Severstal subsidiary northern gold-mining secures geological exploration and gold extraction rights for the Uryahskoe ore field

The predictive resource estimate of the lode gold P2+P3 on this site is 100 tons.

According the terms of the auction, the winner will begin geological exploration in 4 years with the construction of the mine beginning in no later than 8 years from now.

The auction was held by the Irkutsk branch of the Federal Subsurface Management Agency of the Russian Federation (Rosnedra) on Thursday 6th August, 2007.