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36

Polymetal Gold Producer Elected New Chairman

Russian gold mining company Polymetal has appointed a new Chairman of the Board was elected

Russian gold mining company Polymetal has elected a new Chairman of the Board of Directors.

Polymetal?s Board of Directors elected NAFTA Moskva General Director Alexander Mosionzhik to be the Chairman.

The five members of Polymetal?s Board of Directors were elected at a special meeting of the Company?s shareholders on November 14th, 2005. All members of the Board of Directors, with the exception of Vitaly Nesis (Polymetal?s CEO), are representatives of NAFTA Moskva, the sole owner of Polymetal.

?We are firmly convinced that the new make-up of the Board of Directors - led by Alexander Mosionzhik - will help Polymetal realize its strategic initiatives. The actions of the new Board will significantly strengthen the Company?s position on the market?, Vitaly Nesis, Polymetal?s CEO and a member of the Board said.