On April 30, 2006 Polyus Gold, Russia’s leading gold producer, held the second meeting of its Board of Directors by means of absentee ballots.

The agenda of the meeting included:

Approval of the Regulations on the Audit Committee of the Board of Directors.
Decision on participation in the joint venture Zeravshan-Newmont (Uzbekistan).

The Board of Directors has taken a decision to approve the Regulations on the Audit Committee. The Board also supported Polyus Gold management’s decision to take no steps towards Company’s participation in the JV Zeravshan-Newmont in the Republic of Uzbekistan, as the future of the project looks vague at a time.