SStar Gold Resources first purchase of a mining licence in Russia
SStar Gold Resources AB (publ) board of directors informs about a successful participation in an auction and gives an update regarding the review of the ongoing business initiated by the new Board that took office on January 12, 2019.
The office for the Moscow based Russian subsidiary, SStar Trade Gold LLC (“SSTG”), was opened at the end of 2018. From its’ representative office in Chita (capital of Zabaykal region) SSTG has successfully concluded the purchase of a mining licence during a government auction in May 2019. This allows us to have mining rights over alluvial gold at a Kadarinsky plot (Zabaykal region, Mogochincky district).
According to TKZ (an entity specialising in geologist reports accredited by the Russian government) there are recoverable reserves of up to 59 kg of gold. Further geological surveys are planned in the next 18/24 months to determine the possibility for large-scale alluvial mining at the Kadarinsky plot.
The company is planning to further develop its strategy of building a portfolio of gold mining assets in the Trans Bajkal region and will continue to evaluate additional government registered licenses as and when they are available.
To ensure the company achieves this objective prior to the listing of its shares on the appropriate list in Stockholm the board has determined that it is unlikely to be in the best interest of the company to commence the listing application process before 2021.
Bruno Horn Karl-Axel Waplan
About SStar Gold Resources AB (publ)
SStar Gold Resources AB(publ) is the Swedish parent company of the Russian subsidiary through which the SStar Gold strategy is to be executed:
- To build a portfolio of exploration and exploitation licenses in the Trans – Bajkal Region in Siberia, Russia
- The focus is to combine licenses which each might be too small to be feasible and profitable but that combined and with efficient logistic and combined resources will secure long term profitability
- To plan and develop the mining activities on the licenses successfully acquired
- To continue the acquisition of licenses to build a long term feasible Gold mining company in the Trans Bajkal Region
For more information, please contact:
Karl-Axel Waplan, CEO SStar Gold, Tel. + 46 (0) 70-510 42 39, email@example.com