This paper summarizes the results of the 2005-2006 field investigation at the Yuzhny Oleny Ostrov 2 site (Onega Lake). The site is located on the West shore of the island at 9 to 9. 5 m above the water level of the lake, in close proximity to the abandoned carrier and the famous Oleneostrovsky cemetery. In total, 34 m2 have been excavated on the site. The cultural layer emerged immediately under the turf and was no thicker than 0. 20 to 0. 25 m. The assemblage of findings consists of 2414 items (2362 stone objects and 52 fragments of calcinated bones). The technological and typological analysis of implements, cores and waste-products allows reconstructing the principal types of activities that had been taking place at the site. Production of slate wood-chopping implements was one of such activities. All stages of the production sequence are well represented in the assemblage, beginning with initial testing of nodules of raw material picked up just at the territory of the site and ending with final grounding of axes and adzes. However, the site cannot be considered a narrow specialized workshop for producing slate tools. The amount of cores and waste-products from materials other than slate, including flint, lidit, silicified slate, and chalcedony, is considerable. It is possible to conclude that preparation of cores for microblades and narrow blades, as well as detaching the blades themselves from the cores was taking place directly on the site. Substantial amount of scraping, cutting and perforating tools, together with some projectiles demonstrates that various productive activities had been taking place there. The analysis allows to conclude that the assemblage from the new site carries analogies with both Mesolithic site (Oleneostrovsky cemetery and site) investigated on the island earlier, and that it was left by inhabitants belonging to the same cultural tradition. According to the elevation of the site and to the properties of the assemblage, it should be dated to the Middle or Late Meso-lithic.