MOSCOW, December 2 (RIA Novosti) - Russia's National Geological Prospecting Company announced on Tuesday the discovery of a large gold deposit in the Republic of Buryatia in East Siberia. (How Russia makes its gold - Image Gallery)

The gold field with estimated reserves of up to 100 metric tons of gold (3 million troy ounces) was discovered at the licensed Perevalny block owned by Geomin Management, the company said.

Geomin Management plans to invest up to 500 million rubles ($18 million) in 2009 in additional prospecting and survey works at the field with NGPC to act as the general geological contractor, the statement said.

NGPC, which was established in 2007 and carries out prospecting using venture capital funds, is also involved in prospecting for precious metals at other fields in Siberia, the statement said. (Gold for Russia - Image Gallery)