Exploration results update at Maminskoye

RNS Number : 3908G

Polymetal International PLC

06 June 2013

 



Release time	IMMEDIATE
Date	6 June 2013

Polymetal International plc

Exploration results update at the Maminskoye development project

Polymetal International plc (LSE: POLY) (together with its subsidiaries, including JSC "Polymetal" - "Polymetal", the "Company", or the "Group") is pleased to update on exploration results at its Maminskoye (henceforth - Mamin) development project.

Maminskoye is located in the Sverdlovsk region of Russia, approximately 70 km from the regional capital Yekaterinburg and 30 km from the city of Kamensk-Uralsk (population 130,000). Polymetal's Voro operating mine is approximately 450 km to the north. The 17.8 sq km licence area is accessible by a paved highway and is adjacent to a 10 kV power line.

Wide high-grade intersections were returned from step-out drill holes positioned outside of the currently estimated reserve pit boundaries at depths which remain suitable for open-pit mining. Selected data is provided in the following table

Drillhole No.	Intercept from (metres)	True width (metres)	Grade1 (g/t)
772	46.0	6.0	5.3
773	surface	16.0	1.8
1048	30.0	22.0	2.2
1072	8.0	12.0	4.8
1114	33.0	5.0	10.0
759	159.8	7.2	5.7
7510	130.7	38.3	3.2
9012	114.5	14.0	2.0
6716	123.0	26.0	1.2
10610	26.0	7.0	3.5
10611	35.2	6.8	4.5
978	9.2	17.8	2.7
9213	43.0	10.8	3.5
453	46.4	6.6	6.3
6005	190.0	9.0	3.1
6006	131.0	12.0	4.1
6704	177.0	40.0	8.3
1093	18.0	8.0	6.6
923	36.0	4.0	10.9

Notes:      (1) Top cut of 40 g/t applied

Polymetal's management recognises that these results indicate that the project's scope is likely to change materially. Particularly, we now believe that the option of building a stand-alone conventional CIP mill is likely to be the optimal development option. Consequently, all work on the heap leach project at Mamin has been suspended.

Polymetal plans to continue step-out drilling at the property and expects to publish the new development timeline for the asset in Q4 of 2013.

"I am very excited about the recent exploration results at Mamin. I don't remember seeing such wide and rich intersections at relatively shallow depth since 2008 when we drilled out the currently operating Anfisa ore body at Albazino," said Vitaly Nesis, CEO of Polymetal. "I expect further exploration success at Mamin and expect that this project can be very attractive given its location and access to infrastructure".

Enquiries

Media		Investor Relations
College Hill Leonid Fink Tony Friend	[phone]	Polymetal Maxim Nazimok Evgenia Onuschenko Elena Revenko	[e-mail] [phone] (Russia) [phone] (UK)
Joint Corporate Brokers
Morgan Stanley Bill Hutchings Sandip Patodia	[phone]	Canaccord Genuity Andrew Chubb Andrey Kroupnik	[phone]

FORWARD-LOOKING STATEMENTS

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