3 Feb 2009 18:09
Press Release
| 3 February 2009 | Moscow |
At its meeting today, the Board of Directors of OJSC Polyus Gold (RTS, MICEX and LSE - PLZL) reviewed the preliminary 2008 operating results of OJSC Polyus Gold and the business plan for 2009.
The Board of Directors acknowledged the preliminary 2008 operating results. "All major targets set for the Company have been achieved or exceeded. All business units of Polyus Group have shown a stable performance", OJSC Polyus Gold General Director Evgueny Ivanov stated. Evgueny Ivanov was especially pleased with the performance of CJSC Polyus. "Olimpiada mine increased its output in 2008 despite challenges it had to face in the transition to harder sulphide ores", he said.
The Board of Directors discussed and approved the Company Business Plan for 2009. The Business Plan provides for the investment program totaling 8.4 billion rubles, of which 1.4 billion rubles will be allocated to geological exploration and 7 billion rubles to the development of existing deposits and construction of new gold mining enterprisers.
The Board of Directors at today's meeting instructed the Company Management to explore the desirability and possibility of a buy-back of the Company's shares in the amount of up to 250 million U.S. dollars and to submit the issue for consideration by the Board of Directors within the next three weeks.
The decision to effect the buyback of the Company's shares is still pending and there can be no assurance that the Board of Directors will approve any such buyback or, if the buyback is approved, what the timing, price and other terms of such buyback will be.
OJSC Polyus Gold is Russia's leading gold producer and one of the world's largest gold companies in terms of market capitalization, minerals base and output. The Company's asset portfolio includes ore and alluvial deposits in Krasnoyarsk Territory, Irkutsk, Magadan and Amur Oblasts and Republic of Sakha (Yakutia).
Gold production of OJSC Polyus Gold totaled 1,222m oz in 2008.
For further information please contact:For further information please contact:
Anton A. Arens, PR Director+7 (495) 641-3365 +7 (495) 544-5496pr@polyusgold.com
Alexey V. Chernushkin, Director, CM and IREvguenia V.Buydina, IR manager
+7 (495) 641-3377 +7 (495) 785-4031 ir@polyusgold.com
This announcement is not intended to, and does not constitute, or form part of, an offer to sell or an invitation to purchase or subscribe for any securities, including shares of OJSC Polyus Gold.
Forward Looking Statements This announcement, including information included or incorporated by reference in this an-nouncement, may contain "forward looking statements" concerning the Company. Generally, the words "will", "may", "should", "continue", "believes", "expects", "intends", "anticipates" or similar expressions identify forward looking statements. The forward looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested by them. Many of these risks and uncertainties relate to factors that are beyond the Company's abilities to control or estimate precisely, such as future market conditions and the behaviours of other market participants, and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. OJSC Polyus Gold assumes no obligation and does not intend to up-date these forward looking statements, except as required pursuant to applicable law.