Moscow, Saint-Petersburg (October 20th, 2005). Polymetal Management is pleased to announce successful results of the public hearings related to the activities of Okhotsk Mining and Geological Company (company managed by Polymetal Management).

The hearings took place on October 20th in the town of Okhotsk (Okhotsk Region, Khabarovsk Territory).

The company’s specialists presented reports, touching on environmental protection and socio-economic aspects of operations at the Khakandjinskoye deposit in 2004-2005. In addition the experts also addressed prospecting at the Yurievskoe deposit aimed at its further development and also new technological solutions regarding ore processing at the plant.

The reports covered ecological, social, tax and personnel policy of the company, and also charity and sponsorship activities.

The representatives of the regional community and local administration expressed their contentment with the firm observance of the environmental standards by the company. The local authorities expressed their thanks to the company for its charity and sponsorship activities that help to solve a lot of social problems in the region.

Polymetal Management works to comply with international corporate governance standards, in particular, the ecological policies compliance in line with World Bank Standards. The company considers it important to inform the community about its social and production activities. Public hearings discussing the operations of Magadan Silver (Dukat) and Silver Territory (Lunnoye) in the Magadan Region were held on June, 8th, 2005.