Polymetal Announces Work Results From Svetloye Gold Deposit

News: Russian company Polymetal has announced the results of work carried out at its Svetloye gold deposit located southwest of Okhotsk, Russia. The work has been carried out by Snowden Mining Industry Consultants. In 2010, the deposit was acquired from Fortress Minerals, which announced a NI 43-101 compliant resource estimate for Svetloye of 20.1mn tonnes grading 2.2 grams per tonne and containing 1.4mn ounces (oz) of gold. Polymetal highlights considerable further exploration potential at the existing 40 sq km licence area. The pre-feasibility study envisions a 1mn tonne a year open pit heap leach operation with yearly production of an average of 70,000oz of gold. Construction work is expected to start in 2015 with first production expected in Q317, only if the development decision is positive.

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Related sectors of this article: Mining
Geography: Russia

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