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Last updated on April 21, 2014 at 9:22 EDT

Russian Finds Huge Gold Reserves

September 26, 2008

The Russian Kamchatka Peninsula contains major gold and silver reserves, a Institute of Volcanology and Seismology scientist said Friday.

“Simply comparing Kamchatka and Japan makes it clear that the region holds no less than 1,200 tons of gold and more than 8,000 tons of silver,” Viktor Okrugin said.

The comparison with Japan is not mild flattery. Japan has produced about 1,000 tons of gold and 5,000 tons of silver in the nation’s history.

To date, less than 20 tons of gold has been mined in Kamchatka, the Novosti news agency reported Friday.