OREANDA-NEWS. October 22, 2012. Polyus Gold International Limited (LSE – PGIL, OTC (US) – PLZLY, “PGIL”, “Polyus Gold” or the “Company”), the largest gold producer in Russia, releases its preliminary operating results for the 9 months ended 30 September 2012, reported the press-centre of Polyus Gold.     

Highlights
Significant increase in gold production at Olimpiada (+11%), Blagodatnoye (+8%) and Kuranakh (+21%)

2012 production outlook reconfirmed at 1.6 million ounces of gold (1.5 million ounces excluding Kazakhstan assets)

Natalka construction on track with all processing equipment procured and construction of foundations, including for the mill, started

9 months of 2012 gold sales estimated to reach USD 2 billion, a 16% increase compared to USD 1.7 billion a year ago

Net cash position of USD 632 million compared to USD 532 million at the end of the first half of 2012.

German Pikhoya, Chief Executive Officer of Polyus Gold, commented:
“Polyus Gold has delivered a strong set of results despite our flagship Olimpiada mine facing a challenging third quarter due to disruptions in electricity supply. The impact of these circumstances which were beyond the Company’s control was offset by an excellent performance at our new generation of mines including Blagodatnoye and Titimukhta and steady contribution by Kuranakh and alluvials. The Verninskoye ramp up and Natalka construction continued as planned.

With the stability of electricity supply to Olimpiada now restored, we reconfirm our full year production guidance and look forward to the operational improvements being translated into an even stronger financial position.”