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Russia Polymetal buys gold and silver deposit

Thu Aug 28, 2008 2:45am EDT

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MOSCOW, Aug 28 (Reuters) - Polymetal (PMTL.MM) (PMTLq.L), Russia's largest silver miner, said on Thursday it acquired a licence to explore and develop the Degtyarskoye gold and silver deposit in the Urals region for $6.25 million.

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Degtyarskoye lies 35 km (22 miles) southwest of the city of Yekaterinburg and 380 km (236 miles) from Polymetal's Vorontsovskoye mine in the region.

It is estimated to contain up to 95,000 ounces of gold and 454,000 ounces of silver. Polymetal bought the deposit from the Russian Copper Company, the country's third-largest copper miner.

"This is a small, but high-quality, acquisition in line with our strategy of building portfolios of high-grade deposits around our existing processing facilities," Polymetal Chief Executive Vitaly Nesis said in a statement.

Polymetal plans to start open-pit mining at Degtyarskoye in 2009. Ore will be transported to Vorontsovskoye to be processed at the existing facilities there.

(Reporting by Aleksandras Budrys; editing by Christopher Johnson)

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