Based on the materials provided by the company’s press service.

Snowden Mining Industry Consultants (Australia) have completed a JORC-compliant audit of resources at Polymetal’s Albazino gold deposit, located in the Khabarovsk Territory, Russia.

The audit identified 6.605mln. tons of ore with an average head grade of 5.17 g/t resulting in 1.1mln.oz. of gold resources .The cut-off grade was 2 g/t.

During the summer of 2006, geochemical exploration was launched at a 10 sq. km. zone of the licensed area. This initial exploration is expected to form the basis of a more extensive geological exploration programme in 2007.

Polymetal acquired 100% of LLC Resources Albazino — including the license which is valid until January 1st, 2015 - from OJSC Far Eastern Resources in July, 2006.