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13 Nov 2015 07:23
Date | 13 November 2015 |
Polymetal International plc
Polymetal increases its interest in the Lichkvaz property in Armenia
Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is pleased to announce that it has increased its interest in the Lichkvaz property in Armenia to 100%.
Polymetal purchased an additional 75% stake in the company holding Lichkvaz property in Armenia, and increased its ownership from 25% to 100%. The consideration comprises 1,084,853 Polymetal shares equal to US$9.7 million (0.26% of increased share capital). Details of the Transaction on the acquisition of a 25% stake can be found in the Company's announcement from 15 April 2015.
The decision to increase the Company's interest to 100% was taken following successful results of exploration drilling performed during surveying season 2015.
Drilling has been completed, with 15,800 metres drilled across 70 diamond drill holes. To date, samples taken from 20 drill holes have been analysed (representing c.25% of total number of samples). Based on the first data obtained, nine productive intersections have been discovered with the average grade of 6.4 g/t GE per average true width of 4.5 metres.
The Company plans to further analyse exploration data obtained during 2015 and to prepare a resource estimate (JORC compliant) for release in Q2 2016.
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 developed with power, water, accommodation and skilled labour force available.
A previous resource estimate (not JORC compliant) puts the total mineral endowment of the property at 2.4 Mt of material at 6.9 g/t in the inferred category for approximately 0.5 Moz of gold equivalent contained.
The geology of the project is characterised by a series of near-vertical shears and steep westerly dipping vein sets ranging up to 4-5 metres in width, hosted in andesite. The strike length of the system is about 800 metres, with northern extension covered by glacial till. The Lichkvaz property area is a part of the Tethyan Belt. The Company believes that property retains significant exploration potential.
As а result of the issuance of consideration shares, Polymetal's share capital will comprise 424,650,138 shares following the issue. Аn application has been made to the London Stock Exchange and the UKLA and the shares issued as consideration are expected to be admitted to trading on or around 18 November 2015.
Enquiries
| Media | Investor Relations | ||
Instinctif Partners David Simonson Saule Jandossova | +44 20 7457 2020 | Polymetal Maxim Nazimok Evgenia Onuschenko Elena Revenko | ir@polymetalinternational.com
+7 812 313 5964 (Russia) +44 20 7016 9503 (UK) |
| Joint Corporate Brokers | |||
Morgan Stanley Sam McLennan | +44 20 7425 8000 | RBC Europe Limited Darrell Uden Jonny Hardy | +44 20 7653 4000 |
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.
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