OREANDA-NEWS. On March 5, 2007 OJSC Polyus Gold (RTS, MICEX, LSE – PLZL), Russia’s largest gold producer, announced 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”.