For immediate release

Polyus Gold International Limited

Appointment of new Directors to the Board

Reference is made to the recent announcements by Polyus Gold International Limited (LSE - PGIL, OTC (US) - PLZLY, "PGIL" or the "Company") in relation to the sale by Onexim Holdings Limited (“Onexim”) of its entire interest in the Company and the acquisition of that interest by Lizarazu Holdings Limited (“Lizarazu”), a company associated with Mr. Zelimkhan Mutsoev, and Receza Limited (“Receza”) and Wamika Trading Limited (“Wamika”), companies associated with Mr. Gavril Yushvaev; and the recent changes to the Board of Directors announced on 6 March 2013.

In connection with the changes in the Company’s principal shareholders noted above, the Company has entered into relationship agreements with each of (i) Lizarazu and (ii) Receza and Wamika on terms substantially similar to the current relationship agreement between Wandle Holdings Limited (a member of the Nafta Group) and the Company, which, in addition to including various undertakings from the shareholders in respect of their conduct and the exercise of their voting rights, also include the right for each of them to appoint and remove one Director of the Company.

The Company announces that Mr. Igor Gorin and Mr. Vladimir Chernukhin have been appointed to the Board as non-executive Directors for an initial term ending on the date of the Company’s next annual general meeting. Mr. Chernukhin was nominated for appointment to the Board by Lizarazu and Mr. Gorin was nominated by Receza and Wamika.

Further information on Mr. Gorin and Mr. Chernukhin is set out below.

Commenting on the changes to the Board, Robert Buchan, Chairman, said:

“I am delighted to welcome Igor Gorin and Vladimir Chernukhin to the Board.”

Further Information on Mr. Gorin and Mr. Chernukhin

Mr. Igor Gorin is Managing Director of Raiffeisen Investment (the investment banking arm of Raiffeisenbank) with responsibility for client coverage in respect of equity capital markets and M&A. Prior to joining Raiffeisenbank in 2005, Mr. Gorin had gained extensive corporate banking experience at VTB and Commerzbank. Since joining Raiffeisenbank, Mr. Gorin has occupied various senior positions in corporate and investment banking. Since 2010, he has headed the equity capital markets and M&A business. Mr. Gorin graduated from the Finance Academy of the Government of the Russian Federation in 2000 and obtained his PhD in economics in 2003.

Mr. Chernukhin occupied various senior positions at Vneshekonombank (VEB) from 1996 to 2004, including serving as its Chairman from 2002 to 2004. From 2000 to 2002, Mr. Chernukhin served as Deputy Minister of Finance of the Russian Federation. From 1986 to 1996, Mr. Chernukhin worked in the Ministry of Foreign Trade of the USSR and the Russian Federation. At various times prior to 2004, Mr. Chernukhin was a member of the boards of directors of JSC Sovcomflot, OJSC Aeroflot Russian Airlines and JSC Russian Agricultural Bank. Mr. Chernukhin was named one of the “Global Leaders for Tomorrow 2003” at the World Economic Forum in Davos and received the Order of Honor from the President of the Russian Federation in 2004. Since 2004, Mr. Chernukhin has been a private investor. Mr. Chernukhin holds a PhD in Economics from the Moscow Finance Academy and undergraduate degrees in Diplomacy and Economics.

No information is required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules in respect of the appointments of Mr. Gorin and Mr. Chernukhin.


Investor contact

Mikhail Seleznev, Director Investor Relations and Capital Markets
+44 (0) 203 585 35 37

Media contact

Sergey Lavrinenko, Director Communications
+44 (0) 203 585 35 37

Forward looking statements

This announcement may contain “forward-looking statements” concerning PGIL. Generally, the words “will”, “may”, “should”, “could”, “would”, “can”, “continue”, “opportunity”, “believes”, “expects”, “intends”, “anticipates”, “estimates” or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of PGIL’s operations. Many of these risks and uncertainties relate to factors that are beyond PGIL’s ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. PGIL assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.