OREANDA-NEWS. Polymetal International plc to announce that it has entered into the first stage (Stage 1) of a joint venture with OJCS Polyus Gold to advance the development of the Nezhdaninskoye gold deposit in Yakutia, Russia ("the Property").

On December 24, 2015 Polymetal announced that it had entered into a joint venture with Polyus Gold.

On 19 January 2016 Polymetal obtained a 15.3% interest in the joint venture entity holding 100% of JSC South-Verkhoyansk Mining Company ("SVMC"), the owner of the mining and exploration license for the Property as well as certain infrastructure adjacent to the deposit.

Nezhdaninskoye is the fourth largest gold deposit in Russia. It is located in the north-east of Yakutia, in Tomponsky district, approximately 480 km east from the city of Yakutsk. The Property is remote with access by all-season unpaved road and no grid connection. The climate is characterized by long severe winters and short hot summers. The relief is moderately mountainous with relative altitudes above valley floors not exceeding 600 m.

According to the Russian State Reserves Commission (GKZ), the gold reserves (С1+С2) amount to 20.3 mln ounces (632 tonnes) at the grade of 5.1 g/t.