Polyus Gold International Limited ("PGIL") announces that the First Tranche Completion under the Restated and Amended Principal Agreement dated 10 April 2011 for the sale of its operating subsidiaries in Kazakhstan, Kyrgyzstan and Romania (the "RAPA") with AltynGroup Kazakhstan LLP ("AltynGroup") did not occur by the extended First Tranche Cut-Off Date of 12 December 2011. The RAPA continues to be in effect, but is now terminable by either party.

Negotiations are continuing and a further announcement will be made in due course.

Enquiries:

Polyus Gold International Limited

Alexey V. Chernushkin, Director, Capital Markets and IR
  +44 (0) 208 528 1450 

Evguenia V. Buydina, IR manager
  +7 (495) 641 3377 

Anton A. Arens, PR Director
  +44 (0) 208 528 1450
  +44 (0) 208 528 1020