OREANDA-NEWS. October 19, 2007. At a meeting of the Board of Directors of OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), held earlier today, a decision was taken to re-elect Mikhail Prokhorov as Chairman of the Board. The Board also took a decision to terminate the position of Pavel Skitovich as chief executive and re-instate Evgueni Ivanov, as General Director.

Commenting the new appointments Chairman of the Board of Polyus Gold Mikhail Prokhorov said: “I am convinced that Polyus Gold has huge development potential. To ensure that this potential is fully and efficiently realized, I have agreed to head up once again the company’s Board of Directors”.

The newly elected General Director Evgueni Ivanov noted: “I am pleased that the Board has demonstrated its confidence in me, and I relish the opportunity of contributing my dynamic energy to the company’s operations once more. Polyus Gold’s unique competitive advantages, when employed effectively, will, I am sure, guarantee successful achievement of our impressive production and financial growth targets.”