Highland Gold Mining Limited, the AIM quoted Russian gold producer announces the resignation on February 12, 2006 of Mr Dmitry Korobov as Managing Director. Mr Korobov has been with the Company since its inception in 2002. He has played a major role over the years in the group’s progress and in providing the right operational infrastructure for developing our assets in Russia. He now leaves the Company to pursue other interests.

The Board of Directors has expressed its gratitude for Dmitry’s contribution to the development of the Company, for his loyal and professional work over many years.

Henry Horne, who joined the group in October 2005, as Deputy Managing Director at Russdragmet, our Russian management company, will assume the responsibilities of Mr Korobov. Mr Horne, aged 48, will join the Board of the Company and together with Mr Ivan Koulakov, the Executive Deputy Chairman, will continue the development of the group's mining operations and other gold assets in Russia.

Commenting on today’s announcement Deputy Chairman Ivan Koulakov said:

“Dmitry Korobov not only stood at the origins of our Company, he has over the years been involved in all its key functions. During his years at Highland Gold he has acquired considerable experience and has earned the respect of all of his colleagues. I am confident that these factors will ensure for Dmitry a fruitful and successful transition to other business opportunities and we all wish him the best in his future work and important responsibilities. The Board also welcomes Henry who has considerable mining experience which we are sure will benefit the group and the Board looks forward to working with him in his new role.”