Moscow - July 11, 2006 - OJSC Polyus Gold (RTS and MICEX: PLZL), the leading gold producer in Russia, announces the launch of a Level I American Depositary Receipts (ADR) Program in respect of its ordinary shares.

The registration statement with respect to the American Depositary Shares (ADSs) of OJSC Polyus Gold evidenced by ADRs was declared effective by the U.S. Securities Exchange Commission (SEC) on July 10, 2006. Each ADR represents the right to receive 1 ordinary share of OJSC Polyus Gold.

Pursuant to the approval of the Federal Service for Financial Markets (“FSFM”) of Russia granted to OJSC Polyus Gold on June 22, 2006, the number of the Company’s ordinary shares that may be circulating outside the Russian Federation and with respect to which ADRs may be issued is equal to 66,719,711 shares, which constitutes 34.99% of the total number of issued and outstanding ordinary shares of OJSC Polyus Gold.

The ADR program will be administered by The Bank of New York (BoNY), one of the leading US banks with total assets exceeding 103 billion US dollars, acting as the depositary bank. ING Bank (Eurasia) ZAO will serve as the custodian bank for the program. Together with The Bank of New York, the Company plans to develop investor relations activities aimed at increasing liquidity of the Company’s stock and building a strong secondary market for its shares and ADRs.

The ADRs will be traded in the over-the-counter (OTC) market in the U.S. and on an unlisted basis on the European stock markets as well.

Certain statements in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of OJSC Polyus Gold. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by these forward-looking statements.

These risks include the risk of changes the Company's operations and business prospects, the general financial and economic circumstances, relating to regulation of the Russian gold mining industry and the Russian legislation; the competition and other risks.

Many of these factors are beyond the Company's ability to control or predict. Given these and other uncertainties, the Company cautions not to place undue reliance on any of the forward-looking statements contained herein or otherwise.

The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

This press release is not an offer or solicitation of an offer of securities by OJSC Polyus Gold or any other entity for the purchase or sale of any securities nor does it constitute an offer or solicitation to any person in any jurisdiction WHERE solicitation would be unlawful. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration.

This announcement is only for circulation to persons to whom it may lawfully be issued in circumstances in which Section 21(1) of the Financial Services and Markets Act 2000 does not apply to the Company.