News

OJSC Polyus Gold (RTS, MICEX and LSE – PLZL) and Kinross Gold Corporation announce the signing of a Technical Alliance Agreement.

A list of measures has been approved, aimed at identifying commercially feasible solutions to develop the Nezhdaninskoye deposit (located in the Sakha Republic (Yakutia)). These measures include metallurgical testing with international laboratories.  Kinross will decide in 12 months whether it would like to proceed with further work on the Nezhdaninskoye deposit.  In addition, the agreement provides for joint exploration of a number of deposits in the Russian Federation, and defines the terms of potential joint development and financing of the selected deposits.

Additionally, a decision was taken, within the framework of the agreement to commence a joint, large-scale research programme aimed at identifying prospective areas and exploration methods in the Russian Federation.

The parties will carry out exploration and other technical work at a number of deposits during the next 12-24 months. A decision to create a joint venture to develop the deposit(s), where OJSC Polyus Gold will become a 51% owner and Kinross will become a 49% owner, may be taken following completion of this work.  

OJSC Polyus Gold is an international gold miner – the leading gold producer in Russia, a leader in Kazakhstan gold mining, and one of the world’s largest gold companies in terms of market capitalization, minerals base and output. The Company’s asset portfolio includes ore and alluvial deposits in Krasnoyarsk, Irkutsk, Magadan and Amur Regions, The Sakha Republic (Yakutia), Kazakhstan, Romania and Kirgizstan.  Gold production of OJSC Polyus Gold totaled 1,222m oz in 2008.

For further information please contact:
Alexey V. Chernushkin, Director, CM and IR
Evguenia V.Buydina, IR manager
+7 (495) 641-3377
+7 (495) 785-4031
 ir@polyusgold.com

Anton A. Arens, PR Director
+7 (495) 641-3365
+7 (495) 544-5496
pr@polyusgold.com