OREANDA-NEWS. October 18, 2010. JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”) announces that the acquisition of “Rudnik Avlayakan” and “Kirankan” holding mining licenses for Avlayakan and Kirankan gold and silver deposits as well as exploration licenses for Avlayakan-Kirankan watershed and Maymakan-Kundumi watershed properties (collectively the “AK project”) (the “Transaction”) has been completed, reported the press-centre of Polymetal.

Details relating to the AK project and an overview of the Transaction can be found in the announcement made by the Company on September 20, 2010.

Polymetal is a Russian gold and silver miner with operations and development projects in Russia and Kazakhstan. The Company produced 0.6 million of gold equivalent ounces in 2009 and is targeting to double its total production by 2012 mostly as a result of commissioning of the new projects, all of which are now under construction. A key element of Polymetal’s strategy is creation of processing hubs with the goal to ensure the most efficient and responsible utilization of financial and human capital by treating ores and concentrates from various sources at centralized locations.