RIA Novosti reported that Polymetal’s gold output grew up 15% YoY in 2008 to 285,000 ounces.

Polymetal, which operates in Russia's Far East, the Urals and Siberia said that its silver output in the reporting period grew 8% to 17.2 million ounces.

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

Mr Vitaly Nesis CEO of Polymetal said that "The 2008 results are the best testimony of our ability to deliver consistently on our responsible long-term growth program. He said that "In 2009, we'll continue to leverage the existing asset base as well as aggressively move development stage projects towards production."

(Soured from RIA Novosti)