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Russia's Polymetal reports 15% gold output growth in 2008

MOSCOW, January 21 (RIA Novosti) - Polymetal, Russia's largest silver producer and one of the largest gold producers, said on Wednesday its gold output grew 15% year-on-year in 2008 to 285,000 ounces.

Polymetal, which operates in Russia's Far East (the Magadan Region and Khabarovsk Territory), the Urals (the Sverdlovsk Region) and Siberia (the Chita Region and the Krasnoyarsk Territory), said its silver output in the reporting period grew 8% to 17.2 million ounces.

The company earlier said it planned to produce 250,000-270,000 ounces of gold and 17-18 million ounces of silver in 2008.

"The 2008 results are the best testimony of our ability to deliver consistently on our responsible long-term growth program," Polymetal CEO Vitaly Nesis said.

"In 2009, we'll continue to leverage the existing asset base as well as aggressively move development-stage projects towards production," the CEO said.

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