5th Dec 2007 15:06
OJSC Polyus Gold05 December 2007 For immediate release Moscow, December 5, 2007 Polyus Gold acquires licence to develop Kuzeyevskiy ore field in Krasnoyarskregion. OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia's leading gold producer,announces that it has won an auction on entrails usage licences for Kuzeyevskiyore field in Sukhobzimskiy district of Krasnoyarsk region. The auction was held on December 5, and Polyus Gold's wholly owned subsidiaryZAO Polyus suggested final price. The acquisition of the licences forKuzeyevskiy ore body was done as part of Polyus Gold's long-term explorationprogramme, approved in the year 2004. The total price of the licence amounted to38.5 million ruble (approximately $1.5 million). Kuzeyevskiy ore field is located in Sukhobzimskiy district of Krasnoyarskregion, only 150 kilometers to the North-East of Krasnoyarsk, which allowsaccess to road infrastructure. The total area of Kuzeyevskiy field is 169.7square kilometers. Resources under P1+P2 and P3 categories (Russianclassification) amount to 43 tonnes (1.4 million ounces) and 62 tonnes (2million ounces), respectively. The total investments in exploration works during2008-2012 will amount to approximately 450 million rubles ($17.3 million). Commenting on the event General Director of Polyus Gold Evgueni Ivanov said: "Krasnoyarsk region remains the area of major focus for the company. Polyus Goldcurrently produces over 25 tonnes (804 k oz) of gold in the region alone. Havingalready established its firm basis in the region, which includes production andexploration base, developed transportation systems and social infrastructure,the company is committed to further growing its business in Krasnoyarsk regionand is aiming at substantially increasing gold production there." Note for editors: Polyus Gold is the largest gold producer in Russia. In 2006 its gold outputtotaled 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 For press: Victoria V. Vergelskaya, PR DirectorElena D. Evstigneeva, Media Relations+7 (495) 641-3365+7 (495) [email protected] For investors: Alexey V. Chernushkin, Director, CM and IREvguenia V.Buydina, IR manager+7(495) 641-3377+7(495) [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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