REG-Polymetal International plc Polymetal International plc: Ore Reserves increase at Mayskoye

Polymetal International PKAnnouncement

07/02/2019 07:05

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   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.

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   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, %
                       Tonnage, Mt      2.1        1.6       -26%
   Proved             Au grade, g/t     6.8        6.7        -1%
                     Au content, Moz    0.5        0.3       -27%
                                                                
                       Tonnage, Mt      4.5        8.3       +84%
   Probable           Au grade, g/t     6.4        6.9        +7%
                     Au content, Moz    0.9        1.8       +96%
                                                                
                       Tonnage, Mt      6.7        9.9       +49%
   Proved + Probable  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              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
                    Tristan Lovegrove           +44 20 7653 4000
   Panmure
   Gordon           Marcus Jackson

   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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   "TARGETS",  "BELIEVES",   "EXPECTS",   "AIMS",  "INTENDS",   "WILL",   "MAY",
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   EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING
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   CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED

    

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


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:ir@polymetalinternational.com


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