Polyus Gold International Limited (LSE - PGIL, OTC (US) - PLZLY, "PGIL", "Polyus Gold" or the "Company"), the largest gold producer in Russia, announces that it has entered into a  finance agreement with VTB Bank for a total amount of up to 5 billion rubles (approximately USD 150 million).

The facility will be utilised in the form of letters of credit issued by VTB Bank on the Company's request. Additionally, the agreement provides for deferred repayment of letters of credit, should that be requested by PGIL.

The facility will be used to support the purchase of equipment for the Natalka project where the Company is on track to start commissioning a 10 million tonnes of ore per year processing plant in December 2013.

Notes to editors

With proven and probable reserves exceeding 31.6 million ounces of gold and measured, indicated and inferred resources of 59.7 million ounces of gold, Natalka is one of the largest undeveloped gold deposits in the world. The deposit is located in the Magadan region in the Far East of Russia, some 400 km north-west of the regional capital, Magadan.

 

Enquiries:

Investor contact
Mikhail Seleznev, Director Investor Relations and Capital Markets
 +44 (0) 203 585 35 37   ir@polyusgold.com

Media contact
Sergey Lavrinenko, Director Communications
 +44 (0) 203 585 35 37  lavrinenkosn@polyusgold.com

 

Forward looking statements

This announcement may contain "forward-looking statements" concerning PGIL. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of PGIL's operations. Many of these risks and uncertainties relate to factors that are beyond PGIL's ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. PGIL assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.