- Precious metals mining group Polymetal has said its initial Ore Reserve estimate for the Pesherny deposit (Voro hub) of 0.4 Moz of gold comprises 2.1 Mt of ore with an average gold grade of 6.0 g/t containing 399 Koz of gold.

The estimate as of July 1 assumes seven years of open-pit and underground mining which is expected to commence in Q3 2021.

The firm's statement said that 90% of the reserves are represented by primary ore which will be processed at the Voro flotation plant (under construction, start of production in Q1 2023). Refractory gold concentrate will be treated at Amursk POX-2. Oxide ore will be processed at the existing Voro CIP plant.

Life-of-mine production from refractory material is expected to amount 310 Koz of gold. Average annual production in 2023-2027 is estimated at roughly 55 Koz of gold at AISC of US$ 450-500/oz.

Mineral Resources (additional to Ore Reserves) amount to 0.5 Mt of ore with an average gold grade of 6.5 g/t representing 97 Koz of gold contained.

'Establishing high-grade reserves for Pesherny is an important achievement in extending Voro's life-of-mine,' said Vitaly Nesis, group CEO of Polymetal.

At 8:10am: [LON:POLY] Polymetal International PLC share price was +36.75p at 1867.75p

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