OREANDA-NEWS. Polymetal spent a record $15,8 million on exploration in 2006.

According to the investor relations department of JSC “Polymetal”, the Company’s exploration portfolio as of December 31, 2006 includes sixteen licenses covering an area of approximately 3,100 sq. km. Polymetal remains firmly committed to increasing the size of its reserve and resource base.

In 2007 Polymetal expects significant positive results at Galka (JORC resource audit results released in June), Albazino (resource update expected in December), and Dukat flanks (independent reserve audit for one of the targets, Nachalnoe-2, expected in October).

The Company plans to expand its regional exploration campaigns around Khakanja and Voro and will carefully consider new opportunities for stand-alone exploration projects although the focus will mostly be on advancing the existing assets towards feasibility and production.

The goal is to double the gold-equivalent JORC-compliant resource base to 25Moz by 2009.