OREANDA-NEWS. May 29, 2007. OJSC Polyus Gold (RTS, MICEX and LSE – PLZL), Russia’s leading gold producer, announced  today that Pavel Skitovich has taken up the duties of General Director (CEO) of the Company.  The decision to appoint Mr. Skitovich as CEO of Polyus Gold was taken by the Board on May 14, 2007.

In a welcome address to the senior management and other key personnel, Mr. Skitovich noted that the top priority for Polyus Gold would remain “further development of operations in order to reach the Company’s long-term objectives as stipulated in a Strategic Plan prepared up to the year 2015;  this includes more than tripling gold production in that period, launching new production facilities and growing the mineral resource base”.  Among the management’s primary tasks Mr. Skitovich also mentioned the introduction of a cost cutting programme and developing the mechanism and resources to launch new investment projects.

Mr. Skitovich also stressed that the management would remain focused on developing one of the Company’s most important assets – the team of highly qualified mining professionals that already work at Polyus.  As a matter of personal interest, Mr Skitovich will  be following the progress of training and development of the personnel as well as social programmes in the regions of the Company’s operations.