Polymetal increased its stake in Lichkvaz deposit in Armenia

​Polymetal International plc announces of the growth of its stake in the Lichkvaz deposit in Armenia up to 100%.

Polymetal has purchased the additional 75% in the company’s stake that holds the Lichkvaz deposit in Armenia as a result of which the stake of Polymetal in the asset rose from 25% to 100%. The purchase was held for 1,084,853 of shares for $9.7 mln (0.26% of the registered capital).

The decision to increase the stake up to 100% was made on the basis of the positive results of exploratory drilling which held during the season 2015.

The drilling works are over. In total 15,800 m were drilled at 70 geological exploration wells, the results of analytical studies of samples of 20 exploratory wells (25% of the total number of samples) were made. By the first data, 9 balance ore intersections were found out with the average contents of 6.4 g/t of gold equivalent per average true width of 4.5 m.

In Q2 2016 Polymetal plans to fully work out the results of geological exploration works held in 2015 and make a report with the assessment of mineral resources under JORC.