Source: JSC Polymetal.

JSC Polymetal (LSE, MICEX, RTS:PMTL) (“Polymetal” or the “Company”) announces it will release its US GAAP consolidated financial statements reviewed by the auditors for the six months ended June 30, 2007, on Monday, October 1, 2007.

The company will hold a conference call to discuss the 1H 2007 financial results on the same day at 6:00pm Moscow time (3:00pm London time; 10:00am New York time).

Dial in number: +44 (0) 20 7153 9902

Meeting number: 213528

A recording of the conference call will be available by dialing +44 20 7154 2617 immediately after the end of the call for one week.

For further information, please contact: Pavel Danilin, VP Corporate Finance and Investor Relations, Tel. +7 812 334 3666, E-mail: danilin@polymetal.ru, Website: www.polymetal.ru

This release includes statements that are, or may be deemed to be, “forward-looking statements”.

These forward-looking statements can be identified by the use of forward-looking terminology, including the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “should” or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements are not guarantees of future performance. Many factors that could cause the Company’s actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. These forward-looking statements speak only as at the date of this release. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.