Solway Group owns and operates a gold project on Urup Island, one of the Kuril Islands, in the Far East of Russia. The Group obtained an exploration license for the area, which is over 50.8 square kilometers, in 2005. The Group completed an extensive drilling program and PFS in 2007. A brand new marine vessel was specifically designed and built for the logistical needs of the project during the exploration phase and later on for construction and commercial operations. The Group obtained and registered a 25-year mining license for the KurilGeo Gold Project in March 2010.
Currently, the proven and registered reserves of the KurilGeo Project amount to 10.8 tons of gold. The KurilGeo project is currently in commercial operation. Investment into this asset totaled US $49 million. The construction process took 2 years and was followed by a very successful launch, with the first gold bullion produced in January 2015. KurilGeo’s annual production capacity is over 50,000 oz of gold.