SC "Polymetal" announced its production results for the quarter and six months ended June 30, 2009.

• Quarterly gold production decreased 11% compared to Q2 2008 due to lower grades at Dukat and Khakanja. The Company expects a meaningful improvement in Q3 2008 due to higher heap leach grades at Voro and increased throughput at Dukat processing plant
• Silver output increased 2% compared to Q2 2008 due to higher head grades at Lunnoye and Khakanja. Further increases in production in the second half of the year are expected due to commissioning of the expanded Dukat processing plant
• Voro mill expansion project successfully completed, with the CIP plant now operating at its full design capacity of 950Ktpa
• Albazino-Amursk project construction continues on schedule. Updated Feasibility Study and the JORC-Compliant reserve update audited by Snowden Mining Industry Consultants was released in July 2009
• Mayskoye acquisition was announced in April 2009. Polymetal believes this transaction validates the investment case for Amursk POX facility as the processing hub for refractory gold concentrates from across the Far East of Russia
• The Company reiterates its 2009 production target of 280-300 Koz of gold and 17-18 Moz of silver

"We are satisfied with another solid quarter in terms of operating performance," said Vitaly Nesis, CEO of Polymetal. "With the Voro mill expansion completed and Dukat mill expansion nearing commissioning we believe production in the second half of the year will allow us to meet our targets."