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Thursday 07 February, 2019

Polymetal International plc

Polymetal International plc: Ore Reserves increase at Mayskoye

Polymetal International plc (POLY)
Polymetal International plc: Ore Reserves increase at Mayskoye

07-Feb-2019 / 10:00 MSK
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

Release time

 

IMMEDIATE                              LSE, MOEX: POLY / ADR: AUCOY

Date

7 February 2019

 

Polymetal International plc

Ore Reserves increase at Mayskoye

Polymetal International plc reports a significant increase in Ore Reserves at the Mayskoye gold deposit in Russia. The updated JORC estimate adds 778 Koz of gold to the property's reserves as a result of successful resource-to-reserve conversion.

  • As at 1 January 2019, Mayskoye's JORC-compliant Ore Reserves comprise 10 Mt of ore with an average grade of 6.9 g/t containing 2.2 moz of gold.
  • This represents a sizeable increase over the previous estimate with a 49% increase in tonnage, a 5% improvement in grade and a 55% jump in gold contained.
  • The additional ounces are expected to extend the mine life by another 5 years.
  • The Ore Reserve estimate has been updated to include drilling data completed by Polymetal in 2018, which comprises 225 additional diamond drill holes from the underground mine (17,767 m) and 1,537 holes from the open pit (19,980 m). Most of the converted ounces represent an upgrade and conversion of inferred resources in the southern and northern flanks of the property.

 "We are very pleased with these excellent exploration results at Mayskoye which have translated into a meaningful increase, adding 5 years to its mine life", said Vitaly Nesis, Group CEO of Polymetal. "Polymetal plans to continue exploration at Mayskoye with the goal to further extend its life-of-mine".

Ore Reserve reconciliation, Koz of gold

 

Ore Reserves, 01.01.2018

Depletion

Revaluation

Ore Reserves, 01.01.2019

1.4

-0.2

1.0

2.2

Mayskoye Ore Reserves as at 01.01.2019

Ore Reserves

Category

01.01.2018

01.01.2019

Change, %

Proved

Tonnage, Mt

2.1

1.6

-26%

Au grade, g/t

6.8

6.7

-1%

Au content, Moz

0.5

0.3

-27%

 

 

 

 

 

Probable

Tonnage, Mt

4.5

8.3

+84%

Au grade, g/t

6.4

6.9

+7%

Au content, Moz

0.9

1.8

+96%

 

 

 

 

 

Proved + Probable

Tonnage, Mt

6.7

9.9

+49%

Au grade, g/t

6.6

6.9

+5%

Au content, Moz

1.4

2.2

+55%

Notes: Ore Reserves are reported in accordance with the JORC Code (2012) and are estimated using a gold price of US$ 1,200/oz. Discrepancies in calculations are due to rounding.

About Polymetal  

Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield.

Enquiries

Media

 

Investor Relations

FTI Consulting

Leonid Fink

Viktor Pomichal

+44 20 3727 1000

Polymetal

Eugenia Onuschenko

Timofey Kulakov

Michael Vasiliev                   

[email protected]

+44 20 7016 9505 (UK)

 

+7 812 334 3666 (Russia)

Joint Corporate Brokers

 

Morgan Stanley

Andrew Foster

Richard Brown


Panmure Gordon

Charles Lesser

James Stearns

+44 20 7425 8000

 

 

 

+44 20 7886 2500

RBC Europe Limited

Tristan Lovegrove

Marcus Jackson

+44 20 7653 4000

 

 

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

 



ISIN: JE00B6T5S470
Category Code: MSCM
TIDM: POLY
Sequence No.: 7400
EQS News ID: 773475

 
End of Announcement EQS News Service

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