News

Polyus' P&P reserves exceed 71 m oz after the audit of Chertovo Koryto.

OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia's leading gold producer, today announced the completion of the exploration programme and international reserves audit at the Chertovo Koryto deposit in Irkutsk region. The international audit in accordance with JORC standards was done by MICON International Ltd.

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 an $8 million 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 MICON's report, proved and probable reserves at Chertovo Koryto amount to 43.61 million tonnes of ore at 1.83 g/t, and 79.96 tonnes (2.6 m oz) of gold. Measured and indicated resources amount to 50.49 m tonnes of ore at 1.84 g/t, and 92.95 tonnes ( 3 m oz) of the metal. In addition to that, inferred resources amounted to 2.09 million tonnes of ore at 1.64 g/t, and 3.4 tonnes (109 k oz) of the metal. The calculation was based on 0.8 g/t cut-off grade and $625/oz gold price.

The scoping study and the reserves calculation for Chertovo Koryto (in accordance with Russian standards) have already been submitted to the State Reserves Committee (GKZ Rosnedra).

Evgueni Ivanov, the General Director of Polyus Gold said that the JORC audit of Chertovo Koryto lead to an increase of the company's total P&P reserves to over 71 m oz of gold. "We believed in the high potential of the Chertovo Koryto deposit from the very beginning and we are pleased that the large-scale exploration campaign was successfully completed in a relatively short period of time", - Mr. Ivanov noted.

- 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.

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