Bloomberg News

Polymetal Raises Two Sites’ Gold Reserves by 1.6 Million Ounces

February 20, 2009

OAO Polymetal, Russia’s largest silver producer, increased its estimate of gold reserves at two sites in the country’s Far East by 1.6 million ounces under so- called JORC standards.

The Birkachan and Oroch sites were part of the Kubaka mine purchased from Kinross Gold Corp. last year, St. Petersburg-based Polymetal said today in an e-mailed statement.

“We are confident that given existing processing capacity and available infrastructure, production from Birkachan will start in 2010,” Chief Executive Officer Vitaly Nesis said in the statement.

To contact the reporter on this story: Maria Kolesnikova in Moscow at mkolesnikova@bloomberg.net.

To contact the editor responsible for this story: Stuart Wallace at swallace6@bloomberg.net.


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