PLZL.L Regulatory News (PLZL)

29 Oct 2007 08:05

OJSC Polyus Gold29 October 2007 For immediate release Moscow, 29 October 2007 OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia's largest gold producer,today announced an agreement between Aker Kvaerner, a leading global provider ofengineering and construction services, technology products and integratedsolutions, for the preparation of a pre-feasibility study for Nezhdaninskoyedeposit in the Sakha Republic (Yakutia). Aker Kvaerner E&C, a division of Aker Kvaerner Canada Inc. (Aker Kvaerner) willretain the services of MICON International Ltd., Met-Chem Canada Inc., andGolder Associates Ltd., to provide specialist expertise in completing theprefeasibility study as subconsultants to Aker Kvaerner. The pre-feasibility will select the optimal model to develop the deposit, willdefine the ore processing technology, assess the environmental impact of theproject, as well as estimate the capital and operating costs. General Director of Polyus Gold Evgueni Ivanov said: "The exploration programmecarried out at Nezhdaninskoye for the past two years confirmed that the deposithas a significant additional potential and proved that a large-scale miningcomplex could be developed on it. That is the reason why we decided to entrustthe preparation of the pre-feasibility study to one of the leading firms in theindustry, experienced in working with world-class deposits". Nezhdaninskoye deposit is located in Tompon district of the Sakha Republic(Yakutia). OJSC Polyus Gold acquired the rights to develop the deposit in2005-2006. The license holder for Nezhdaninskoye is wholly-owned subsidiary ofOJSC Polyus Gold South-Verkhoyansk Mining Company. Note for editors: Polyus Gold is the largest gold producer in Russia. In 2006 its gold outputtotaled 1.2 million ounces. Headquartered in Moscow, Polyus Gold's operatingmines and development/exploration projects are located in five major gold miningregions of Russia - Krasnoyarsk, Irkutsk, Magadan, Amur regions and the Republicof Sakha (Yakutia). Aker Kvaerner is a leading global provider of engineering and constructionservices, technology products and integrated solutions. The business within AkerKvaerner comprises several industries, including Oil & Gas, Refining &Chemicals, Mining & Metals and Power Generation. Aker Kvaerner has aggregatedannual revenues of approximately NOK 50 billion and employs approximately 24 000people in about 30 countries. For further information please contact Victoria V. Vergelskaya, PR DirectorElena D. Evstigneeva, Media Relations+7 (495) 641-3365+7 (495) 544-5496 pr@polyusgold.com This information is provided by RNS The company news service from the London Stock Exchange