OREANDA-NEWS. June 18, 2013. Polymetal International plc (LSE: POLY) (together with its subsidiaries, including JSC “Polymetal” – “Polymetal”, the “Company”, or the “Group”) is pleased to update on exploration results at its Maminskoye (henceforth – Mamin) development project.

Maminskoye is located in the Sverdlovsk region of Russia, approximately 70 km from the regional capital Yekaterinburg and 30 km from the city of Kamensk-Uralsk (population 130,000). Polymetal’s Voro operating mine is approximately 450 km to the north. The 17.8 sq km licence area is accessible by a paved highway and is adjacent to a 10 kV power line.

Wide high-grade intersections were returned from step-out drill holes positioned outside of the currently estimated reserve pit boundaries at depths which remain suitable for open-pit mining.

Polymetal’s management recognises that these results indicate that the project’s scope is likely to change materially. Particularly, we now believe that the option of building a stand-alone conventional CIP mill is likely to be the optimal development option. Consequently, all work on the heap leach project at Mamin has been suspended.

Polymetal plans to continue step-out drilling at the property and expects to publish the new development timeline for the asset in Q4 of 2013.

“I am very excited about the recent exploration results at Mamin. I don’t remember seeing such wide and rich intersections at relatively shallow depth since 2008 when we drilled out the currently operating Anfisa ore body at Albazino,” said Vitaly Nesis, CEO of Polymetal. “I expect further exploration success at Mamin and expect that this project can be very attractive given its location and access to infrastructure”.