RIA Novosti reported that a subsidiary of Polymetal, Russia's largest silver producer and one of the country's largest gold producers, has won a USD 1.2 million tender for a gold field in Russia's Far East.

Polymetal said the tender to prospect and mine gold at the Agniye-Afanasiyevsky gold mine in the Khabarovsk Region was won by the Albazino-Amursk company. The gold mine's reserves are estimated at 161,000 ounces of gold.

According to the report, the license will be granted for a term of 25 years. Under the license agreement, Polymetal undertakes to drill at least 5,000 meters in the next five years.