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27 Jun 2011 15:42
Polyus Gold announces results of the company's board of directors meeting,
held on June 27, 2011.
The Board of directors of Polyus Gold has decided to elect German Pikhoya as the Company's Chief Executive Officer, thus replacing previous CEO, Mikhail Prokhorov. Before the appointment, German Pikhoya held a post of deputy CEO for strategy and corporate development.
"For the last six months, the Company has resolved a number of serious issues. First, the company managed to increase production efficiency at most of the company's subsidiaries. Launch of the Natalka deposit, one of the largest in the world. According to the results of the first quarter, the company reached a 60% increase in production. We have settled a controversial situation with KazakhGold and launched the process of obtaining primary listing in London. Creation of one of the world's leading gold mining companies is currently on the agenda. I am sure that the set pace will be kept in future", said Mikhail Prokhorov.
"Development of the Company in Russia is still the top priority for Polyus Gold. In the near future, the Company is set to increase its production volumes through development of its mineral resource base", said German Pikhoya, CEO of Polyus Gold.
OJSC Polyus Gold is Russia's leading gold producer and one of the world's largest gold mining companies in terms of market capitalization, mineral reserves base and output. The Company's asset portfolio includes hard-rock and alluvial deposits in the Krasnoyarsk, Irkutsk, Magadan and Amur Regions, the Republic of Sakha (Yakutia). The company produced 1.4 m oz of gold in 2010.
For further information please contact: For investors:Alexey V. Chernushkin, Director, CM and IREvguenia V.Buydina, IR manager+7 (495) 641-3377+7 (495) 785-4031 ir@polyusgold.com
For media:Anton A. Arens, PR Director+7 (495) 641-3365+7 (495) 544-5496pr@polyusgold.com
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