Polymetal to develop Nezhdaninsky with "Polyus Gold".

Polymetal International plc reached an agreement with JSC "Polyus Gold" to establish a joint venture (JV) to develop a gold deposit in Yakutia Nezhdaninskoe.

In the first stage of the transaction Polymetal will get 15.3% of the joint venture by investing 18 million dollars in cash, of which 10 million will be paid "Polyus Gold" and 8 million will be invested in the joint venture to fund exploration work during the first 15 months. Upon completion of the first stage (January 2016), Polymetal will receive an option to participate in the second stage, after which it will be able to get 50% in the joint venture.

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