On 4 September 2003, Highland Gold announced it had reached a conditional agreement to acquire 100% of JSC Mayskoye, the holder of a license to develop the Mayskoye deposit. The Mayskoye gold deposit, in the far northeast of the Russian Federation, was first identified in 1972 in the course of regional geological mapping. The Mayskoye gold deposit is located in the Chaunski District of the Chukotka Autonomous Territory, in the far northeast of the Russian Federation. The location is remote tundra upland, although there is infrastructure development associated with earlier alluvial gold and tin production, which is now much curtailed, and commercial caribou farming. (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 Gold has 20% stake in Highland.)
