Petropavlovskoye and Novogodnee Monto
The Petropavlovskoye deposit lies 1km to the west of the Novogodnee-Monto deposit and parallel to it. Both projects benefit from good infrastructure links as they are located close to the Obskaya-Bovanenkovo railway line.
Gold at Petopavlovskoye and Novogodnee-Monto occurs in both magnetite skarns and quartz metasomatites. Metallurgical tests have proved gold to be non-refractory and amenable to direct cyanidation.
In addition to significant JORC gold reserves and resources, Novogodnee Monto holds c. 3Mt of high-grade magnetite iron ore and substantial reserves of industrial aggregates within the host un-mineralised waste rock. In 2011 quarrying began at the site, with material processed through a mobile crushing and screening plant, producing saleable aggregate. Sales contracts have now been signed and first aggregate sales were carried out in Q1 2012. The Group continues to develop Petropavlovskoye and Novogodnee Monto and is currently in the process of finalising optimal processing flow sheets and a development plan. It is expected that gold production will commence in the short to medium term.
