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« Fronteer Development Group: Up 7.96% today! | Main | Portfolio Update 24 February 2008 »

High River Gold Acquires Chaya Nickel Deposit

High River Gold Mines Limited, has just acquired a 100% ownership interest in the Chaya Nickel deposit via an auction conducted on 22nd February, 2008 in Ulan Ude by the Russian Ministry of Natural Resources.

The cost to acquire this mining license was US $10.6 million. The company said that;

“Chaya has been subject to nearly 50 years of exploration activity including geophysics, trenching and drilling and hosts historical Russian Classified C2 and P1 resources totalling 121.7 million tonnes containing 1.38 billion lbs of nickel and 314 million lbs of copper.”

The stock price closed today up 3.15% at $3.27, so far so good. We will monitor developments with HRG and report on the stocks progress.

High River Gold Mines Limited trades on the Toronto Exchange under the symbol HRG.

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