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Polymetal ups reserves 5%; resources increase 10% in FY'17

Polymetal International Plc's ore reserves as of Jan. 1 increased 5% year over year to 20.9 million ounces of gold equivalent on the back of successful exploration at Albazino, Komar and Dukat as well as initial reserve estimates at Kapan and Nezhda.

Gold reserves were up 5% to 18.4 million ounces, while silver reserves declined 3% to 158 million ounces. Copper reserves grew 25% to 82,000 tonnes, according to a March 5 release.

The average grade for ore reserves remained stable on a yearly basis at 3.9 g/t gold equivalent, while the average grade in mineral resources increased 11% to 4.7 g/t gold equivalent due to high-grade resource additions at new projects.

Mineral resources increased 10% to 18.2 million gold equivalent ounces on the back of initial resource estimates at the Pesherniy and Nezhda deposits and resource additions at the deeper levels of Mayskoye and Dukat.

The company completed 421 kilometers of exploration drilling in 2017, up 48% year over year.

This year, Polymetal intends to complete initial ore reserves estimates for the Irbychan and Yolochka deposits at the Omolon, Saum and Pesherny deposits at Voro, the Levoberezhny and Kundumi deposits at Okhotsk, and the Primorskoye and Perevalnoye deposits at Dukat.

The company will also update the mineral resource estimates for Nezhda and Viksha, complete an audited JORC-compliant resource estimate for the Main and Swamp ore zones at Prognoz, and continue drilling at Kyzyl to increase reserves for open pit mining.