The overall area under licence for this programme is 93 sq.km.

Exploration is being done in the Sverdlovsk region, where Polymetal already has a processing plant supplied by the Voro deposit. The objective is to increase the mineral resource base of the Voro processing facility and discover new deposits or gold ore. As part of the programme, the Company conducted exploration works at the Tamuner and Volchansk areas in 2009.

Volchansk area

The site is situated some 45 km north of the Voro processing plant. Available exploration data indicate the presence of a gold sulphide deposit of the Voro type in the licenced area. In 2009, the Company conducted a range of geophysical and geochemical works in the area. Prospecting for ore gold will continue here in 2010 using the surface mining method. The entire area of potential sites will be explored using geophysical and geochemical methods.

Tamuner site

The site is located 300 km north of the Voro processing plant. Two ore bodies (Upper and Lower) have been identified at this stage. Gold grade in the available samples has been low to moderate (1.5-5 g/t), with only sporadic silver grade.

In 2010, the Company will conduct exploratory drilling to ascertain the resource potential of the Stvolovaya zone.