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Petropavlovsk Plc
Summary
| Project: | Albyn | |
|---|---|---|
| Deposit: | Albyn | |
| Location: | Russia | |
| Commodities: | Gold | |
| Date: | 3/5/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 5-3-2018: Petropavlovsk Plc announces a Resource Estimation report for its Albyn deposit at the Albyn project. Updated mineral resources and reserves at Albyn. Petropavlovsk PLC ("Petropavlovsk", the "Company" or, together with its subsidiaries, the "Grou | |
| Resources: | (Reserve, P+P): 63.933Mt @ 1.12g/t Au for 2.31Moz Au contained at project | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Petropavlovsk PLC ("Petropavlovsk", the "Company" or, together with its subsidiaries, the "Group") is pleased to announce an Exploration Update and Results of a Review of Gold Ore Reserves and Mineral Resources estimated as at 31 December 2017, prepared in accordance with the guidelines of The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Commenting on the announcement, Petropavlovsk Chairman, Ian Ashby said: "Petropavlovsk has a long history of exploration success, which is a credit to the capability of the exploration team. Our 2017 drilling programme has resulted in the addition of over one million ounces of gold to total Group Resources, of which over half a million ounces is Reserves. This provides the Group with additional high grade ore to mine as Malomir is transitioned to refractory production, which will assist in smoothing our production profile as Petropavlovsk completes the construction stage of the POX Hub, due to begin commissioning in September this year. These additions give us further confidence in our ability to generate positive cash flows during the final period of the current capital expenditure programme.In the medium term, there remains significant prospectivity at Albyn, Malomir and Pioneer for additional non-refractory and refractory gold to be discovered, contributing to our existing Reserves and Resources of over 20Moz.The exploration program remains focused on brownfield activities as an effective way to maximise the value of Group production facilities for the longer term, and focused on high grade targets as a means of optimising cash flows to deleverage the balance sheet. The 26% increase in underground resources has helped bolster the underground development strategy, under which production activities were successfully commenced during 2017. The progress made in 2017 provides a strong platform for further exploration success in 2018, and we look forward to providing regular updates as the drilling programme progresses." | |
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