StockMarketWire.com - Polymetal International announced a doubling of the ore reserves estimate at the Kutyn gold project in Russia.

An updated JORC-compliant estimate comprised 8.4m tonnes of ore with an average grade of 3.0 grams per tonne, containing 812K ounces of gold.

That represented a 110% increase in gold contained in comparison with a previous reserve estimate prepared in 2015, the company said.

'The new reserve estimate significantly enhances the value of Kutyn for a potential acquirer or partner,' chief executive Vitaly Nesis said.

Polymetal International was continuing to evaluate various strategic options for the deposit and planned to announce a transaction in the second half of 2020, he added.




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