According to the official web-site of the company, OJSC Polyus Gold (RTS and MICEX: PLZL), Russia’s leading gold producer, today announced the acquisition of the geological exploration license for Omchak perspective area in Tenkinski district of Magadan region of Russia. The license was granted to OJSC Matrosov Mine, a Polyus Group subsidiary, on the 24th of July 2006 by the subsoil usage agency for Magadan region. The license is valid till 2011.

The license area (105 square kilometers) coincides with that of Omchak group of deposits located 400 km. to the North-West of Magadan. Matrosov Mine already holds the license for Natalka deposit, one of the largest gold deposits in Russia, located within the boundaries of Omchak perspective area.

The programme to explore Omchak perspective area is now being prepared. According to the preliminary plan, geological and geochemical works as well as exploration drillings are to be carried out at 3 sections of the license area. The works are to start in Q3 2006 and to be finished by the end of 2009. According to the preliminary estimates of the Matrosov Mine’s experts, the project will result in discovery of a deposit with approximately 100 tonnes of gold in resources.