Russia's Polymetal gold reserves up 7 pct

MOSCOW Mon Nov 12, 2012 3:30am EST

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MOSCOW Nov 12 (Reuters) - Russian precious metals miner Polymetal has increased its proved and probable reserves by 7 percent to 15.3 million ounces of gold equivalent, recouping a significant part of a previous decline.

Gold equivalent reserves at four deposits - Tsokol, Ozerny, Avlayakan and Dalniy in Russia - were estimated at 1.0 million troy ounces, as of July 1, 2012, the company said on Monday.

This was the first estimate of reserves for these four deposits, Polymetal added.

Proved and probable reserves of Polymetal, which joined London's FTSE 100 index last year, were down 10 percent when it last reported them for another ten deposits at 14.3 million ounces of gold equivalent, as of Jan. 1, 2012.

Gold equivalent is a measure of gold and other metals expressed in units of gold.

Polymetal is expected to produce 1.2 million troy ounces of gold equivalent in 2013, including 760,000-800,000 troy ounces of gold and 23-24 million ounces of silver.

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