Vysochaishy will get control in Krasnoye project Kopy Goldfields

Vysochaishy JSC (GV Gold) and the Swiss Kopy Goldfields AB have closed the deal of where the shareholders in the Russian company get 51% in the project of the development of the Krasnoye deposit in the Irkutsk region. Now its owner is Kopy Goldfields. Vysochaishy will finance the geological exploration program for $6 million in exchange for the controlling shareholding in the project. Besides from that, Kopy Goldfields AB will get $1 million to cover the current debts and $2 million in addition, depending on the results of the geological exploration.

The geological exploration will be completed within 18 months including the time for preparing and the admission of the report with the calculation of reserves under the demands of the state reserves commission. During the execution of the work, the Swiss company will be operator of the project.