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Polymetal International invests in Pekinskaya JV in Russia
StockMarketWire.com
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Precious metals miner Polymetal International said it had acquired an initial 35% stake in a Russian joint venture for $0.5 million.
The venture was with a junior miner and involved an exploration license for the Pekinskaya area in Taimyr Peninsula, which adjoined the existing Taimyr JV.
Polymetal said it could acquire up to 70% interest of the Pekinskaya JV by funding RUB 173 million in cash (around $2.3 million) of exploration expenditures in three stages.
'Through this new joint venture Polymetal has expanded its footprint in the highly prospective Taimyr region with the potential to discover a significant copper-gold porphyry mineralisation,' chief executive Vitaly Nesis said.
'We continue to be committed to further development of our exploration portfolio through partnerships with juniors in the regions of our presence.'
Story provided by StockMarketWire.com
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