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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (36040)	4/24/2009 4:02:59 PM
From: LoneClone	Read Replies (1) \| Respond to of 193686

Polymetal Q1 2009 gold output up 8% miningweekly.com By: Reuters 23rd April 2009 MOSCOW - Russian miner Polymetal said on Thursday its gold output in the first qualter of this year was 65 000 ounces, an increase of 8 percent year-on-year. Polymetal, Russia's top silver miner, produced 4,4 million ounces of the metal in the first three months of the year, 7 percent less than a year ago, a company statement said. The rise in gold output resulted from the expansion of a carbon in pulp (CIP) plant at its Voro mine and the decline in silver production was caused by lower ore grades at the Lunnoye deposit. Polymetal's revenues rose by 3 percent to $110 million in the first quarter, as gold sales rose by 25 percent to 66 000 ounces and silver sales rose by 18 percent to 4 0 million ounces. "This is yet another solid quarter demonstrating Polymetal's ability to deliver solid operating performance from its existing mines," CEO Vitaly Nesis said in the statement. Polymetal confirmed its full year 2009 production target at 280 000-300 000 ounces of gold and 17-18 million ounces of silver. Polymetal produced 285 000 ounces of gold in 2008, which is equal to some 5 percent of total Russian output, and 17,2 million ounces of silver.