Polyus Gold Mining Company, the owner of a 50% stake of OJSC South-Verkhoyansk Mining Company (SVMC) and the operator of the Nezhdaninskoye deposit development project, today welcomed the decision of Interros Holding Company to acquire a 20% stake of SVMC from Celtic Resources Holding Plc.

Polyus is confident that the successful resolution of the law dispute relating to SVMC will encourage the successful implementation of Polyus’ plans to develop Nezhdaninskoye, one of the largest gold deposits in Russia. Acquisition of the 20% stake in SVMC by Interros will ensure consolidated shareholders’ control over the implementation of the exploration programme at Nezhdaninskoye, started by Polyus in 2005.

Polyus’ management sees significant synergy in united efforts of the two SVMC’s allied shareholders: Interros Holding Company and Polyus. Interros will capitalize on its competitive advantage as a private investment company which allows it to complete such transactions successfully, WHERE as Polyus will be fully concentrated on development of Nezhdaninskoye deposit.