MOSCOW, Feb 27 (PRIME) -- Gold reserves of Russian precious metals producer Polymetal International went up by 6% on the year to 23.7 million ounces of gold equivalent in accordance with the JORC Code, the company said in a statement on Thursday.
Ore reserves of the company increased by 5% to 25.2 million ounces of gold equivalent due to geological exploration with subsequent re-evaluation of reserves of the Kyzyl, Veduga, and Kutyn fields and to initial estimate of reserves at the Primorskoye field, the company said.
Polymetal’s reserves of silver contracted by 14% to 116 million ounces.
Exploratory drilling stood at 198 kilometers. Mineral resources additional to ore reserves shrank by 4% to 25.4 million ounces of gold equivalent.
The average grade in ore reserves remained flat on the year at 3.7 grams per tonne, and the average grade in mineral resources also stayed flat at 5.2 grams per tonne.
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