N e w s

"Kaskol" company, the new owner of the Dukat GOK, is going to pass GOK into the Owner's Equity of the firm, which will be created at the beginning of March together with SPE "Polimetall". This new company will get a license for the development of Dukat, the largest silver deposit in Russia. It will happen only if "Kaskol"'s competitor JSC "Serebro Dukat" will be deprived of it. 70% of "Serebro Dukat" shares belong to the Canadian Pan American Silver and most of the rest 30% - to another Canadian firm Western Pinnacle Mining Ltd.There is still a struggle for the GOK property going on between the Canadians and "Kaskol". Recently, the Security Service of "Serebro Dukat" refused to let through Mr. V. Nikonov, the director of "Kaskol" local branch. In response, "Kaskol" publically accused the owners of "Serebro Dukat" of the legislative violation.Though, the problems with entering prevent "Kaskol" from planning the further exploitation. According to Sergey Nedoroslev, the president of "Kaskol", "The Minig "Dukat" will be registered as soon as in March. 75% of payment will be paid by the property of GOK. The rest 25% will be left to SPE "Polimetall", the strategic partner of "Kaskol".

Source: Êommersant-Daily (Finmarket)