6 Jun 2008 15:11
For immediate releaseMoscow, June 6, 2008
Chertovo Koryto reserves listed with the state
OJSC Polyus Gold (RTS, MICEX and LSE - PLZL) (the Company), Russia's leading gold producer, today announced that the State Reserves Committee (GKZ) approved and listed on the state balance the reserves of Chertovo Koryto gold deposit, located in Irkutsk region. The license holder for Chertovo Koryto is ZAO Polyus, a wholly-owned subsidiary of Polyus Gold.
Chertovo Koryto is located in Bodaibo district of Irkutsk region, 185 km from the Bodaibo town. The deposit was discovered in 1962. In 2005-2008 a large-scale exploration programme was carried out at the deposit. During that time, 28 531 meters of diamond drilling and 7 818 meters of trenches were done, two semi-industrial technological assays were done and 44 167 samples were taken.
According to the scoping study and reserves calculation approved by GKZ, Chertovo Koryto balance reserves for open pit mining as at 01.09.2007 under C1+C2 categories amount to 87.1 tonnes (2.8 m oz) at 2.4 g/t. Off-balance reserves in pit outline amount to 13.6 tonnes (437 k oz). The gold price of RUR530 per gram was used for the reserves calculation.
In March 2008 the reserves audit in accordance to internationally recognized standards (JORC) of Chertovo Koryto was done.
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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