Nouthern Urals Regional Program
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This program is focused on the exploration of the Sverdlovsk Region in the Northern Urals, a territory in which the Company has a significant presence. The program covers five areas all of which are located within a 200 km radius of the Voro mine. The total area of the licensed sections is 93 km2.
In 2008, most of the work for the Northern Urals program was conducted at Tamunersky. The mineral composition of Tamunersky’s ore is similar to that of Voro. The Company plans to conduct exploration drilling at other anomalous zones in 2009. Polymetal believes that, given the encouraging geological results at Tamunersky, there is the possibility of a large gold ore deposit discovery.
Also the Company devised a detailed program to explore Volchanksky and submitted it to the authorities for approval. According to initial forecasts, the deposit could contain resources of over 600 Koz of gold. In 2009, the Company is planning to start exploration at the lease, including geophysical photography and geochemical samples of the primary aureole.
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In 2008 the Company acquired a license for geological surveying and mining of gold and silver at Degtyarskoye, located 80 km from Voro. The Company has studied the exploration results and conducted a technical survey that indicates high rates of extraction could be achieved using either heap leaching (over 75%) or carbon-in-pulp technology (over 85%) at Voro. According to a Feasibility Study (with acut-off grade of 0.5 g/t) completed in H1 2008, the area has the following Category C1 and C2 reserves in the Russian classification system: ore — 562 t; gold — 93 Koz @ 5.3 g/t; silver — 450 Koz @ 25 g/t. In 2009, exploration will continue at the deposit.