RosGeo and Magadan region are planning to set up a junior exploration company

Rosgeo and the government of the Magadan Region have signed an Agreement of Cooperation within the Eastern Economic Forum today. Under this Agreement it will be possible to establish a junior geological exploration company for the development of regional mineral resource base and further productive use of the proven mineral reserves. Sergey Gorkov, Director General, Chairman of the Board of Rosgeo, and Sergey Nosov, Governor of the Magadan Region, signed this document.

As part of the Agreement, it is also planned to implement the projects of the development and preparation of explored deposits for pilot commercial operation, within the Magadan Region.

The new Agreement has been made as a follow-up to the previous commitments, including the ones endorsed by the Parties in the Agreement of cooperation signed in June 2019 within the International Economic Forum in St. Petersburg.

In July, Sergey Gorkov, Director General, Chairman of the Board of Rosgeo took part in the meeting related to the condition of the mineral resource base in the Magadan Region and prospects for its further development, which was chaired by Alexey Gordeyev, Deputy Prime Minister of the Russian Federation. The current projects being implemented by the Holding within the Region, possibilities for intensification of prospecting and exploration, as well as potential interesting areas for new discoveries – mainly gold and silver deposits, including territories within the Okhotsk-Chukotka volcanic belt, and coal and copper-porphyric deposits, were discussed at the meeting and workshops in Magadan.

Rosgeo is currently engaged in the operations on the four potentially gold, silver and polymetallic ore bearing sites in Magadan under the public contracts. Upon the completion a considerable growth of the resource base is expected.