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.
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