News

Polyus Gold announces the results of the EGM held on April 7, 2008

OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia’s leading gold producer, today held an Extraordinary General Shareholders Meeting (EGM). 72% of shareholders participated in the EGM.

The EGM Agenda included the following items:
• Amending the Charter of OJSC Polyus Gold;
• Pre-term termination of the powers of the Board; and
• Electing new Board members.

The proposal to amend the Charter was not accepted as only 58% voted in favour rather than the necessary 75% of votes of those shareholders in attendance.

The vast majority of the shareholders voted against dismissal of the Board. More than 96% of the shareholders did not support the pre-term termination of the powers of the Board members.

“The vote is an important endorsement of the current Board of Polyus Gold and its strategy, and demonstrates the widespread support it enjoys from the shareholders, - Evgueni Ivanov, General Director of Polyus Gold, said, commenting on the event, - I am pleased that both major shareholders and institutional investors supported the current Board. I would like to underline that minority shareholders had played a very important part in taking today’s decisions”.

- Ends –

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.