Norilsk Nickel is planning to conduct geological work on a metal deposit that includes platinum group metals.

Resource estimates indicate that there is about 750 tonnes of pgms on site.

The lisko-Tagulsk project in Siberia will be explored by the firm after it won an auction for the rights to mine.

It paid $30.7 million for the project for the area which is on the Nizhneudinski, Taishetski and Tulunski territories and measures 15,867 square kilometres.

Magnetic exploration, gravitational exploration, electric exploration and geochemical works will be carried out during the first year.

Meanwhile, the second year will be an evaluating phase of digging and drilling with the third year involving technological testing.

Norilsk Nickel said the geological work will be done alongside BHP Billiton.

The nickel giant has been prospecting the site since 2003 and has been involved in the exploration of the nearby Kingashskaya site in the Krasnoyarsk region.

Source:

MMC Norilsk Nickel won the auction to develop the Iisko-Tagulskaya area, 13/03/08
http://www.nornik.ru/en/press/news/2260/

Norilsk wins auction for large Russian deposit, 13/03/08
http://www.miningweekly.co.za/article.php?a_id=129161  

Ÿ Adfero Ltd