PJSC Polyus (LSE, MOEX - PLZL) (Polyus or the Company), the largest gold producer in Russia, announces that its subsidiary company LLC SL Gold (SL Gold) has started a 180,000 metre drilling campaign at its Sukhoi Log deposit, one of the world’s largest undeveloped gold deposits and the biggest gold greenfield project in Russia.
The campaign, which is scheduled to last two years, will provide the basis for Polyus to update the block model for the deposit and for both Ore Reserve and Measured and Indicated Mineral Resource estimates in accordance with the JORC Code.
Sukhoi Log Deposit
Sukhoi Log, the largest undeveloped gold deposit in Russia, is located in the northern part of the Bodaybo administrative district, Irkutsk region in Eastern Siberia, close to Polyus’ Verninskoye mine.
In February 2017, LLC SL Gold (SL Gold), a joint venture between Polyus and Rostec Corporation’s subsidiary LLC RT Business Development, was granted a license for the development of the Sukhoi Log deposit. Currently, Polyus holds a 58,4% interest in SL Gold with the right to consolidate its interest in SL Gold to 100% by 2022.
The deposit was discovered in 1961 by the Bodaybo expedition and extensively explored by Soviet geologists in the 1970 to the 1990s. Between 1961 to 1999, an aggregate 324 km of drilling has been performed by various expedition programs.
Polyus (www.polyus.com) is the largest gold producer in Russia and one of the top 10 gold miners globally with the lowest cost position. Based on its 2016 Ore Reserves and Mineral Resources, Polyus ranks second by attributable gold reserves and third by attributable gold resources among the world’s largest gold mining companies.
Polyus group’s principal operations are located in the Krasnoyarsk, Irkutsk and Magadan regions of Russia and the Sakha Republic (Yakutia).
Victor Drozdov, Director Investor Relations
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Victoria Vasilyeva, Director Public Relations
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Forward looking statement
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.