Irish company Ovoca Gold has been given the approval by Russian authorities to mine its Goltsovoye silver deposit in the northeast of the country.
The company said that Goltsovoye holds 81.33 million ounces of silver and 46,438 metric tons of lead.
Ovoca also announced it is to sell 48.8 million new shares which are expected to raise about £4.5 million for the development of the site.
Leonid Skoptsov, CEO of Ovoca Gold said: "We are pleased with the approval of these resources which is a milestone in the development of the Goltsovoye project,"