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. Last Updated: 07/27/2016

Australian Gold Stake

SYDNEY () -- Australian minerals explorer Star Mining Corp NL said it has reached an agreement to acquire 49 percent of the Russian gold company Sukhoi Log Mining Co. for $50 million.

Sukhoi Log Mining has a share of the rights to develop the Sukhoi Log gold field, which has been dubbed "Siberia's El Dorado," with gold reserves of about 35 million troy ounces.

The acquisition would be made through Star Mining's unit, Star Technology, which holds a 34.88-percent interest in the Russian closed joint-stock company Lenzoloto, owner of the mining and development rights for the Sukhoi Log field.

The acquisition of 49 percent of Sukhoi Log would lead to a restructuring of Lenzoloto.