27th Jan 2009 09:47
For immediate releaseMoscow, January 27, 2009
OJSC Polyus Gold (RTS, MICEX and LSE - PLZL) and Canadian gold mining company Kinross Gold Corporation have concluded Memorandum of understanding on the possible joint development of Nezhdaninskoye hard-rock gold deposit located in the Sakha Republic (Yakutia).
According to the Memorandum, within the time frame of 18 months the companies are planning to jointly prepare a Feasibility Study for the industrial development of the Nezhdaninskoye deposit.
Upon completion of the Feasibility Study and, if warranted by its results, the parties will review the possibility to enter into a joint venture agreement for developing the Nezhdaninskoye deposit.
In accordance with the Memorandum, should such decision to set up a joint venture be made, Polyus and Kinross Gold Corporation will own 51% and 49% interest, respectively, in the proposed joint venture. In case the said joint venture is set up, Kinross Gold will be designated as the operator of the project.
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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
For press:
Anton A. Arens, PR Director +7 (495) 641-3365 +7 (495) 544-5496
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