At a meeting of the Board of Directors of OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), held earlier today, a decision was taken to re-elect Mikhail Prokhorov as Chairman of the Board. The Board also took a decision to terminate the position of Pavel Skitovich as chief executive and re-instate Evgueni Ivanov, as General Director.

Commenting the new appointments Chairman of the Board of Polyus Gold Mikhail Prokhorov said: “I am convinced that Polyus Gold has huge development potential. To ensure that this potential is fully and efficiently realized, I have agreed to head up once again the company’s Board of Directors”.

The newly elected General Director Evgueni Ivanov noted: “I am pleased that the Board has demonstrated its confidence in me, and I relish the opportunity of contributing my dynamic energy to the company’s operations once more. Polyus Gold’s unique competitive advantages, when employed effectively, will, I am sure, guarantee successful achievement of our impressive production and financial growth targets.”

The investor conference call scheduled for 17:00hrs (Moscow time) today will proceed as planned.

Note for editors:

Mikhail Prokhorov
Born in 1965.
In 1989 Mr. Prokhorov graduated with honors from the Moscow Financial Institute (Financial Academy under the Government of the Russian Federation).
From 1989 to 1992 – worked at International Bank for Economic Cooperation; from 1992 to 1993 – head of the Management Board of joint-stock bank International Financial Company.
In 1993 he became Chairman of the Management Board of Unexim bank. From 1998 to 2000 – President, chairman of the Management Board of Unexim bank. From 2000 to 2001 – President of OJSC AKB ROSBANK.  From July 2001 to March 2007 – General Director and Chairman of the Management Board, Member of the Board of MMC Norilsk Nickel. From 2006 to June 2007 – Chairman of the Board of Polyus Gold. Since May 2007 – President of ONEXIM Group.

Evgueni Ivanov
Born in 1966.
In 1990 graduated from the State Finance Academy. Major – International Economic Relations.
After the graduation he worked in the banking sector, including the State Bank of the USSR, and the Central Bank of the Russian Federation.
In 1997 he came to work in Unexim Bank, WHERE he created and headed the Precious Metals Division.
In 1999 – 2000 he worked as Vice-Chairman of the Rosbank, being in charge of the relationship with the clients.
In 2000 Evgueni Ivanov became the Chairman of Rosbank, and in the 2003 – the bank’s President and Chairman of the Board.
In 2004-2007 served as President of CJSC Polyus.
In 2006-2007 served as General Director of OJSC Polyus Gold.

Polyus Gold is the largest gold producer in Russia and the fourth largest gold mining company in the world by indication of reserves. 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).