OREANDA-NEWS. January 23, 2009. On December 19, 2008 JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”) announced that it had entered into a binding Sale and Purchase Agreement (the “SPA”) in relation to the purchase of 100% of the shares in CJSC “Artel of prospectors “Ayax” (“Ayax”) from a subsidiary (the “Seller”) of Ovoca Gold Plc for US\\\\$3,043,342 in cash and 7.5 million of Polymetal’s common shares and a Deed of Novation and Assignment pursuant to which Polymetal conditionally acquired receivables of US8,653,682.10 due from Ayax to Ovoca in exchange for a payment of US8,653,682 by Polymetal to Ovoca (the “Transaction”), reported the press-centre of Polymetal.

Polymetal and a third party entity have now acquired 100% of the shares in Ayax and the Deed of Novation and Assignment has become unconditional. Polymetal has acquired 4,166 shares in Ayax (which equates to 10.4% of the issued share capital of Ayax) pursuant to the SPA. The third party entity has acquired 35,934 shares in Ayax (which equates to 89.6% of the issued share capital of Ayax) pursuant to the SPA in exchange for the transfer of 7.5 million common shares in Polymetal by it to the Seller.

Further details in relation to Ayax, the license it holds in respect of the Goltsovoye silver deposit and the Transaction can be found in the announcements by the Company on November 19, 2008 and December 19, 2008.