Auriant Mining AB (publ.) publishes an update on subsoil use licenses of its subsidiaries

Company Overview - Auriant Mining AB (AUR) is a Swedish junior mining company focused on gold exploration and production in Russia, primarily in the Republic of Tyva, Zabaikalye, and the Republic of Khakassia [4] - The company currently has four assets, including two operating mines (Tardan and Alluvial at Staroverinskaya), one early-stage exploration asset, and one development asset [4] - Auriant Mining's shares have been traded on Nasdaq First North Premier Growth Market under the short name AUR since July 19, 2010 [6] Subsoil Use License Issues - The Commission on revocation of subsoil use rights at Rosnedra has considered revoking subsoil use licenses of the company's subsidiaries, LLC "Tardan Gold" and LLC "GRE-324" [5] - LLC "Tardan Gold" has been given 12 months to rectify violations related to failures to reach production volumes and deficiencies in reporting for the license number KZL 00322 BR (the Tardan deposit) [5] - LLC "Tardan Gold" has been given 3 months to rectify violations related to deficiencies in reporting for the license number KZL 00367 BR (the Greater Tardan area) [5] - LLC "GRE-324" has been given 12 months to rectify violations related to failures to reach production volumes, non-submission of exploration results for state expert review, and non-filing of geological reports to state funds for the license number CHIT 12355 BR (Staroverinskaya area) [3] Potential Consequences - If the violations are not rectified within the specified time periods, the Commission may revoke the subsoil use rights under the licenses upon expiration of the time periods [1] - Revocation of a subsoil use license would mean that all gold production and exploration activities under such license would have to be stopped [1] - The subsidiaries are working on rectifying the violations to prevent revocation of their subsoil use rights [1]