REG-Polymetal International plc Polymetal International plc: New exploration JV with a junior in Chukotka

Polymetal International PKAnnouncement

28/05/2019 07:00

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   Polymetal International plc (POLY)
   Polymetal International plc: New exploration JV with a junior in Chukotka

   28-May-2019 / 09:00 MSK
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   Release time IMMEDIATE                     LSE, MOEX, AIX: POLY / ADR: AUCOY
   Date         28 May 2019

    

    

   Polymetal International plc

   New exploration JV with a junior in Chukotka

   Polymetal formed  a  partnership  with  a  company  associated  with  Mineral
   Exploration Network (Finland) Ltd ("MEN") for early-stage exploration in  the
   Chaunsk region of Chukotka, Russia.

   "Our strategy of  working with  junior explorers is  gaining momentum",  said
   Vitaly  Nesis,  Group  CEO  of  Polymetal.  "MEN  has  extensive  and  varied
   experience in  using advanced  state-of-the-art  methods of  prospecting  and
   grassroots exploration."

   The  objective  of  the  JV  is  to  discover  high-grade  near-surface  gold
   mineralisation that can provide feed  for the Mayskoye processing plant.  The
   plant is capable for treating both sulphide ore through the flotation circuit
   and oxide ore through the CIL circuit.

   Polymetal and MEN have entered into an agreement whereby:

     • Polymetal has agreed to fund a staged exploration campaign that will take
       place in 2020-2023 and is expected to result in an initial JORC-compliant
       Mineral Resource or Ore Reserve estimate.
     • Polymetal will earn 25% in the JV by contributing RUB 20 million (approx.
       US$ 0.3 million)  to the  share capital with  an option  to increase  its
       stake to  80% by  contributing  RUB 60  million  (US$ 0.9  million)  upon
       completion of the first-year field program in 2020.
     • Polymetal will also retain  a 5-year option to  increase its interest  to
       100% subject to positive exploration results.
     • Total investments by Polymetal are not expected to exceed US$ 10 million.

   MEN - is an experienced UK-based  junior explorer with a strong track  record
   of prospecting  in Finland  and  Spain. MEN  will assume  responsibility  for
   prospecting an area, which covers approximately 83 km2 in the Chaunsk  region
   of Chukotka.

   About Polymetal  

   Polymetal International plc (LSE, MOEX, AIX: 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              Polymetal                    1 ir@polymetalinternational.com
   Consulting
              +44   Eugenia Onuschenko          +44 20 7016 9505 (UK)
   Leonid     20
   Fink       3727  Timofey Kulakov              
              1000
   Viktor           Michael                     +7 812 334 3666 (Russia)
   Pomichal         Vasiliev                   
       Joint
       Corporate         
       Brokers
   Morgan
   Stanley    +44
              20
   Andrew     7425
   Foster     8000

   Richard          RBC Europe Limited
   Brown
                    Marcus Jackson              +44 20 7653 4000
   Panmure
   Gordon           Jamil Miah

   Charles    +44
   Lesser     20
              7886
   James      2500
   Stearns

   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
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   NATURE, SUCH  FORWARD-LOOKING STATEMENTS  INVOLVE  KNOWN AND  UNKNOWN  RISKS,
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   EXPRESSED   OR   IMPLIED   BY   SUCH   FORWARD-LOOKING   STATEMENTS.     SUCH
   FORWARD-LOOKING STATEMENTS ARE  BASED ON NUMEROUS  ASSUMPTIONS REGARDING  THE
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   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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   ISIN:          JE00B6T5S470
   Category Code: MSCM
   TIDM:          POLY
   Sequence No.:  8827
   EQS News ID:   816351


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:ir@polymetalinternational.com


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