Russia's National Geological Prospecting Company announced recently that the discovery of a large gold deposit in the Republic of Buryatia in East Siberia.

The company said that the gold field with estimated reserves of up to 100 tonnes of gold was discovered at the licensed Perevalny block owned by Geomin Management. It is also said that Geomin Management plans to invest up to RUB 500 million in 2009 in additional prospecting and survey works at the field with NGPC to act as the general geological contractor.

The statement said that NGPC which was established in 2007 and carries out prospecting using venture capital funds is also involved in prospecting for precious metals at other fields in Siberia.