Polymetals Resources Ltd. announced an update on its progress focused on the recommencement of mining operations at its Endeavor zinc-silver-lead Mine located in the Cobar Basin, NSW. SITE VISIT. The Polymetals Technical team and two Board members visited the Endeavor Mine during 8th to 14th June to formally settle planning and commencement of an Endeavor Mine Restart Study (MRS).

Mine Restart Study. Polymetals' detailed due diligence, reset of the Endeavor Mine Silver Streaming Royalty, drilling of the Upper Main Lodes (UML) and its internal scoping study provided a compelling business case for the Company to acquire the Endeavor zinc-silver -lead Mine with the aim of re-establishing operations. In progressing this aim, a Mine Restart Study (MRS) has now formally commenced, and which takes full advantage of the extensive existing infrastructure, the internal and external studies generated by the previous mine owner and operator CBH Resources, as well as actual historical capital and operating costs.

Existing mine and processing modelling will be reviewed and adjusted for the latest consensus metal prices, inflation, and labour conditions now prevalent across all industry. It is anticipated that the longest lead item will be metallurgical test work to be carried out on the UML mineralisation which is focussed on maximising silver and gold recovery from this high value material. The planned MRS extends beyond potential mining of the Upper Main Lodes to also include existing areas within the mine which includes the 6 - 6 Stope, the Deep Zinc Lode, unmined stopes, North Pods and remnant mineralisation now economic due to the Silver Streaming Royalty Reset.

Planned near term exploration within the mine includes gold and copper occurrences noted within the very large assay data set (approximately +402,000m of historic drilling) reviewed during Polymetals due diligence prior to the acquisition of the project.