PLZL.L Regulatory News (PLZL)

29 May 2007 07:15

OJSC Polyus Gold29 May 2007 For immediate release Moscow, May 29, 2007 Pavel Skitovich steps in as Polyus Gold's Chief Executive Officer OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia's leading gold producer,announced today that Mr. Pavel Skitovich took up his duties as General Director(CEO) of the Company. The decision on Mr. Skitovich's appointment as CEO ofPolyus Gold was taken by the Board on May 14, 2007. Commenting on his appointment Mr. Skitovich noted that the top priority forPolyus Gold will remain "further development of the Company's operations aimedat reaching the long-term goals stipulated in the corporate Strategy till theyear 2015, i.e. more than tripling the gold production, launching new productionfacilities, growing the mineral resource base". Among management's primary tasksMr. Skitovich also mentioned the implementation of the cost reduction programmeand the development of measures which help to launch new investment projects. Mr. Skitovitch also stressed that the management will remain focused ondeveloping one of the Company's key assets - the team of highly qualified miningprofessionals. According to him, special focus will be made on training anddevelopment of personnel as well as on social programmes in the regions of theCompany's operations. Note for editors: Pavel Skitovich Born in 1965 in Moscow. In 1987 he graduated from the Moscow State Institute ofInternational Relations (MGIMO). In 1987-1993, he served as attache and thenvice-consul at the USSR Embassy in Uganda. In 1993-1995 he worked as seniorconsultant at Coopers & Lybrand. In 1995-1997 he served as financial analyst atthe Investment Bank Alfred Berg (IB ABN AMRO subsidiary). In 1997-1999 he servedas deputy director for corporate structures, RAO Norilsk Nickel. Since 1999 till2005 he served as vice president, then deputy general director for strategy andcorporate issues of OJSC Power Machines. In 2004 he worked as executive directorfor OJSC OMZ. In March 2006 Pavel Skitovich was appointed as member of themanagement board of Interros holding company. 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 regions and the Republicof Sakha (Yakutia). For further information please contact Denis DavydovHead of Investor and Public RelationsTel.: +7 (495) 641 33 65E-mail: pr@polyusgold.com This information is provided by RNS The company news service from the London Stock Exchange