Strategic acquisitions of extensions to Aricom projects in Russia

Aricom, the Anglo-Russian developer of mineral resources, announces that it has acquired options to purchase two further licences which would provide significant natural expansion potential to the existing K&S and Garinskoye projects in the Amur Region:

  • The Garinskoye Flanks licence covers an area of 3,530km² immediately surrounding Aricom’s Garinskoye
  • the Kostenginskoye licence covers an area located about 24 km to the south of Aricom’s K&S project.

Both of these licences form natural expansions to existing Aricom projects. An extensive exploration program is scheduled to commence shortly. As is normal practice, the exercise of the options and the completion of the acquisitions is conditional principally on the consent of the Russian Federal Anti-Monopoly Service, which the company and the sellers will be seeking to obtain as soon as practicable.