Saint-Petersburg, Russia, October 5, 2009 – further to the announcements by JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”) in relation to the issuance of 84,375,000 additional ordinary shares to be placed by the Company (the “New Shares”), Polymetal announces that placement of the New Shares by way of a closed subscription will start on October 12, 2009 (the “Start Date”).

As previously announced by the Company, the placement of the New Shares by way of a closed subscription will finish on the earlier of (i) the 30th working day after the Start Date or (ii) the date on which the last of the New Shares are placed.

Polymetal will continue to provide updates on the progress of the process relating to the issuance if the New Shares in due course.