OREANDA-NEWS. March 18, 2013. Polymetal International plc (LSE: POLY) (together with its subsidiaries, including JSC “Polymetal” – “Polymetal”, the “Company”, or the “Group”) is pleased to provide an update on its Ore Reserves and Mineral Resources as at 1 January 2013 in accordance with JORC Code (2004).

Highlights
In 2012 Polymetal increased its Ore Reserves by 6% to 15.1 Moz of gold equivalent while Mineral Resources (additional to Ore Reserves) grew by 35% to 18.7 Moz of gold equivalent;

The key additions to Ore Reserves were the resource-to-reserve conversions at Tsokol and Dalniy (Omolon hub), Avlayakan and Ozerny (Khakanja hub), and Goltsovoye (Dukat hub). At Varvara, copper Ore Reserves nearly doubled to 83 Kt and gold Ore Reserves increased by 39% to 1.2 Moz mostly as a result of additional in-fill and step-out drilling at the deposit;

The major contributor to growth in gold Mineral Resources was the doubling of the resource base at Albazino, adding a total 3.1 Moz of gold Mineral Resources and marking an important exploration success for the Company. In addition, an initial Mineral Resource estimate was made for Tamunier (a greenfield property in Ekaterinburg region), resulting in addition of 1.5 Moz of gold Mineral Resources. Silver Mineral Resources decreased, mainly due to resource-to-reserve conversions at Goltsovoye, Tsokol, Ozerny and Avlayakan. Revaluation of resources at Varvara resulted in growth in copper Mineral Resources to 281 Kt, a four-fold increase, in addition to a 1.0 Moz increase in gold Mineral Resources;

Average reserve grade remains at a high 3.9 g/t of gold equivalent, and average resource grade – at 3.3 g/t of gold equivalent. A modest decrease in average grades is mainly related to reserve and resource additions of lower-than-average grade at Varvara and Tamunier, respectively;

Gold equivalent data is presented in this report based on 1:60 Ag/Au and 5:1 Cu/Au conversion ratios.

“A meaningful increase in reserves and resources during 2012 is a result of our continued focus on exploration,” said Vitaly Nesis, CEO of Polymetal. “Reserve additions at our existing operations offset depletion and extended life of mine, while newly estimated resources, especially at Albazino, are laying the foundations for the next generation of our assets.  We expect further significant reserve growth in 2013”.