Reserves and resources update as at 1 January 2012
|
Release time |
IMMEDIATE |
|
Date |
05 April 2012 |
Polymetal International Plc
Announcement of reserves and resources update as at 1 January 2012
Polymetal International Plc (LSE: POLY) (together with its subsidiaries, including JSC "Polymetal" - "Polymetal", the "Company", or the "Group") is pleased to provide an update on its reserves and resources as at 1 January 2012.
Highlights
· 10% decline in gold equivalent content of Ore Reserves driven mostly by reserve depletion; Mineral Resources up 2% mainly as a result of new resources added at Dalneye.
· Conservative precious metals prices used for reserve estimation (US$ 1200/oz for gold and US$20/oz for silver) leave substantial amounts of economically mineable material outside reserve estimates, particularly at Dukat mine.
· Average reserve grade remains at a high 4.2 g/t of gold equivalent, and average resource grade - at 3.9 g/t of gold equivalent.
· Gold equivalent data is presented in this report based on 1:60 Ag/Au and 5:1 Cu/Au conversion ratios
Reserves and resources summary1
|
|
1 January 2012 |
1 January 2011 |
Change |
|
|
|
|
|
|
Ore reserves (proved+probable), gold equivalent Moz |
14.3 |
15.9 |
-10% |
|
Gold, Moz |
9.2 |
10.0 |
-8% |
|
Silver, Moz |
297.0 |
331.3 |
-10% |
|
Copper, Kt |
43.4 |
58.0 |
-25% |
|
|
|
|
|
|
Mineral resources (indicated + measured+inferred), gold equivalent Moz |
13.8 |
13.5 |
2% |
|
Gold, Moz |
10.4 |
9.5 |
9% |
|
Silver, Moz |
181.1 |
212.0 |
-15% |
|
Copper, Kt |
74.0 |
80.0 |
-8% |
1 Mineral Resources and Ore Reserves are estimated in accordance with the JORC Code (2004). Mineral Resources are in addition to Ore Reserves. Discrepancies in calculations are due to rounding
"We expect that a modest reduction in Polymetal's ore reserves in 2011 will be more than reversed in 2012 as our exploration efforts translate into new significant reserve and resource additions,"said Vitaly Nesis, CEO of Polymetal.
|
Reserves and Resources structure by metal (gold equivalent) |
Ore Reserves |
Mineral Resources |
|
|
|
|
|
Gold |
64% |
64% |
|
Silver |
35% |
35% |
|
Copper |
2% |
2% |
|
Total |
100% |
100% |
|
Movements in Ore Reserves during the year (gold equivalent) |
|
|
|
|
|
Ore Reserves as at 1 January 2011 |
15,852 |
|
Processed in 2011 |
993 |
|
Revision |
(533) |
|
Ore Reserves as at 1 January 2012 |
14,326 |
Mineral Resources and Ore Reserves as at 1 January 2012 (1)
|
|
Tonnage |
Content |
|||
|
|
Kt |
Au, Koz |
Ag, Koz |
Cu, Kt |
Gold equivalent, Koz |
|
Mineral Resources |
|
|
|
|
|
|
Measured |
17 347 |
1 067 |
62 426 |
14.5 |
2 179 |
|
Indicated |
43 360 |
1 762 |
88 016 |
32.6 |
3 392 |
|
Measured + Indicated |
60 708 |
2 829 |
150 442 |
47.1 |
5 572 |
|
Inferred |
48 927 |
7 615 |
30 657 |
26.9 |
8 260 |
|
Measured + Indicated + Inferred |
109 635 |
10 444 |
181 099 |
74.0 |
13 832 |
|
|
|
|
|
|
|
|
Ore Reserves |
|
|
|
|
|
|
Proved |
56 449 |
5 057 |
189 507 |
9.5 |
8 263 |
|
Probable |
49 333 |
4 101 |
107 518 |
33.9 |
6 063 |
|
Proved + Probable |
105 782 |
9 159 |
297 025 |
43.4 |
14 326 |
1 Mineral Resources and Ore Reserves are estimated in accordance with the JORC Code (2004). Mineral Resources are in addition to Ore Reserves. Discrepancies in calculations are due to rounding.
Ore Reserves: Precious Metals Deposits as at 1 January 2012 (1)
|
Ore Reserves |
Tonnage |
Grade |
Content |
||||
|
Kt |
Au, g/t |
Ag, g/t |
AuEq, g/t |
Au, Koz |
Ag, Koz |
AuEq, Koz |
|
|
Proved |
|
|
|
|
|
|
|
|
Dukat (2) |
8 170 |
1.0 |
546 |
10.1 |
265 |
143 406 |
2 655 |
|
Voro (3) |
14 630 |
2.7 |
4 |
2.8 |
1 286 |
1 900 |
1 318 |
|
Lunnoye |
1 480 |
1.9 |
313 |
7.1 |
91 |
14 885 |
339 |
|
Arylakh |
210 |
0.8 |
367 |
7.0 |
6 |
2 466 |
47 |
|
Khakanja |
1 660 |
3.1 |
230 |
7.0 |
167 |
12 306 |
372 |
|
Yurievskoye |
90 |
8.6 |
13 |
8.5 |
24 |
40 |
25 |
|
Mayskoye (4) |
2 699 |
9.7 |
- |
9.7 |
839 |
- |
839 |
|
Albazino |
11 790 |
4.0 |
- |
4.0 |
1 499 |
- |
1 499 |
|
Sopka Kvartsevaya |
2 730 |
4.1 |
151 |
6.6 |
361 |
13 201 |
581 |
|
Birkachan (5) |
6 620 |
1.8 |
6 |
1.9 |
377 |
1 303 |
399 |
|
Total Proved |
50 079 |
3.1 |
118 |
5.0 |
4 915 |
189 507 |
8 074 |
|
|
|
|
|
|
|
|
|
|
Probable |
|
|
|
|
|
|
|
|
Dukat (2) |
4 045 |
1.5 |
557 |
10.8 |
193 |
72 501 |
1 402 |
|
Voro (3) |
500 |
4.4 |
4 |
4.4 |
70 |
55 |
71 |
|
Lunnoye |
1 230 |
1.7 |
443 |
9.1 |
66 |
17 538 |
358 |
|
Arylakh |
460 |
0.6 |
498 |
8.9 |
9 |
7 371 |
132 |
|
Khakanja |
420 |
5.9 |
288 |
10.7 |
80 |
3 881 |
145 |
|
Yurievskoye |
20 |
5.7 |
11 |
6.4 |
4 |
7 |
4 |
|
Mayskoye (4) |
5 178 |
9.5 |
- |
9.5 |
1 587 |
- |
1 587 |
|
Albazino |
6 530 |
3.1 |
- |
3.1 |
656 |
- |
656 |
|
Sopka Kvartsevaya |
560 |
5.2 |
175 |
8.1 |
94 |
3 164 |
147 |
|
Birkachan (5) |
5 980 |
3.3 |
16 |
3.6 |
642 |
3 001 |
692 |
|
Total Probable |
24 923 |
4.2 |
134 |
6.5 |
3 401 |
107 518 |
5 193 |
|
|
|
|
|
|
|
|
|
|
Proved + Probable |
|
|
|
|
|
|
|
|
Dukat (2) |
12 215 |
1.2 |
550 |
10.3 |
458 |
215 907 |
4 057 |
|
Voro (3) |
15 130 |
2.8 |
4 |
2.9 |
1 356 |
1 955 |
1 389 |
|
Lunnoye |
2 710 |
1.8 |
372 |
8.0 |
157 |
32 423 |
697 |
|
Arylakh |
670 |
0.7 |
457 |
8.3 |
15 |
9 837 |
179 |
|
Khakanja |
2 080 |
3.7 |
242 |
7.7 |
247 |
16 187 |
517 |
|
Yurievskoye |
110 |
8.1 |
11 |
8.1 |
28 |
47 |
29 |
|
Mayskoye (4) |
7 877 |
9.6 |
- |
9.6 |
2 426 |
- |
2 426 |
|
Albazino |
18 320 |
3.7 |
- |
3.7 |
2 155 |
- |
2 155 |
|
Sopka Kvartsevaya |
3 290 |
4.3 |
155 |
6.9 |
455 |
16 365 |
728 |
|
Birkachan (5) |
12 600 |
2.5 |
11 |
2.7 |
1 019 |
4 304 |
1 091 |
|
Total Proved + Probable |
75 002 |
3.4 |
123 |
5.5 |
8 317 |
297 025 |
13 267 |
1 Ore Reserves are estimated in accordance with the JORC Code (2004). Discrepancies in calculations are due to rounding
2 including Nachalny-2
3 including Voro South
4 Estimate prepared by Snowden as at 01.07.2011 Price: Au=900 $/oz
5 Ore Reserves for underground mining were not re-estimated. Previous estimation as at 01.07.2011 by SRK Consulting is left. Price: Au=900 $/oz and Ag=14.5 $/oz.
Ore Reserves: Polymetallic Ore Deposits as at 1 January 2012 (1)
|
Ore Reserves |
Tonnage |
Grade |
Content |
||||
|
Kt |
Au, g/t |
Cu(2), % |
AuEq, g/t |
Au, Koz |
Cu, Kt |
AuEq, Koz |
|
|
Proved |
|
|
|
|
|
|
|
|
Varvara (2) |
6 370 |
0.7 |
0.50 |
0.9 |
142 |
9.5 |
190 |
|
Total Proved |
6 370 |
0.7 |
0.50 |
0.9 |
142 |
9.5 |
190 |
|
|
|
|
|
|
|
|
|
|
Probable |
|
|
|
|
|
|
|
|
Varvara (2) |
24 410 |
0.9 |
0.43 |
1.1 |
700 |
33.9 |
870 |
|
Total Probable |
24 410 |
0.9 |
0.43 |
1.1 |
700 |
33.9 |
870 |
|
|
|
|
|
|
|
|
|
|
Proved+Probable |
|
|
|
|
|
|
|
|
Varvara (2) |
30 780 |
0.9 |
0.44 |
1.1 |
842 |
43.4 |
1 059 |
|
Total Proved + Probable |
30 780 |
0.9 |
0.44 |
1.1 |
842 |
43.4 |
1 059 |
1Ore Reserves are estimated in accordance with the JORC Code (2004). Discrepancies in calculations are due to rounding
2Cu grade only represents average grade of Float feed. Ore Reserves of Float feed: 1.9 Mt Proved and 7.8 Mt Probable.
Mineral Resources: Precious metals as at 1 January 2012 (1)
|
Mineral Resources |
Tonnage |
Grade |
Content |
||||
|
Kt |
Au, g/t |
Ag, g/t |
AuEq, g/t |
Au, Koz |
Ag, Koz |
AuEq, Koz |
|
|
Measured |
|
|
|
|
|
|
|
|
Dukat (2) |
3 550 |
0.6 |
294 |
5.5 |
70 |
33 524 |
629 |
|
Voro (3) |
1 190 |
1.5 |
3 |
1.6 |
59 |
125 |
61 |
|
Lunnoye |
690 |
1.7 |
267 |
6.2 |
38 |
5 913 |
137 |
|
Arylakh |
60 |
0.9 |
333 |
6.1 |
1 |
646 |
12 |
|
Khakanja |
1 260 |
3.4 |
272 |
7.9 |
138 |
11 020 |
322 |
|
Yurievskoye |
40 |
6.5 |
13 |
6.4 |
8 |
15 |
8 |
|
Mayskoye (4) |
463 |
6.3 |
- |
6.3 |
93 |
- |
93 |
|
Albazino |
1 170 |
2.9 |
- |
2.9 |
108 |
- |
108 |
|
Sopka Kvartsevaya |
240 |
4.2 |
158 |
6.8 |
32 |
1 227 |
52 |
|
Birkachan (5) |
900 |
1.3 |
6 |
1.4 |
37 |
176 |
40 |
|
Dalnee |
1 730 |
4.0 |
95 |
5.6 |
221 |
5 305 |
309 |
|
Tsokol Kubaka (7) |
454 |
9.6 |
15 |
9.8 |
140 |
226 |
144 |
|
Total Measured |
11 747 |
2.5 |
154 |
5.1 |
945 |
58 177 |
1 914 |
|
|
|
|
|
|
|
|
|
|
Indicated |
|
|
|
|
|
|
|
|
Dukat (2) |
2 350 |
0.6 |
290 |
5.5 |
47 |
21 909 |
412 |
|
Voro (3) |
90 |
2.6 |
3 |
2.8 |
8 |
8 |
8 |
|
Lunnoye |
680 |
1.2 |
301 |
6.2 |
26 |
6 594 |
136 |
|
Arylakh |
125 |
0.8 |
640 |
11.4 |
3 |
2 559 |
46 |
|
Khakanja |
330 |
2.8 |
148 |
5.2 |
29 |
1 597 |
56 |
|
Yurievskoye |
10 |
9.1 |
20 |
9.6 |
3 |
5 |
3 |
|
Mayskoye (4) |
1 642 |
6.1 |
- |
6.1 |
324 |
- |
324 |
|
Albazino |
3 440 |
2.9 |
- |
2.9 |
326 |
- |
326 |
|
Sopka Kvartsevaya |
110 |
4.5 |
164 |
7.3 |
16 |
589 |
26 |
|
Birkachan (5) |
1 530 |
1.5 |
8 |
1.6 |
74 |
413 |
81 |
|
Oroch (6) |
1 365 |
3.3 |
143 |
5.6 |
143 |
6 284 |
247 |
|
Tsokol Kubaka (7) |
592 |
6.4 |
11 |
6.6 |
122 |
207 |
126 |
|
Total Indicated |
12 264 |
2.8 |
102 |
4.5 |
1 121 |
40 166 |
1 791 |
|
|
|
|
|
|
|
|
|
|
Measured + Indicated |
|
|
|
|
|
|
|
|
Dukat (2) |
5 900 |
0.6 |
292 |
5.5 |
117 |
55 433 |
1 041 |
|
Voro (3) |
1 280 |
1.6 |
3 |
1.7 |
67 |
133 |
69 |
|
Lunnoye |
1 370 |
1.4 |
284 |
6.2 |
64 |
12 507 |
272 |
|
Arylakh |
185 |
0.8 |
541 |
9.7 |
4 |
3 205 |
57 |
|
Khakanja |
1 590 |
3.3 |
247 |
7.4 |
167 |
12 617 |
377 |
|
Yurievskoye |
50 |
7.0 |
14 |
7.1 |
11 |
20 |
11 |
|
Mayskoye (4) |
2 105 |
6.2 |
- |
6.2 |
417 |
- |
417 |
|
Albazino |
4 610 |
2.9 |
- |
2.9 |
434 |
- |
434 |
|
Sopka Kvartsevaya |
350 |
4.3 |
160 |
7.0 |
48 |
1 816 |
78 |
|
Birkachan (5) |
2 430 |
1.4 |
7 |
1.5 |
111 |
589 |
121 |
|
Dalnee |
1 730 |
4.0 |
95 |
5.6 |
221 |
5 305 |
309 |
|
Oroch (6) |
1 365 |
3.3 |
143 |
5.6 |
143 |
6 284 |
247 |
|
Tsokol Kubaka (7) |
1 047 |
7.8 |
13 |
8.0 |
262 |
434 |
269 |
|
Total Measured + Indicated |
24 012 |
2.7 |
127 |
4.8 |
2 066 |
98 343 |
3 705 |
|
|
|
|
|
|
|
|
|
|
Inferred |
|
|
|
|
|
|
|
|
Dukat (2) |
30 |
0.7 |
367 |
7.3 |
1 |
364 |
7 |
|
Lunnoye |
1 050 |
1.8 |
435 |
9.0 |
60 |
14 689 |
305 |
|
Arylakh |
70 |
1.0 |
357 |
6.8 |
2 |
797 |
15 |
|
Khakanja |
120 |
3.0 |
167 |
5.6 |
11 |
646 |
22 |
|
Mayskoye (4) |
16 016 |
8.6 |
- |
8.6 |
4 428 |
- |
4 428 |
|
Albazino |
1 870 |
3.4 |
- |
3.4 |
202 |
- |
202 |
|
Sopka Kvartsevaya |
10 |
7.0 |
300 |
10.7 |
2 |
86 |
3 |
|
Birkachan (5) |
410 |
14.7 |
68 |
15.8 |
193 |
888 |
208 |
|
Oroch (6) |
561 |
3.3 |
225 |
7.0 |
59 |
4 056 |
126 |
|
Tsokol Kubaka (7) |
249 |
9.3 |
15 |
9.6 |
75 |
118 |
77 |
|
Avlayakan |
1 394 |
5.9 |
72 |
7.1 |
263 |
3 227 |
317 |
|
Kirankan (8) |
142 |
6.5 |
8 |
6.7 |
30 |
39 |
30 |
|
Svetloye (9) |
4 083 |
5.8 |
4 |
5.9 |
767 |
544 |
776 |
|
Ozerny (10) |
1 910 |
5.5 |
24 |
5.9 |
337 |
1 474 |
361 |
|
Kutyn (11) |
5 505 |
4.1 |
- |
4.1 |
717 |
- |
717 |
|
Total Inferred |
33 420 |
6.7 |
25 |
7.1 |
7 146 |
26 929 |
7 595 |
|
|
|
|
|
|
|
|
|
|
Measured + Indicated + Inferred |
|
|
|
|
|
|
|
|
Dukat (2) |
5 930 |
0.6 |
293 |
5.5 |
118 |
55 797 |
1 048 |
|
Voro (3) |
1 280 |
1.6 |
3 |
1.7 |
67 |
133 |
69 |
|
Lunnoye |
2 420 |
1.6 |
350 |
7.4 |
124 |
27 196 |
577 |
|
Arylakh |
255 |
0.9 |
490 |
8.9 |
6 |
4 002 |
73 |
|
Khakanja |
1 710 |
3.2 |
241 |
7.3 |
178 |
13 263 |
399 |
|
Yurievskoye |
50 |
7.0 |
14 |
7.1 |
11 |
20 |
11 |
|
Mayskoye (4) |
18 121 |
8.3 |
- |
8.3 |
4 845 |
- |
4 845 |
|
Albazino |
6 480 |
3.1 |
- |
3.1 |
636 |
- |
636 |
|
Sopka Kvartsevaya |
360 |
4.4 |
164 |
7.1 |
50 |
1 902 |
82 |
|
Birkachan (5) |
2 840 |
3.3 |
16 |
3.6 |
304 |
1 477 |
329 |
|
Dalnee |
1 730 |
4.0 |
95 |
5.6 |
221 |
5 305 |
309 |
|
Oroch (6) |
1 926 |
3.3 |
167 |
6.0 |
201 |
10 341 |
374 |
|
Tsokol Kubaka (7) |
1 296 |
8.1 |
13 |
8.3 |
337 |
552 |
346 |
|
Avlayakan |
1 394 |
5.9 |
72 |
7.1 |
263 |
3 227 |
317 |
|
Kirankan (8) |
142 |
6.5 |
8 |
6.7 |
30 |
39 |
30 |
|
Svetloye (9) |
4 083 |
5.8 |
4 |
5.9 |
767 |
544 |
776 |
|
Ozerny (10) |
1 910 |
5.5 |
24 |
5.9 |
337 |
1 474 |
361 |
|
Kutyn (11) |
5 505 |
4.1 |
- |
4.1 |
717 |
- |
717 |
|
Total Measured + Indicated + Inferred |
57 431 |
5.0 |
68 |
6.1 |
9 212 |
125 272 |
11 300 |
(1) Mineral Resources are estimated in accordance with the JORC Code (2004). Mineral Resources are additional to Ore Reserves. Discrepancies in calculations are due to rounding
(2) Including Nachalny-2.
(3) Including Voro South
(4) Estimate prepared by Snowden as at 01.07.2011 Price: Au=1150 $/oz
(5) Mineral Resources for underground mining were not re-estimated. Previous estimation as at 01.07.2011 by SRK Consulting is left. Price: Au=1150 $/oz and Ag=18.5 $/oz.
(6) Estimate prepared by SRK Consulting as at 01.07.2011. Price: Au=900 $/oz and Ag=13 $/oz
(7) Estimate prepared by SRK Consulting as at 01.07.2011. Price: Au=1000 $/oz и Ag=16 $/oz
(8) Estimate prepared by Snowden as at 01.07.2011. COG=1.5 g/t
(9) Estimate prepared by Snowden as at 01.07.2011. COG=3.0 g/t
(10) Estimate prepared by Snowden as at 01.07.2011. COG=1.0 g/t
(11) Estimate prepared by Snowden as at 01.07.2011. COG=2.0 g/t
Mineral Resources: Polymetallic ore Deposits as at 1 January 2012 1
|
Mineral Resources |
Tonnage |
Grade |
Content |
||||||
|
Kt |
Au, g/t |
Ag, g/t |
Cu3, % |
AuEq, g/t |
Au, Koz |
Ag, Koz |
Cu, Kt |
AuEq, Koz |
|
|
Measured |
|
|
|
|
|
|
|
|
|
|
Goltsovoye |
110 |
- |
1 200 |
- |
20.0 |
- |
4 249 |
- |
71 |
|
Varvara |
5 490 |
0.7 |
- |
0.40 |
1.1 |
122 |
- |
14.5 |
195 |
|
Total Measured |
5 600 |
0.7 |
24 |
0.40 |
1.5 |
122 |
4 249 |
14.5 |
265 |
|
|
|
|
|
|
|
|
|
|
|
|
Indicated |
|
|
|
|
|
|
|
|
|
|
Goltsovoye |
1 270 |
- |
848 |
- |
14.1 |
- |
34 621 |
- |
577 |
|
Varvara |
28 730 |
0.7 |
- |
0.41 |
0.9 |
641 |
- |
32.6 |
804 |
|
Perevalnoye (2) |
1 096 |
- |
375 |
- |
6.3 |
- |
13 229 |
- |
220 |
|
Total Indicated |
31 096 |
0.6 |
48 |
0.41 |
1.6 |
641 |
47 850 |
32.6 |
1 601 |
|
|
|
|
|
|
|
|
|
|
|
|
Measured + Indicated |
|
|
|
|
|
|
|
|
|
|
Goltsovoye |
1 380 |
- |
876 |
- |
14.6 |
- |
38 870 |
- |
648 |
|
Varvara |
34 220 |
0.7 |
- |
0.41 |
0.9 |
763 |
- |
47.1 |
999 |
|
Perevalnoye (2) |
1 096 |
- |
375 |
- |
6.3 |
- |
13 229 |
- |
220 |
|
Total Measured + Indicated |
36 696 |
0.6 |
44 |
0.41 |
1.6 |
763 |
52 099 |
47.1 |
1 867 |
|
|
|
|
|
|
|
|
|
|
|
|
Inferred |
|
|
|
|
|
|
|
|
|
|
Goltsovoye |
160 |
- |
625 |
- |
10.4 |
- |
3 215 |
- |
54 |
|
Varvara |
15 270 |
1.0 |
- |
0.52 |
1.2 |
469 |
- |
26.9 |
604 |
|
Perevalnoye (2) |
78 |
- |
206 |
- |
3.4 |
- |
513 |
- |
9 |
|
Total Inferred |
15 508 |
0.9 |
7 |
0.52 |
1.3 |
469 |
3 728 |
26.9 |
666 |
|
|
|
|
|
|
|
|
|
|
|
|
Measured + Indicated + Inferred |
|
|
|
|
|
|
|
|
|
|
Goltsovoye |
1 540 |
- |
850 |
- |
14.2 |
- |
42 085 |
- |
701 |
|
Varvara |
49 490 |
0.8 |
- |
0.44 |
1.0 |
1 232 |
- |
74.0 |
1 602 |
|
Perevalnoye (2) |
1 174 |
- |
364 |
- |
6.1 |
- |
13 742 |
- |
229 |
|
Total Measured +Indicated+ Inferred |
52 204 |
0.7 |
33 |
0.44 |
1.5 |
1 232 |
55 827 |
74.0 |
2 532 |
1 Mineral Resources are estimated in accordance with the JORC Code (2004). Mineral Resourses are additional to Ore Reserves. Discrepancies in calculations are due to rounding
2 Estimate prepared by SRK Consulting as at 01.07.2011. Price: Ag=13 $/oz
3 Cu grade only represents average grade of Float feed. 10.9 Mt High Grade Copper Fresh and 7.8 Mt High Grade Copper Powder.
This estimate was prepared by employees of JSC Polymetal Management Company and CJSC Polymetal Engineering, subsidiaries of the Company, led by Valeri Tsyplakov, who assumes overall responsibility for the Mineral Resources and Ore Reserves Report. Mr Tsyplakov is the Managing Director of CJSC Polymetal Engineering and has 11 years' experience in gold and silver mining. He is a Member of the Institute of Materials, Minerals & Mining (MIMMM), London, and a Competent Person under the JORC Code.
Other Competent Persons employed by the Company are responsible for relevant research on which the Mineral Resources and Ore Reserves estimate is based. They include:
· Geology and Mineral Resources - Vladimir Ryabukhin, Adviser to Director General of JSC Polymetal Management Company, MIMMM, with 38 years' relevant experience;
· Geology and Mineral Resources - Mikhail Fomkin, Head of Geologic Modelling, MIMMM, with 26 years' relevant experience;
· Mining and Ore Reserves - Igor Epstein, Head of Mining Process Department, MIMMM, with 30 years' relevant experience;
· Concentration and Metals - Igor Agapov, Deputy Director of Science and Technology, MIMMM, with 14 years' relevant experience;
· Environmental Issues - Tatiana Kuleshova, Director for Ecology, MIMMM, with 21 years' relevant experience.
All Competent Persons have given consent for their material to be included in the Report, based on the information provided by them and in the form and the context in which the material is hereby presented.
Metals prices used in estimating Mineral Resources and Ore Reserves are listed below (unless otherwise indicated in the footnotes):
Ore Reserves:
Au=1200 $/oz
Ag=20 $/oz
Cu=6063 $/t
Mineral Resources:
Au=1350 $/oz
Ag=24 $/oz
Cu=7165 $/t
Enquiries
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FORWARD-LOOKING STATEMENTS
THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, "FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS "TARGETS", "BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY", "ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY'S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED
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