An extraordinary general shareholders meeting of OJSC “South-Verkhoyansk Mining Company” (SVMC) is called on November 18th 2005. The EGM is to be held by means of absentee ballots and is called to vote on a number of issues relating to further development of Nezhdaninskoye gold deposit, providing legal basis for investments into the project from Polyus Gold Mining Company, one of the major shareholders of OJSC SVMC.

The EGM will vote on increasing the charter capital of South-Verkhoyansk Mining Company by 25 million roubles through the private offering of the new share issue; 125 000 ordinary shares and 125 000 preference shares are to be issued with a nominal value of 100 roubles each. The EGM is also to vote on a 800 million roubles call loan to SVMC from Polyus.

The EGM is to vote on dismissal of SVMC’s General Director and on election of a new General Director of the company. The meeting is also to vote on adoption of a new Charter of OJSC SVMC, to provide its accordance with the best corporate governance practices.

Commenting on the event Polyus CEO Evgueni Ivanov said: “The EGM will consider issues which are critically important for launching a large-scale investment program aimed at further exploration and development of Nezhdaninskoye - one of the largest Russian gold deposits”.