The Taseevskoye deposit is located two kilometers south of the town of Baley in the Chita Region, Eastern Siberia. Highland Gold acquired the Taseevskoye project in September 2004 at a cost of US$26.6 million. In February 2005, Highland announced that Barrick Gold had confirmed its intention to exercise its early participation rights on the Taseevskoye project under the Participation Agreement entered into in early 2004. Companies are working towards creating a joint venture corporation to own and operate the Taseevskoye project. Each partner will have a 50% stake in this company. (CO. PROFILE: Highland Gold Mining is a mid-tier gold producer with significant reserves and strong growth profile. The company's assets are located in Russia. Barrick is a leading international gold mining company, with a portfolio of 27 operating mines and seven advanced exploration and development projects located across five continents, and a large land position on the world’s best exploration belts. Barrick has had a presence in Russia since 1996, using the time to familiarize itself with the geological potential of the region and its dynamics. Barrick has 20% stake in Highland Gold.)
