OJSC Polyus Gold (RTS, MICEX, LSE – PLZL), Russia’s largest gold producer, announced today that LZRK, its fully owned subsidiary managing the Company’s hard-rock gold operations in the Irkutsk region, has become a holder of the prospecting licences for Zheltuktinskaya and Verkhne-Kevaktinskaya geological areas in Irkutsk region.

Zheltuktinskaya and Verkhne-Kevaktinskaya prospecting areas are located to the north of Bodaibo city in the Irkutsk region forming part of Artemovskii ore field. The prospecting areas are adjacent to Chertovo Koryto deposit acquired by Polyus at the end of 2004.

The combined resources of Zheltuktinskaya and Verkhne-Kevaktinskaya amount to 90 tonnes of gold (Russian P2 category).

Commenting on the event Polyus Gold’s CEO Evgueni Ivanov said: “The prospecting works in these areas are aimed at exploring flanks and deep levels of Chertovo Kotyto deposit. The exploration works at Chertovo Koryto will result in the state listing of the deposit’s reserves with GKZ Rosnedra (State Reserves Evaluation Committee) in H2 2007. The new licences may help in adding on some new ounces to the Chertovo Koryto development project in the future”.

Note for editors:

Polyus Gold is the largest gold producer in Russia. In 2006 its gold output totalled 1.2 million ounces. Headquartered in Moscow, Polyus Gold’s operating mines and development/exploration projects are located in five major gold mining regions of Russia - Krasnoyarsk, Irkutsk, Magadan, Amur regions and the Republic of Sakha (Yakutia). The Company’s P&P reserves (JORC) amount to 50.8 million oz.

In Russia Polyus Gold’s shares are traded on RTS and MICEX. Polyus Gold ADRs are listed and traded on the LSE in the UK and also traded in the over-the-counter market (OTC) in the United States.