Polymetals Resources reported that its Chairman, David Sproule has been hired as Executive Chairman to oversee growth of the Company. Polymetals has progressed due diligence1 on an Australian exploration and production asset which is currently on Care and Maintenance and has, in-principle, agreed the key commercial terms to acquire the project. The proposed transaction provides an opportunity for growth and diversification for the Company with legal documentation well advanced but remaining subject to any regulatory approval that may be required.

Further details of the proposed acquisition will be announced in due course. David Sproule is a highly experienced mining professional, having worked across Australia and Africa for the past forty years. He has led feasibility studies, development programmes and operations on numerous base and precious metal mining projects, focussing on value creation, capital efficiency, innovation, and cost-effective operational practice.

Mr. Sproule holds a Bachelor of Metallurgical Engineering, obtained from the Western Australian School of Mines, and has been self-employed for most of his 40-year professional career. Mr. Sproule founded private company, Polymetals Australia Pty Ltd. in 1992, acquiring and developing numerous mining projects within Australia and was Chairman of Polymetals Mining Limited until the company merged with Southern Cross Goldfields in 2014. Some of Mr. Sproule's relevant experience includes: Purchasing the Mt Boppy Gold Mine (Cobar Basin) and establishment of the Cobar Tailings Project (1992 - 1995) recovering silver and gold from the retreatment of complex supergene flotation tailings purchased from Pasminco's Elura Lead-Zinc-Silver Mine.

The acquisition of the Magellan Lead Project (1997 - 1998) completing a feasibility study and introducing Irish company, Ivernia as a JV partner and divesting the project. Developing and operating two open pits (2001 - 2003) over the Mt Boppy gold mine, returning a significant increase on initial capital invested. Acquiring the Nimbus Silver Mine in WA from Barrick and establishing a mine to produce 3.0 million ounces of silver @ AISC of $6.80/oz with a subsequent sale to MacPhersons Resources.

Developing and managing the Hellyer Tailings retreatment project (2006-2008) in JV with Intec bringing the Hellyer process plant back on-line to treat base metal tailings, recovering bulk Lead /Zinc concentrate. Developing and managing the White Dam dump leach gold project in JV with Exco Resources (2008 - 2013) producing 175,000 ounces of gold @ AISC atmless than $500/oz. Subsequent sale of JV interest to Exco.

Remuneration Mr. Sproule will receive a director's fee of $120,000 per annum plus statutory superannuation in his role as the Company's Executive Chairman. Ongoing Management Chief Executive Officer, Mr. Alex Hanly will continue to focus on management of Polymetals' Guinea exploration activities. Assuming completion of the Australian project acquisition, identified and available staff will be appointed to assist with ongoing management of expanded exploration activities and feasibility studies.