Polymetal completes acquisition of Olcha gold-silver deposit

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SymbolPriceChange
LSE.L1,825.00-5.00
POYYF10.120.00

LONDON (ShareCast) - Polymetal International (Other OTC: POYYF - news) has completed the acquisition of 100 per cent of Olymp, a Russian legal entity holding the mining and exploration licence for the Olcha gold-silver deposit.

Polymetal acquired the deposit together with all inter-company debt owed by Olymp in exchange for 775,000 ordinary shares in Polymetal.

The mining and exploration licence covers an area of 2.5 square kilometers in the Srednekansk district of the Magadan Region in Russia and is located approximately 215km from the Lunnoye processing plant and 230km from the Kubaka processing plant, which belong to Polymetal's Dukat and Omolon processing hubs, respectively.

The new shares are expected to be admitted to trading on the London Stock Exchange (LSE: LSE.L - news) on January 25th 2013.

Polymetal's share price was up 3.87% to 1,100p at 13:28 on Thursday afternoon.

MF