13th Nov 2015 07:41
LONDON (Alliance News) - Russian gold miner Polymetal International PLC on Friday said it has increased its stake in the Lichkvaz property in Armenia to 100% via the issue of shares worth USD9.7 million.
Polymetal said the decision to increase its stake in the project was made following successful exploration drilling at the project. Based on the first data obtained from the drilling, an average gold grade of 6.4 grams per tonne was found. Further analysis of the data will be undertaken and a resource estimate is planned for the second quarter of 2016.
Polymetal is increasing its stake from its current 25% and will cover the USD9.7 million price tag via the issue of 1.1 million new Polymetal shares to the sellers.
Lichkvaz is located in the Meghri area of the Syunik-Marz province of southern Armenia, 380 kilometres south of Yerevan.
Earlier this week, Polymetal said it has entered into a new four-year pre-export finance facility agreement for up to USD350.0 million with a syndicate of banks, which it said it will use to retire maturing debt and for general corporate purposes.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
POLY.L