said April 26that it has received from OJSC GVGold the US$2 million conditional consideration payment for theKrasny goldjoint venture project in Russia.
The paymentfollowed the statutory approval in March of the Russian mineral reserve reportof 9,767 kilograms of gold under the C2 category.
The conditional consideration represents thefinal payment by GV Gold for its bid to acquire 51% interest in the project under a July 2014shareholders agreement signed by the two companies.
The final payment was conditional uponachieving outstanding exploration results from the first two stages ofdevelopment at the project between 2014 and 2015. The payment was due since thegold reserves at the site exceeded 9 tonnes and the exploration was done withinthe proposed budget and timeframe.