As it has been reported by the press service of the company, OJSC Polyus Gold announced the Company's mineral resources base audit results according to the JORC Code, conducted by SRK Consulting and Micon International Co. Ltd. According to the audit results Polyus Gold almost doubled its Proved and Probable attributable reserves up to 25.1 mln. ounces from 13.3 mln. ounces as of January 1, 2005. Measured, Indicated and Inferred (Measured, Indicated and Inferred Resources are inclusive of Proven and Probable Reserves) attributable resources grew by 25% up to 76.8 mln. ounces (61.2 mln. ounces as of 01.01.2005).

The audit of the mineral resources base of Olimpiada and Blagodatnoye gold deposits in Krasnoyarsk region done by Micon International demonstrated outstanding growth of Blagodatnoye Proved and Probable reserves up to 8.1 mln. ounces.

SRK Consulting also conducted the audit of Nezhdaninskoye, Kyuchus and Kuranakh deposits in the Republic of Sakha (Yakutia) acquired by ZAO Polyus in September 2005.

Nezhdaninskoye attributable reserves (Proved and Probable) amounted to 1.85 mln. ounces, attributable resources (Measured, Indicated and Inferred) amounted to 6.35 mln. ounces. Kuranakh deposit attributable reserves totaled 1.3 mln. ounces, attributable resources - 6.9 mln. ounces. Kyuchus attributable resources amounted to 4.4 mln. ounces.

Commenting on the group's 2006 JORC audit results, Polyus Gold CEO Evgueni Ivanov said: "The audit results demonstrated the fast growth of the bankable reserves, which is unprecedented for the global gold mining industry. Polyus became one of the largest gold mining companies globally, in terms of its P&P reserves". Mr. Ivanov also noted that "the upward trend in the addition to reserves is a guarantee that the company's mineral resources demand is met, providing us with the gradual transfer of Measured and Indicated resources into Proved and Probable reserves".

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