Aim-listed Highland Gold Mining has entered into an agreement for the sale of the Kayenmivaam (Kayen) licence for $15-million in cash, plus a royalty.
Kayen is an early-stage gold exploration property covering 1 214 km2 in the Chukotka region of Russia.
Highland received the licence as an add-on to the Valunisty acquisition in December 2018. The site’s distance from the Valunisty mine and from the company’s premier development project, Kekura, preclude any operational synergies, and the project was considered to be a noncore asset.