Highland Gold Production Update
Highland Gold Mining Limited ("Highland Gold") announces that its production guidance for the year to 31 December 2011 has been revised to 190,000 oz - 200,000 oz of gold and gold equivalents (from the previously announced 210,000 oz - 220,000 oz), principally due to a requirement for additional open pit waste stripping during Q4 in order to access high grade ore at Mnogovershinnoye (MNV) and also to the bad weather conditions noted earlier in the year.
This reduction in production is expected to have a broadly similar effect on EBITDA for the period. Cash flows remain strong and there will be no impact upon Highland's operational, capex and project pipeline commitments.
Highland Gold expects to access higher grades at MNV in the coming weeks and remains focused on ramping up production at Novoshirokinskoye, in addition to continued project development and exploration goals.
For further information please contact:
|Highland Gold||Dmitry Yakushkin, Head of Communications - + 7 495 424 95 21|
|Duncan Baxter, Chairman - + 44 (0) 1534 814202|
|Numis Securities Limited||Alastair Stratton / Stuart Skinner, Nominated Adviser - +44 (0) 207 260 1000|
|James Black, Corporate Broking - +44 (0) 207 260 1000|