“We are excited to form a partnership with a team of talented and energetic geologists”, said Vitaly Nesis, Group CEO of Polymetal. “The goal is to bring together Polymetal’s financial and permitting clout and junior’s fresh thinking and fast decision-making.”

Polymetal will hold 70% in the Taimyr JV by way of an initial cash investment of US$1.9 million towards an agreed field program that will commence after the receipt of all regulatory permits. The Company will have the option to increase its stake in the project to 100% following the completion of an initial JORC-compliant Mineral Resource estimate.

The prospective exploration area exhibits multiple traces of porphyry copper-molybdenum-gold mineralisation identified during historic reconnaissance activities.

Polymetal will continue to evaluate other investment opportunities and partnerships with junior explorers in Russia.

Source: Company Press Release