Polymetal obtained a license for the development of Taseevskoye gold deposit, which has the largest gold and silver reserves in Chita region.
Polymetal Inter-Regional Research and Production Association obtained a license for the development of Taseevskoye gold deposit, which has the largest gold and silver reserves in Chita region. The license agreement with the Ministry of Natural Resources of the Russian Federation and administration of Chita region was signed by Polymetal's subsidiary - Imitzoloto. In accordance with this agreement Imitzoloto obtained the right to mine gold and silver within the borders of the 1st and 3rd ore zones of Taseevskoye gold deposit.
The deposit is located in the southern part of Baley town in Chita region. Its balance reserves are estimated at 44, 07 tons of gold and 104 tons of silver. Off- balance reserves amount to 7,9 tons of gold and 17,4 tons of silver. Earlier the right for the deposit utilization was held by Russian-Cypriot joint venture Balgold Ltd. But in accordance with the license ЧИТ 00618БЭ it was preschedully terminated because of the breaching of subsurface utilization provisions by joint resolution of the Ministry of Natural resources of 18.04.2002 № 87-п and Chita region administration of 23.04.2002 № 142.
Development of the deposit by underground method started in 1946 and continued up to 1992. Within that period of time 195 tons of gold were produced at the deposit, with the average content of gold in ore 13,6 g/t. Development of the 1st ore zone of Taseevskoye deposit by open cast method began in 1983. Within 1983-1994 1881 thousand tons of ore were mined (average gold content 1,8 g/t). However, then the activity of ore dressing mill was suspended and underground and opencast workings of Taseevskoye and Baleyskoye deposits were flooded. Ecological situation in Baley town changed for the worse. The rise of the water level in the quarry was uncontrallable and there was a threat of pollution of the town water intake and development of the landslide on the north - eastern side of Baley quarry.
Imitzoloto is planning to carry out measures for liquidation of unfavorable ecological consequences, caused by uncontrollable water level rise in the quarry of the 1st ore zone of Taseevskoye deposit. For this purpose the water in the quarry will be pumped out up to the safe level and waste ponds for mine waters will be cleared from deposits on the total area of 35000 sq. m. These measures will stop the flow of polluted waters into Unda river and will help to improve development of the deposit.
Polymetal Inter-Regional Research and Production Association takes the first place among silver producers in Russia and is in the list of top ten Russian gold producers. It is also one of the most hi-tech companies. Polymetal is a part of ICT group of companies. ICT also includes opened joint stock company Baltiisky plant, Tikhvin machine-building plant Titran and some other big enterprises. Additional information can be found at www.polymetal.ru
source: Polymetal press release, 12.11.02