On June 22, 2006 the Federal Financial Markets Service (FFMS) of Russia has granted its permission to OJSC Polyus Gold to float its shares outside the Russian Federation in the form of the American Depositary Shares (ADSs), certified by the American Depositary Receipts (ADRs) of the Level 1.

The outstanding number of shares of OJSC Polyus Gold which are permitted for overseas trading by the FFMS amounts to 66 719 711 (sixty six million seven hundred nineteen thousand seven hundred eleven) shares, which totals 34,99% of the Polyus Gold common stock.

According to the deposit agreement concluded earlier with Polyus Gold, the Bank of New York plans to issue in the beginning of July American Depositary Receipts (ADRs) which represent the American Depositary Shares (ADSs), which certify the legal ownership of the Polyus Gold common stock. It is anticipated that Polyus Gold ADRs will be traded in the OTC (“over-the-counter”) market in the United States, and then presumably in other countries as well.

Commenting on the event, Polyus Gold CEO Evgueni Ivanov stated that “the permission of the FFMS opens a door for Polyus Gold to the international stock market and increase the liquidity of the Company’s stock, owned by a large number of the overseas investors”.

OJSC Polyus Gold issued 190 627 747 ordinary shares with a nominal value of 1 ruble each. On April 27, 2006 the share issue was assigned state registration number 1-01-55192-E.

Source: the official web-site of Poluys Gold Company.