The Board of Directors of the Polyus gold mining company has named Yevgeni Ivanov as its president. He will be responsible for the company’s ongoing activities. The Board of Directors also named Vladimir Sovmen, who earlier held the post of General Director of Polyus, as the company’s First Vice President and Executive Director. He will be responsible for dealing with issues relating to the development of production.

Earlier, Mr. Ivanov, when President and Chairman of the Board of Directors of Rosbank, had accepted an offer made by the management of MMC Norilsk Nickel of heading the gold mining company that was being formed on the basis of the Polyus company.

At an extraordinary general meeting of shareholders held on February 19, Mr. Ivanov was again elected to the new Board of Directors of Rosbank, released from the posts of President and Chairman of the Board of Directors, and elected as its Deputy Chairman.

Additional Information

The Polyus Joint Stock Company is engaged in open cast gold mining at the Olimpiadinsk gold field in the Krasnoyarsk region. Polyus also holds licences to work the Tyradinski, Oleni, Blagodatny and Titimukhta deposits. In October 2002 MMC Norilsk Nickel acquired a 100 per cent shareholding in the company.