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Polymetals Mining Appoints Allied Gold's Frank Terranova As New Chief Executive Officer

Polymetals Mining (ASX: PLY) has appointed Allied Gold (ASX: ALD) managing director Frank Terranova as its chief executive officer as Polymetals aims to extend the production life of the White Dam gold mine and develop its Mt Boppy gold mine.

Terranova, who will assume the position on 1 October, had a major role in the strategic and operational development ofAllied Gold over the past four years and presided over its merger with St Barbara Mines (ASX: SBM), which was approved by Allied shareholders last week.

"The appointment of Frank Terranova is a natural evolution and supports Polymetals' strategy of becoming a diversified mining company," chairman David Sproule said.

"We welcome Frank to the leadership role in Polymetals. The Company is exceptionally well placed for growth with continued cashflow from its White Dam Joint Venture, development of its 100 per cent owned Mt Boppy Gold Mine, continued aggressive exploration of its existing projects and the pursuit of acquisition opportunities."

Polymetals thanked Fulton Smith, who announced his resignation on 9 May, for his commitment and efforts over the past two years in overseeing of the listing of Polymetals and settling it into life as a public company.

White Dam and Mt Boppy

Polymetals is focused on extending the production life of its White Dam gold mine, and has drilled 41 holes totalling 3,505 metres in 10 prospect areas near the mine as it seeks to add to production there.

This work at the Drew Hill project is focused on discovering shallow open pittable gold mineralisation and has also indicated the potential for iron oxide copper gold ore (IOCG) style mineralisation.

Mining operations at White Dam are now complete with mining activity at Vertigo, 2 kilometres to the southwest of the Hannaford pit, completed in mid-May.
Total gold production for the June quarter was 4,428 ounces with Polymetals' share being 1,841 ounces.

Cumulative total production to date totals 134,713 ounces, equating to a gold recovery rate of 73.8% of final stacked ounces.

This rate will increase over the coming months as remaining gold is recovered from the leach pad.

Polymetals generated revenue of $1.9 million during the June quarter on the sale of 1,165 ounces of gold at an average price of A$1,601 per ounce.

The company also seeks to bring its 100%-owned Mt Boppy Gold Mine into production in 2013 and is seeking near-production assets to expand its production base.

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