Minco takes stake in Russian firm

Minco, the precious metal explorer, yesterday signed an exclusive option agreement to acquire a controlling interest in Russian firm Tophor.

The company has a mining and exploration licence in Siberia. The property contains an estimated gold resource of 920,000 tonnes at 26 grammes a tonne gold.

Minco believes the deposit has the potential to produce 90,000 ounces of gold a year.