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27 Mar 2009 10:40
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OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia's leading gold producer, today announced the decisionΒ taken atΒ a BoardΒ Meeting of Directors held on March 26, 2009.Β
The Board of Directors considered the project on development of Natalka gold deposit in Magadan region.Β The Board approved the results of the projectΒ Pre-Feasibility Study,Β whichΒ stipulates for the launch in 2013 of theΒ plantΒ with capacity of 10 million tonsΒ of ore per year toΒ be increased up toΒ 20 millionΒ tonsΒ byΒ 2018 andΒ upΒ to 40 million tonsΒ byΒ 2022.Β Should the market environment remain favorableΒ PolyusΒ will be able to finance the projectΒ withoutΒ outside funding.
ToΒ launch theΒ firstΒ phase of the project the Company invests 1.1 billion U.S. dollars. InΒ 2013Β -Β 2017Β the depositΒ willΒ bringΒ 25-30 tons of goldΒ per year with the further increase to more than 40Β tons of goldΒ annually.
The Board also resolvedΒ to convene the Annual General Meeting (AGM)Β of Shareholders onΒ May 15, 2009. The Board setΒ March 27, 2009 as the Record date for the AGM.
"Polyus Gold will show steady growth in gold production due to the expected in 2009 - 2011 construction of new plants and completion of reconstruction of existing enterprises.Β The company has accumulated unique experience inΒ construction of theΒ RussianΒ largestΒ gold plants, which will allow successfulΒ realization of Natalka development project",Β saidΒ Polyus Gold CEO,Β Evgueni IvanovΒ .Β 'Step-by-step increaseΒ ofΒ production capacityΒ of Natalka plant,Β approved by the Board, will allow us to develop this unique projectΒ inΒ line with the powerΒ potential of the region and the current financial and economic situation",Β saidΒ Evgueni Ivanov.
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 inΒ KrasnoyarskΒ Territory,Β Irkutsk, Magadan and Amur Oblasts andΒ RepublicΒ ofΒ SakhaΒ (Yakutia). Gold production of OJSC Polyus Gold totaled 1,222m oz in 2008.
For further information please contact: Anton A. Arens, PR Director +7 (495) 641-3365 +7 (495) 544-5496pr@polyusgold.comΒ
Alexey V. Chernushkin, Director, CM and IR Evguenia V.Buydina, IR manager +7 (495) 641-3377 +7 (495) 785-4031 ir@polyusgold.com
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