Polymetal International plc: New exploration JV with a junior in Chukotka

Polymetal International plc (POLY) 
Polymetal International plc: New exploration JV with a junior in Chukotka 
 
28-May-2019 / 09:00 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY 
Date         28 May 2019 
 
Polymetal International plc 
 
New exploration JV with a junior in Chukotka 
 
       Polymetal formed a partnership with a company associated with Mineral 
Exploration Network (Finland) Ltd ("MEN") for early-stage exploration in the 
           Chaunsk region of Chukotka, Russia. 
 
   "Our strategy of working with junior explorers is gaining momentum", said 
         Vitaly Nesis, Group CEO of Polymetal. "MEN has extensive and varied 
    experience in using advanced state-of-the-art methods of prospecting and 
           grassroots exploration." 
 
         The objective of the JV is to discover high-grade near-surface gold 
 mineralisation that can provide feed for the Mayskoye processing plant. The 
       plant is capable for treating both sulphide ore through the flotation 
           circuit and oxide ore through the CIL circuit. 
 
           Polymetal and MEN have entered into an agreement whereby: 
 
? Polymetal has agreed to fund a staged exploration campaign that will 
take place in 2020-2023 and is expected to result in an initial 
JORC-compliant Mineral Resource or Ore Reserve estimate. 
 
? Polymetal will earn 25% in the JV by contributing RUB 20 million 
(approx. US$ 0.3 million) to the share capital with an option to increase 
its stake to 80% by contributing RUB 60 million (US$ 0.9 million) upon 
completion of the first-year field program in 2020. 
 
? Polymetal will also retain a 5-year option to increase its interest to 
100% subject to positive exploration results. 
 
? Total investments by Polymetal are not expected to exceed US$ 10 
million. 
 
 MEN - is an experienced UK-based junior explorer with a strong track record 
     of prospecting in Finland and Spain. MEN will assume responsibility for 
prospecting an area, which covers approximately 83 km2 in the Chaunsk region 
           of Chukotka. 
 
           About Polymetal 
 
    Polymetal International plc (LSE, MOEX, AIX: POLY, ADR: AUCOY) (together 
    with its subsidiaries - "Polymetal", the "Company", or the "Group") is a 
 top-20 global gold producer and top-5 global silver producer with assets in 
     Russia and Kazakhstan. The Company combines strong growth with a robust 
           dividend yield. 
 
           Enquiries 
 
Media                     Investor Relations 
 
FTI          [phone]  Polymetal [e-mail] 
Consulting   1000 
 
                          Eugenia   [phone] (UK) 
Leonid Fink               Onuschenk 
                          o 
 
Viktor 
Pomichal                  Timofey 
                          Kulakov 
                                    [phone] (Russia) 
 
                          Michael 
                          Vasiliev 
 
Joint Corporate Brokers 
 
Morgan       [phone]  RBC       [phone] 
Stanley      8000         Europe 
                          Limited 
 
Andrew 
Foster                    Marcus 
                          Jackson 
 
Richard 
Brown                     Jamil 
                          Miah 
 
Panmure 
Gordon       [phone] 
             2500 
 
Charles 
Lesser 
 
James 
Stearns 
 
FORWARD-LOOKING STATEMENTS 
 
       THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, 
"FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS 
        AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE 
   IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS 
         "TARGETS", "BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY", 
   "ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS OR, IN 
EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, 
PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING 
      STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR 
    NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, 
 UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT 
  COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY 
 TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS 
           EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH 
  FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE 
     COMPANY'S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN 
WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE 
     NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD 
   CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER 
     MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE 
COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY 
  UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO 
 REFLECT ANY CHANGE IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY 
  CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS 
           ARE BASED. 
 
ISIN:          JE00B6T5S470 
Category Code: MSCM 
TIDM:          POLY 
Sequence No.:  8827 
EQS News ID:   816351 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

May 28, 2019 02:00 ET (06:00 GMT)