PJSC Polyus (LSE, MOEX: PLZL) (Polyus, the Company) announces the completion of the exploration drilling programme at Sukhoi Log, which was launched in 2017. The exploration programme comprised 203,647 meters.
The Company will now proceed with a comprehensive assessment of the drilling samples. The fire assays results are anticipated by the end of 2019.
Based on the assessment results, the Company expects to provide a further update on the Inferred & Indicated Mineral Resources estimates and a maiden Ore Reserve estimate for Sukhoi Log in the first half of 2020.
Additional drilling activity at Sukhoi Log
Polyus is currently finalizing hydrogeological and geotechnical surveys at Sukhoi Log. Outstanding drilling activities scheduled for 2019 include 5,400 meters of geotechnical drilling and 2,800 meters of hydrogeological drilling.
In 2020, Polyus plans to complete an additional 30,000 meters of
The Company also plans to conduct additional drilling at Sukhoi Log’s flanks and deep levels in 2020.
Polyus is the largest gold producer in Russia and one of the top five gold miners globally with the lowest cost position. Based on its 2018 Ore Reserves and Mineral Resources, Polyus group ranks third by attributable gold reserves among the world’s largest gold mining companies.
The Polyus group’s principal operations are located in Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).
Victor Drozdov, Director Investor Relations
+7 (495) 641 33 77
Victoria Vasilyeva, Director Public Relations
+7 (495) 641 33 77
Forward looking statements
This announcement may contain forward-looking statements concerning Polyus and/or Polyus group. Generally, the words will, may, should, could, would, can, continue, opportunity, believes, expects, intends, anticipates, estimates or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus’ and/or Polyus group’s operations. Many of these risks and uncertainties relate to factors that are beyond Polyus’ and/or Polyus group’s ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. Polyus and/or any Polyus group company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.