OREANDA-NEWS. March 23, 2009. JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") announced the results of the Extraordinary General Meeting of Shareholders of the Company ("EGM") that was held yesterday in the form of absentee voting, reported the press-centre of Polymetal.

Agenda of the EGM was the following:

1. To approve increase of share capital of the Company by issuance and placement of new ordinary shares.

2. To determine the appraiser to be engaged for determining market value of property that can be used as consideration for the shares to be placed.

All items of the agenda were approved by the EGM. Specifically, shareholders approved issuance and placement of 30,000,000 new shares of Polymetal in the form of closed subscription as per item one of the agenda and determined LLC "Business-Otsenka ST" as the appraiser as per item two of the agenda.

The Company reminds that on January 23, 2009 it announced that a 100% of the shares in CJSC "Artel of prospectors "Ayax" holding the mining license for Goltsovoye silver deposit located in the Magadan region of Russia ("Ayax") and receivables of US8,653,682.10 due from Ayax were acquired by Polymetal and a third party entity in exchange for a payment of US8,653,682 by Polymetal and the transfer of 7.5 million common shares in Polymetal by the third party entity. The Company plans to place 7.5 million of its new ordinary shares in exchange of 35,934 shares in Ayax and thus consolidate a 100% stake in Ayaks.

According to the Russian legislation, shareholders who voted "against" or abstained from voting will have the preemptive right to purchase newly issued shares of Polymetal for cash at a price that will be determined by the Board between the dates of state registration of share issuance and the beginning of placement of new shares.