Polymetal doubles gold reserves of Kutyn field to 812,000 ounces

MOSCOW, Feb 12 (PRIME) -- Russian silver and gold producer Polymetal has raised ore reserves of its Kutyn field by more than two times to 812,000 ounces of gold under the JORC code, the company said in a statement on Wednesday.

“The updated JORC-compliant open-pit ore reserves estimate as of October 1, 2019 comprises 8.4 million tonnes of ore with an average grade of 3.0 g/t containing 812,000 ounces of gold. This represents a 110% increase in gold contained in comparison with the previous reserve estimate prepared in 2015,” the company said.

The field’s work plan for 2020 comprises 13 kilometers of exploratory drilling for further conversion of resources into reserves, as well as procurement of permits for construction of a road to the field from a sea access point.

“The new reserve estimate significantly enhances the value of Kutyn for a potential acquirer or partner. We continue to evaluate various strategic options and plan to announce a transaction in the second half of 2020,” the company said quoting CEO Vitaly Nesis.

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