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JSC Polymetal to acquire 1.4Moz Svetloye gold deposit from Fortress Minerals with superior US$9.25m offer

JSC Polymetal to acquire 1.4Moz Svetloye gold deposit from Fortress Minerals with superior US$9.25m offer

JSC Polymetal (LON:PMTL, MICEX, RTS: PMTL) looks set to acquire the mining license for the Svetloye gold deposit in the Russian Far East with a US$9.25m cash deal with Fortress Minerals Corp (TSX-V:FST). The JSC proposal was accepted by Fortress as a superior proposal to a pre-existing arrangement with MacRitchie Metals Pte Ltd.

"Svetloye represents a unique opportunity to broaden our late-stage exploration effort in the region and potentially add several years of mine life for Khakanja," Polymetal chief executive Vitaly Nesis commented.

At Svetloye, in April 2009, Fortress reported a NI43-101 resource estimate of 20.1 million tonnes grading 2.2 grams per tonne (g/t) and containing 1.4 million ounces (Moz) of gold.

The Svetloye deposit is located in the Russian Far East, in the Khabarovsk Territory, 220km southwest of Okhotsk, the access port for Polymetal's Khakanja mine, and approximately the same distance from Khakanja itself. Polymetal believes trucking the high-grade ore from Svetloye to Khakanja for processing is feasible, a view based on positive experience at Yurievskoe.

Polymetal is a Russian-based gold and silver miner, with operations and development projects in Russia and Kazakhstan. The company produced 0.6Moz of gold equivalent ounces in 2009, and it is aims double total production by 2012, through the commissioning of new projects, which are now under construction.

“A key element of Polymetal's strategy is creation of processing hubs with the goal to ensure the most efficient and responsible utilization of financial and human capital by treating ores and concentrates from various sources at centralized locations”, Polymetal stated.

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Newswire
August 30 2013

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