PLZL.L Regulatory News (PLZL)

3 Jul 2008 14:13



For immediate releaseMoscow, July 3, 2008

Polyus Gold Board of Directors elects Chairman, as well as Committees Members. 

OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia's leading gold producer, today announced that its Board elected by the Annual general shareholders meeting (AGM) on June 26, 2008, had its first meeting today, on July 3, 2008. Mikhail Prokhorov, President of ONEXIM Group, was elected as Chairman of the Board. 

The Board also elected the members of the Board's committees, as well as appointed their chairmen. 

Valery Braiko, independent member of the Board, was elected as Chairman of the Audit Committee. 

Chairman of the Board Mikhail Prokhorov was elected as Chairman of the Strategy Committee.

Robert Buchan, independent member of the Board, was elected as Chairman of Remuneration Committee. 

The committees of the Board were created for the purpose of preliminary review of the most important issues relating to the Company's activities and within the Board's responsibility. 

The Audit committee was created in 2006 and is chaired by an independent member of the Board. In May 2008 a decision was taken to create two new committees - Strategy Committee and Remuneration Committee, in line with the Company's policy to improve its corporate governance standards. 

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Mikhail D. Prokhorov

Born on May 3, 1965 in Moscow. In 1989 graduated with honors from the Moscow State Financial Institute (Department of Foreign Economic Relations).

In 1989 - 1992 - Head of department at International Bank of Economic Cooperation (IBEC).

In 1992 - 1993 - Chairman of the Management Board at International Company for Finance and Investments (MFK Bank).

In 1993 -1998 - Chairman of the Board of UNEXIM Bank. In 1998 - 2000 - President and Chairman of the Board of UNEXIM Bank.

In 2000 - 2001 - President of ROSBANK.

Since 2001 to 2007 - General Director and Chairman of the Management Board of MMC Norilsk Nickel. 

Since may 2007 - President of LLC ONEXIM Group

Rober Buchan 

Born in 1947. 

Bachelor of Science in Mining Engineering, Master of mining economics.

Since March 2007 - Executive Chairman - Extract Resources;

Since April 2007 - Executive Chairman - Allied Nevada.

Valery N. Braiko

Born in 1939. Graduated from Tula Mining Institute, degree in mining electromechanics. Graduated from Academy of National Economy, degree in Economics, management and planning. 

Since 1995 Chairman of the Union of gold miners of Russia 

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Polyus Gold is the largest gold producer in Russia. Headquartered in Moscow, Polyus Gold's operating mines and development/exploration projects are located in five major gold mining regions of Russia - Krasnoyarsk, Irkutsk, Magadan, Amur regions and the Republic of Sakha (Yakutia). The company produced 1.2 m oz of gold in 2007.

For further information please contact

For investors:

Alexey V. Chernushkin, Director, CM and IR

Evguenia V.Buydina, IR manager

+7(495) 641-3377

+7(495) 785-4031

ir@polyusgold.com

For press:

Victoria V. Vergelskaya, PR Director Elena D. Evstigneeva, Media Relations +7 (495) 641-3365 +7 (495) 544-5496

pr@polyusgold.com