OREANDA-NEWS. Polymetal International plc is pleased to announce the successful completion of an audit of Mineral Resources by CSA Global Pty Ltd ("CSA Global") for the 100%-owned Lichkvaz project.

Total underground Mineral Resources in accordance with the 2012 JORC Code confirmed by independent auditors, CSA Global, comprised of 4.3 Mt of ore averaging 4.2 g/t for 0.6 Moz of gold equivalent.

Lichkvaz is located in the Meghri area of the Syunik-Marz province of southern Armenia, 380 km south of Yerevan. The infrastructure in the area is well-developed with power, water, accommodation and a skilled labour force readily available. The main economic elements at the deposit are gold and copper, with silver considered a by-product.

Polymetal intends to transport ore mined at Lichkvaz 70 km to the Kapan concentrator for processing. The acquisition of the Kapan concentrator together with the underground mine and related infrastructure was completed by Polymetal on 28 April 2016 (details of the transaction were provided in the press releases dated 2 March and 28 April 2016).

"We are very pleased with the results of exploration and audit work at Lichkvaz. This is an important contribution towards our production expansion at the nearby Kapan concentrator", said Vitaly Nesis, Group CEO of Polymetal. "The asset displays consistently high grades and relatively simple geology while retaining further significant exploration potential".

In 2016, Polymetal plans to undertake significant additional drilling at the property with the objective to produce a JORC-compliant ore reserve estimate and a combined Life-of-Mine Plan for Kapan and Lichkvaz in Q3 of 2017.