Highland Gold Secures Total Ownership of MNV Assets

16.09.2003

The Board of Highland Gold announces that it has today secured the freehold title for certain fixed assets at its principal operating mine, MNV, in a competitive auction conducted by the Khabarovsk Administration. Peter Daresbury, Chairman, Highland Gold, said: "This is a successful outcome for shareholders. The purchase price of Roubles 818 million (US$26.7m) has secured the assets at fair value. The management team has achieved a successful conclusion to the auction while sustaining uninterrupted production from the MNV mine. "Highland Gold now owns 100% of the assets at MNV and the Board looks forward to developing MNV's presence in Khabarovsk and sustaining its contribution to the local community."Enquiries:

Highland Gold Peter Daresbury +44 (0) 20 7409 5631
Brunswick Patrick Handley / Alison Howard / Mark Antelme +44 (0) 20 7404 5959