons) of gold with an average metal content in ore of 5.2 grams per ton.

The estimated resources compose around 2.1 million ounces and it intended to implement prospecting works in 2005-2006 to prove it.
Polyus bought the deposit for 5.75 million roubles ($204,600.