OREANDA-NEWS. June 27, 2011. The Board of directors of Polyus Gold has decided to elect German Pikhoya as the Company’s Chief Executive Officer, thus replacing previous CEO, Mikhail Prokhorov. Before the appointment, German Pikhoya held a post of deputy CEO for strategy and corporate development.

“For the last six months, the Company has resolved a number of serious issues. First, the company managed to increase production efficiency at most of the company’s subsidiaries. Launch of the Natalka deposit, one of the largest in the world. According to the results of the first quarter, the company reached a 60% increase in production. We have settled a controversial situation with KazakhGold and launched the process of obtaining primary listing in London. Creation of one of the world’s leading gold mining companies is currently on the agenda. I am sure that the set pace will be kept in future”, said Mikhail Prokhorov.

“Development of the Company in Russia is still the top priority for Polyus Gold. In the near future, the Company is set to increase its production volumes through development of its mineral resource base”, said German Pikhoya, CEO of Polyus Gold.

German R. Pikhoya

Born in 1970.

Graduated from history department of Urals State University. Later conducted post-graduate research in Bowdoin College (Brunswick, State of Maine, USA). Graduated from the Russian State Service Academy, specializing in economics.

In 1994-1995 he worked as Project Manager at MOSEXPO company.

In 1995-1997 he served as General Director of Palamos company.

From 1994 to 1998 German Pikhoya also occupied position of General Director of Eurogold Financial and Industrial Group Managing Company.

From 1998 to 2002 he served as Deputy Head of representative office in Russia and New Business Development Manager for Placer Dome International Ltd.

In 2002 German Pikhoya joined Polyus Gold Mining Company as Deputy General Director for Corporate Development. Then he was named as Polyus Group Vice-President for Corporate Development.

In July 2007 Mr. Pikhoya assumed the position of Deputy General Director for Strategy and Corporate Development at OJSC Polyus Gold public company.

OJSC Polyus Gold is Russia’s leading gold producer and one of the world’s largest gold mining companies in terms of market capitalization, mineral reserves base and output. The Company’s asset portfolio includes hard-rock and alluvial deposits in the Krasnoyarsk, Irkutsk, Magadan and Amur Regions, the Republic of Sakha (Yakutia). The company produced 1.4 m oz of gold in 2010.