5 Mar 2010 18:12

Polymetal receives licenses for Albazino Vostochnoye section

MOSCOW. March 5 (Interfax) - Russian silver producer OJSC Polymetal has received a license for exploration and development at the perspective section Albazino Vostochnoye, which is adjacent with the Albazino field under the company's development in the Khabarovsk Territory, the company said in a statement.

The Albazino Vostochnoye section has an area of 197 square kilometers. The company paid 5.1 million rubles for its license at an auction held on February 19. The license is valid for 25 years. During the first five years, the company is obliged to carry out geological exploration at the field.

According to the results of geophysical and geochemical study, Albazino Vostochnoye field is a possible greenfield project, which increase Polymetal's resource basis substantially.

Polymetal planned to increase its resource base at Albazino to 6 million ounces by the end of 2011.