Amount of the precious metals produced by the enterprises under the management of the Polymetal Management Company during 9 months of the year 2004 enables the holding to get a stable foothold among the leading producers in Russia and abroad.

According to the results of the 9 months, 2004, precious metals produced by the enterprises under the management of the Polymetal Management Company amounted to 11,772 tons of gold equivalent (379 th. ozs.), which exceeds the same parameter of the year 2003 by 81%. Gold produced in the course of the reporting period of 2004 amounted to 4,710 kg (151 th. ozs.), silver – 437 tons (14,050 mln. ozs).

According to the results of 2003 , precious metals produced by the enterprises of the Polymetal amounted to 10,7 tons of gold equivalent (345 th. ozs), exceeding the same parameters for 2002 by factor of 2.1. Amount of gold produced in 2003 was 4,500 kg (145 th. ozs), silver – 413 tons (13,3 mln. ozs).

Note: operation results of “Polymetal” during 9 months 2004 get the Company to the eights highest rank in the list of the world’s leading silver producers and make it the second largest precious metal producer in Russia. The Holding’s share in the domestic production make 3% by gold and about 60% by silver (according to the information from the Union of the gold-producers).

“Polymetal” was incorporated in 1998 . Currently, the Polymetal Group Companies include: ZAO Polymetal Management, ZAO Polymetal Engineering, 4 mining and 8 exploration companies operating in the Sverdlovsky Territory, the Republic of Buryatiya, Khabarovsk Region, Sakhalin, Chita and Magadan Territories. OAO Inter-Regional Scientific and Production Company “Polymetal” possesses 16 licenses for precious metal deposits and for exploration areas and it is the largest silver producer in Russia, being also one of the top ten domestic gold producers and one of the top-ten world silver producers. Total С1+С2 reserves of the Holding are estimated to be 21,500 tons of silver and 195 tons of gold.