Solway owns and operates a gold mining project on Urup Island, one of the Kuril Islands, in Russia’s Far East. The group obtained an exploration license for the area covering over 50.8 square kilometers in 2005. Solway completed an extensive drilling program and a PFS in 2007. A new marine vessel was specially designed and built for the logistical needs of the project during the exploration phase, and will be used later for construction and commercial operations. In March 2010, Solway obtained and registered a 25-year mining license for the KurilGeo gold project.
Currently, the KurilGeo project has proven and registered reserves of 10.8 tons of gold. The project is in operation. Solway has invested US $49 million into the asset to date. The construction process took two years, and was followed by a very successful launch, with the first gold bullion produced in January 2015. KurilGeo has an annual production capacity of over 50,000 ounces of gold.