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Polymetal Int'l increases its interest in Dolinnoye

01 June 2017 07:22

Polymetal International has acquired an additional 25% interest in the Dolinnoye gold property for a net consideration of $1.6.

This transaction completed the earn-in arrangement between Polymetal and its partner on the Dolinnoye property.

The earn-in conditions were satisfied by extensive exploration and the preparation of a JORC-compliant reserve estimate for the property. The company's initial 25% interest in the property was acquired in 2015.

The Dolinnoye deposit was expected to become another source of high-grade free-milling feedstock for the Varvara processing plant, with transportation of feedstock to the plant facilitated by the proximity of low-cost rail access.

Ore reserves (based on Polymetal's 50% share) in accordance with the JORC code comprised 2.6 Mt at 2.4 g/t gold for 202 Koz of gold contained. Additional mineral resources were estimated at 6.1 Mt at 2.5 g/t for 494 Koz of gold contained.

"This transaction further expands and strengthens our Varvara hub concept", said Vitaly Nesis, group CEO of Polymetal.

"We expect first ore to go through the mill in Q3 2017".

Story provided by StockMarketWire.com

Related Company: POLY

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