The White Dam Project is an unincorporated Joint Venture between Polymetals and publicly listed company Exco Resources (ASX: EXS).

Open cut mining, ore extraction and stacking commenced at the White Dam Mine in January 2010 which was officially opened in June 2010. Cyanide dump leaching of ore commenced in March 2010, with the first gold production achieved in April 2010. The mine is expected to yield approximately 5.2 Mt of ore at a grade of 1.0 g/t gold. At the current mining rate, mining is forecast for completion in November 2011. Forecast completion of ore processing is within 12 months of completion of mining. Gold recovered by dump leaching amounts to 100koz to June 2011 and gold recovery to date is better than predicted.

In addition to assessing the potential of extending the current Hannaford Pit, the Vertigo deposit located 3km from the pit is undergoing a feasibility study. Vertigo contains an Indicated plus Inferred Mineral Resource of 2.4Mt at 1.04 g/t of gold for 82,100 oz of gold above a 0.4 g/t gold cut-off and if developed would be mined and treated in a similar manner as White Dam ore. Metallurgical testing is completed and State Government approvals are pending.

Beyond Vertigo, near mine exploration is targeted for the White Dam North and other prospects, which are located within a 5 km radius of White Dam.

Mine Office
Polymetals (White Dam) Pty Ltd
PMB23 via Cockburn SA 5440
08 8919 4455