OREANDA-NEWS. March 11, 2013. Reference is made to the recent announcements by Polyus Gold International Limited (LSE - PGIL, OTC (US) - PLZLY, "PGIL" or the "Company") in relation to the sale by Onexim Holdings Limited (“Onexim”) of its entire interest in the Company and the acquisition of that interest by Lizarazu Holdings Limited (“Lizarazu”), a company associated with Mr. Zelimkhan Mutsoev, and Receza Limited (“Receza”) and Wamika Trading Limited (“Wamika”), companies associated with Mr. Gavril Yushvaev.

The Company announces that as part of ongoing restructuring of the Board, Mr. Dmitry Razumov, a Non-Executive Director nominated by Onexim, and Mr. Alexander Mosionzhik, a Non-Executive Director nominated by the Nafta Group (“Nafta”), have resigned from the Board.
In addition, Nafta will enter into an amended relationship agreement with the Company to reflect changes consequent on the sale by Onexim of its interest in the Company, including the deletion of the provision that the relationship agreement shall terminate if Nafta and its affiliates cease to hold (directly or indirectly) at least 15% of the shares in the Company and the Takeover Panel shall have been notified and shall have confirmed that it does not regard Nafta (together with its affiliates) as acting in concert with Onexim or any other shareholder of the Company. The other termination provisions of the agreement, including that it will terminate if Nafta and its affiliates cease to hold (directly or indirectly) at least 10% of the shares in the Company, are unaffected by this change.

Commenting on the changes to the Board, Robert Buchan, Chairman, said:

“I would like to take the opportunity to wish Dmitry Razumov and Alexander Mosionzhik well in their future endeavours and thank them for their contribution to the Company”.