December 3, 2008

Russia Reports Major Gold Find

A gold deposit estimated at more than 100 tons has been found in Siberia, the Russian National Geological Prospecting Co. announced Tuesday.

The gold field is in the Republic of Buryatia in East Siberia, RIA Novosti reported. It was found in the Perevalny Block, owned by Geomin Management, the Russian news agency said.

Geomin plans to invest $18 million at the site for additional exploration in 2009, officials said.

Russia is a significant producer of gold, but in recent years known reserves suffered from depletion. Most of the known deposits are in Siberia and the Far East.