PLZL.L Regulatory News (PLZL)

5 Mar 2007 13:14

OJSC Polyus Gold05 March 2007 For immediate release Moscow, March 5, 2007 Polyus Gold obtains new exploration licences in Irkutsk region. OJSC Polyus Gold (RTS, MICEX, LSE - PLZL), Russia's largest gold producer,announced today that LZRK, its fully owned subsidiary managing the Company'shard-rock gold operations in the Irkutsk region, has become a holder of theprospecting licences for Zheltuktinskaya and Verkhne-Kevaktinskaya geologicalareas in Irkutsk region. Zheltuktinskaya and Verkhne-Kevaktinskaya prospecting areas are located to thenorth of Bodaibo city in the Irkutsk region forming part of Artemovskii orefield. The prospecting areas are adjacent to Chertovo Koryto deposit acquired byPolyus at the end of 2004. The combined resources of Zheltuktinskaya and Verkhne-Kevaktinskaya amount to 90tonnes of gold (Russian P2 category). Commenting on the event Polyus Gold's CEO Evgueni Ivanov said: "The prospectingworks in these areas are aimed at exploring flanks and deep levels of ChertovoKotyto deposit. The exploration works at Chertovo Koryto will result in thestate listing of the deposit's reserves with GKZ Rosnedra (State ReservesEvaluation Committee) in H2 2007. The new licences may help in adding on somenew ounces to the Chertovo Koryto development project in the future". 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 regions and the Republicof Sakha (Yakutia). The Company's P&P reserves (JORC) amount to 50.8 million oz. In Russia Polyus Gold's shares are traded on RTS and MICEX. Polyus Gold ADRs arelisted and traded on the LSE in the UK and also traded in the over-the-countermarket (OTC) in the United States. 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