"Polymetal" has extracted the first 10 tons of silver at "Lunnoye" deposit.
Mine and mill complex at one of the largest silver deposits "Lunnoye" in Magadan region developed by closed joint-stock company "Silver Territory" a subsidiary of Polymetal Inter-Regional Research and Production Association, stepped over 10 tons point of silver production.
The complex started operations with ore in December 2001. Metal extracted by "Silver Territory" is handed over to Novosibirsk refining factory, where the final refining of the precious metal is carried out. Currently mine and mill complex is finishing the development of technological regulations after which it will start functioning in the full-operating condition, processing about 300 000 of ore annually.
Balance reserves of the deposit make up 3 010 tons of silver and 14,7 tons of gold, forecast resources - 490 tons of silver. "Lunnoye" gold and silver deposit is located on the border of Omsukchansky and Srednekansky districts of Magadan region in the north-eastern Russia mountain-taiga zone, in the nothern part of Omsukchansky range. In 1986 Ducat expedition had set up its planned prospecting survey on the place and in a year an ore zone, containing 80 % of deposit"s reserves, was discovered. At the end of 1999 "Polymetal" proceeded with the implementation of the project of "Lunnoye" development. Polymetal Inter-Regional Research and Production Association is a part of "ICT" Group (Investments, Construction and Technologies). The group also includes: opened joint-stock society "Baltiisky plant", closed joint-stock society "Tikhvin transport engineering plant "Titran" and some other industrial enterprises.
Additional information about "Silver Territory" can be found on "Polymetal" site in the Internet at www.polymetal.ru in the "Gold potential", "Silver Territory" section.
source: "Polymetal" press-release 17.06.2002