POLY Polymetal International Plc

 
 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. 
 
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          +44 20 3727  Polymetal ir@polymetalinternational.com 
Consulting   1000 
 
                          Eugenia   +44 20 7016 9505 (UK) 
Leonid Fink               Onuschenk 
                          o 
 
Viktor 
Pomichal                  Timofey 
                          Kulakov 
                                    +7 812 334 3666 (Russia) 
 
                          Michael 
                          Vasiliev 
 
Joint Corporate Brokers 
 
Morgan       +44 20 7425  RBC       +44 20 7653 4000 
Stanley      8000         Europe 
                          Limited 
 
Andrew 
Foster                    Marcus 
                          Jackson 
 
Richard 
Brown                     Jamil 
                          Miah 
 
Panmure 
Gordon       +44 20 7886 
             2500 
 
Charles 
Lesser 
 
James 
Stearns 
 
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ISIN:          JE00B6T5S470 
Category Code: MSCM 
TIDM:          POLY 
Sequence No.:  8827 
EQS News ID:   816351 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

May 28, 2019 02:00 ET (06:00 GMT)

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