Polymetal puts initial ore reserves of Peshchernoye at 12.4 tns

MOSCOW, Nov 6 (PRIME) -- Russian gold producer Polymetal International has initially estimated the ore reserves of the Peshchernoye (Pesherny) deposit of the Vorontsovsky (Voro) hub at 399,000 ounces of gold, or at 12.4 tonnes, under the JORC Code, the company said in a statement on Friday.

The initial ore reserves of the field stand at 2.1 million tonnes of ore with an average grade of 6 grams per tonne as of July 1, 2020. Mineral resources additional to the ore reserves amount to 460,000 tonnes with the average grade of 6.5 grams per tonne.

The reserve estimate assumes seven years of open-pit and underground mining that the company plans to start in July–September 2021. Polymetal plans to produce 310,000 ounces of gold from the field, with the average annual production standing at 55,000 ounces per year in 2023–2027 with all-in sustaining costs of around U.S. $450–500 per ounce.

End %%md/jst%%