PLZL.L Regulatory News (PLZL)

2 Apr 2007 13:03

OJSC Polyus Gold02 April 2007 For immediate release Moscow, April 2, 2007 OJSC Polyus Gold establishes Polyus Exploration, makes new appointments. OJSC Polyus Gold (RTS, MICEX and LSE: PLZL), Russia's leading gold producer,today announced the establishment of OJSC Polyus Exploration, its wholly ownednew subsidiary. Polyus Exploration will be holding licenses for greenfieldexploration projects which are currently in Polyus Gold's pipeline. The decisionto create Polyus Exploration was taken by the Board of Directors of Polyus Goldby absentee ballots in March 2006. Alexei Osenmuk, former Chief Financial Officer of Polyus Gold, will be appointedas General Director of Polyus Exploration. Dmitry Glotov, former Deputy General Director for international financialreporting of OJSC "MMC Norilsk Nickel", is appointed as Polyus Gold's new ChiefFinancial Officer and Vice President. Andrey Konyukhov, who recently worked for Barrick Gold in Central Asia, will beappointed as Chief Operating Officer of Polyus Exploration. Creation of OJSC Polyus Explorations is a part of the programme to streamlinethe Company's exploration business, stipulated in its strategic development plantill 2015. According to Evgueni Ivanov, CEO of Polyus Gold, "the programme isfocused on bringing on good organization to our greenfield exploration projectsand aimed at making the process more transparent for investors. The Company'sexploration business has proved to be highly efficient, and the programme willhelp to raise its investment appeal and to achieve even better results in thefuture". Alexei Osenmuk Born in 1966. Graduated from Moscow Financial Institute, international economicrelations department. In 1992-1997, as well as in 2003-2004, he served as DeputyGeneral Director and Management Board Member of Moscow Interbank CurrencyExchange (MICEX). From 1997 till 2003 he worked in the Client Service ofUneximbank and Rosbank. In August 2004 Mr. Osenmuk joined Polyus Gold MiningCompany as its Vice President and CFO. Dmitry Glotov Born in 1965. Graduated with honor from Moscow Financial Institute,international economic relations department. In 1989-1993 he worked in the USSRMinistry of Finance, and in Ingosstrakh. In 1993 Mr. Glotov joined Coopers &Lybrand in Germany where he worked till 1997. In 1996 Mr. Glotov successfullypassed his CPA examination. In 1997 he was appointed chief specialist of theenterprises development department of Interros. In 1998 Mr. Glotov becameDirector of financial department of OJSC Uneximbank, and then head ofconsolidated accounts of Rosbank. In 2002-2007 he worked as Deputy Generaldirector, international financial reporting, in MMC Norilsk Nickel. Andrey Konyukhov Born in 1962. Graduated from geological department of Leningrad StateUniversity. In 1984-1994 he served as Chief Geologist of the Natural ResourcesMinistry and conducted due diligence studies and evaluated expansion projects onthe territory of the former Soviet Union. In 1995-1997 Mr. Konyukhovparticipated in Kumtor mine construction (Kirgizia). Since then he had beenemployed as a geologist-consultant for a number of exploration projects in theCentral Asia. In 1999 he was appointed as Senior Consultant Geologist at BarrickGold Corp. (Canada), where he was in charge of corporate development,exploration and evaluation of the company's exploration projects in Uzbekistan,Kazakhstan and Kirgizia. Note for editors: Polyus Gold is the largest gold producer in Russia. In 2006 its gold outputtotalled 1.2 million ounces. Headquartered in Moscow, Polyus Gold's operatingmines and development/exploration projects are located in five major gold miningregions of Russia - Krasnoyarsk, Irkutsk, Magadan, Amur and Yakutia. TheCompany's P&P reserves (JORC) amount to 50.8 million oz. For further information please contact Denis Davydov Head of Investor and Public Relations Tel.: +7 (495) 641 33 65 E-mail: pr@polyusgold.com This information is provided by RNS The company news service from the London Stock Exchange