Polyus Group acquired exploration and production license for Bamskoe deposit in Amur region at the open auction. The final price of the acquisition comprised 25 million rubles.

Bamskoe contains 14.2 mt of gold in reserves and some 86 mt in resources. The acquisition of Bamskoe adds new prospective region to the groups’ assets portfolio. An extensive exploration program which is to be implemented on Bamskoe will increase its reserves substantially.

Polyus Group President Eugene Ivanov said to media, “Acquisition of Bamskoe is a part of our long-term strategy to increase group’s reserve base. This is an ‘entry ticket’ to a very promising Amur region. Vast exploration works at the deposit will follow soon”.

Polyus with Peter Hambro Mining Plc, which also operates in the region, hold talks on the opportunities of joint exploration operations in the region.