For the first time in its history, OJSC Mining and Metallurgical Company Norilsk Nickel is releasing information on the platinum group metals (PGM) in its ore reserves and mineral resources.

Following its first time release of PGM production figures in the third quarter of 2005, the Company is publishing PGM reserve and resource figures as stated according to the JORC Code standards. The independent audit was carried out by Micon International Co. Ltd. (Micon), and covered all of MMC Norilsk Nickel's deposits at its Polar Division on the Taimyr Peninsula (Talnakh and Norilsk-1 orebodies). Audited results reflect MMC Norilsk Nickel's reserves and resources as of December 31st, 2004. Micon also carried out the previous audits of MMC Norilsk Nickel's base metals reserves and resources that were published in 2004 and 2005.

Proved and probable ore reserves in the Taimyr Peninsula contain 62 million ounces of palladium and 16 million ounces of platinum. Combined palladium and platinum head grades for major Polar Division's underground operations range from 5.5 grams per ton (g/t) to as high as 11.1 g/t. Measured and indicated mineral resources indicate an additional 141 million ounces of palladium and 40 million ounces of platinum in situ.

Tav Morgan, Deputy General Director of MMC Norilsk Nickel, reported that "the Company has worked long and hard to enable disclosure of these reserve figures. This is an important step in our focused efforts to promote disclosure of our reserves and it provides the transparency expected by our investors, customers, and the broader mining community. They now have the opportunity to fully appreciate the competitive strength and longevity of our mineral asset base."

MMC Norilsk Nickel plans to produce 2.90 - 2.95 million ounces of palladium and 690-700 thousand ounces of platinum in 2006.

In 2006 the Company will continue to release quarterly nickel, copper, palladium and platinum production figures of its Polar Division and Kola MMC within 30 days of the end of the quarter.