OREANDA-NEWS. May 30, 2011. JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") announces that it has acquired a 100% interest in a company holding the hard-rock gold exploration and mining licence for Elmus property (the "Transaction"), reported the press-centre of Polymetal.

The total enterprise value of the Transaction (comprising consideration payable in cash for the 100% interest in the acquired company and for the debt of the acquired company assigned to Polymetal) is approximately 33 million roubles, or USD1.2 million (on the basis of the Bank of Russia exchange rate as of May 27, 2011).

The licence area covers 188 square kilometers in the Republic of Karelia (the North-West of Russia) and is located approximately 45 kilometers from the city of Medvezhiegorsk and 490 kilometers from St. Petersburg. The license expires on April 30, 2033.