Moscow, March 17, 2006. – Polyus Gold Mining Company (ZAO Polyus) has been granted a license from the Russian Ministry of Trade and Economic Development for the direct gold export supplies in 2006. The supplies will be carried out under ZAO Polyus’ direct export gold contract signed with Credit Suisse (Zurich, Switzerland).

ZAO Polyus will export 10 tonnes (321.5 k oz) of gold bars to Switzerland via its transaction partner Credit Suisse in 2006. The agreement is based on the LBMA “Good Delivery” quality standard and on the London bullion market price.

ZAO Polyus CEO Evgueni Ivanov noted that the direct gold export is consistent for the Company in view of the good record of its supplies and potential borrowing benefits in the future. “Meanwhile we enjoy quite favorable domestic market situation. Russian banks increase the volumes of purchase of gold bars and make much more competitive offers than comparing to 2005. So in 2006 Polyus provides for less direct export gold sales than we had it last year”, he added.

Note for editors
ZAO Polyus (“Polyus”) is a largest Russian producer of gold with production of 1.1 million of ounces in 2005. It is expected that following the spin-off of Polyus to the shareholders of MMC Norilsk Nickel, Polyus will become a public company with shares listed/traded in Russia and, in depositary receipt form, over-the-counter in London and New York.