Herewith, OJSC Polymetal Management announces the financial results of its activities for 2004.

Gold production of the company grew up by 55% as compared to the previous year results and amounted to 212 thou oz. Silver production volume increased by 47% up to 17.3 mln oz.

As the consolidated statements prepared in accordance with the US GAAP report, in the course of 2004, precious metal sales revenue amounted to $204.487 mln – 114% increase as compared to 2003 figures. The net profit of OJSC Polymetal UK in 2004 increased by 520% up to $83.583 mln.