Polyus Finance PLC Exploration drilling completed at Sukhoi Log (2034L)
04 September 2019 - 7:56PM
UK Regulatory
TIDM60GT
RNS Number : 2034L
Polyus Finance PLC
04 September 2019
For immediate release 04 September 2019
Polyus Finance Plc
Exploration drilling programme completed at Sukhoi Log
Polyus Finance plc (the "Issuer") notes the announcement made
earlier today by PJSC Polyus (LSE, MOEX - PLZL) ("Polyus", the
"Company") about 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
in-fill drilling at Sukhoi Log. The drilling works will be focused
on the pit area, where Polyus expects to carry out mining
activities during the first years of Sukhoi Log's operations. This
will allow the Company to better define gold mineralisation within
this area and support more accurate planning and sequence of mining
works.
The Company also plans to conduct additional drilling at Sukhoi
Log's flanks and deep levels in 2020.
Polyus
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).
Enquiries
Investor contact
Victor Drozdov, Director Investor Relations
+7 (495) 641 33 77
drozdovvi@polyus.com
Media contact
Victoria Vasilyeva, Director Public Relations
+7 (495) 641 33 77
vasilevavs@polyus.com
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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