Polymetal unveils an extra 1.6 million ounces in its reserves

Polymetal has unveiled a JORC compliant estimate for the Birkachan and Oroch fields, it acquired Canada’s Kinross Gold in 2008, adding adding 1.6 million ounces of gold equivalent to its reserves.

That adds an estimated 9% to the company’s resource base, which Polymetal is expected to begin mining from 2010. The fields were purchased with the nearby Kubaka processing plant. CEO, Vitaly Nesis, says the reserve confirmation adds significantly to the outlook for Russia largest silver, and second largest gold, producer.

“Adding almost 1.6Moz of gold resource at Birkachan and Oroch demonstrates huge potential of the assets we bought through the Kubaka acquisition,”

“We are confident that, given existing processing capacity and available infrastructure, production from Birkachan will start in 2010, further enhancing Polymetal's strong growth profile,”