27 Mar 2009 10:40
OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia's leading gold producer, today announced the decision taken at a Board Meeting of Directors held on March 26, 2009.
The Board of Directors considered the project on development of Natalka gold deposit in Magadan region. The Board approved the results of the project Pre-Feasibility Study, which stipulates for the launch in 2013 of the plant with capacity of 10 million tons of ore per year to be increased up to 20 million tons by 2018 and up to 40 million tons by 2022. Should the market environment remain favorable Polyus will be able to finance the project without outside funding.
To launch the first phase of the project the Company invests 1.1 billion U.S. dollars. In 2013 - 2017 the deposit will bring 25-30 tons of gold per year with the further increase to more than 40 tons of gold annually.
The Board also resolved to convene the Annual General Meeting (AGM) of Shareholders on May 15, 2009. The Board set 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. The company has accumulated unique experience in construction of the Russian largest gold plants, which will allow successful realization of Natalka development project", said Polyus Gold CEO, Evgueni Ivanov . 'Step-by-step increase of production capacity of Natalka plant, approved by the Board, will allow us to develop this unique project in line with the power potential of the region and the current financial and economic situation", said 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 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: Anton A. Arens, PR Director +7 (495) 641-3365 +7 (495) 544-5496pr@polyusgold.com
Alexey V. Chernushkin, Director, CM and IR Evguenia V.Buydina, IR manager +7 (495) 641-3377 +7 (495) 785-4031 ir@polyusgold.com