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POLYMETALS MINING LIMITED Exploration Update

Polymetals Mining Limited Independent Geologist’s Report on the Mineral Assets of Polymetals Mining Limited J1180G Principal Author: Paul Blackney BSc Hons, MAusIMM, MAIG Principal Reviewer: Ian Glacken FAusIMM (CP), CEng March 2011 Independent Geologist’s Report on the Mineral Assets of Polymetals Mining Limited Perth Office Level 4, 50 Colin Street West Perth WA 6005 PO Box 1646 West Perth WA 6872 Australia Tel: Fax: +61 8 9215 0000 +61 8 9215 0011 Doc Ref: 110317J1180OptiroIGRPolymetalsFINAL.docx Print Date: Number of copies: 2 Optiro: 1 Polymetals Mining Limited: 1 Optiro Pty Limited ABN: 63 131 922 7 www.optiro.com Principal Author: Paul Blackney BSc Hons, MAusIMM, MAIG Signature: Date: Contributors: 17 March 2011 Ian Glacken FAusIMM (CP), CEng. The announcement ‘Independent Geologists Report’ was issued to the ASX on Friday 29 April 2011. Notice Type: Exploration Update

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