OREANDA-NEWS. April 19, 2012. Polyus Gold (LSE - PLGL, OTC (US) - PLZLY, PGIL or the "Company"), the largest gold producer in Russia, releases its preliminary operating results for the first quarter of 2012, reported the press-centre of Polyus Gold.   

Highlights
Refined gold production up by 27% year-on-year to 328 thousand ounces (first quarter of 2011: 258 thousand ounces)

Olimpiada gold output up by 42% year-on-year as a result of improved recovery rates

Verninskoye ramp up continuing as planned: all the equipment has arrived in Russia, and installation is well underway

Natalka construction on track with 85 items of construction equipment delivered on site and 50 items of mining equipment procured

A significant increase in the resource base reaffirming the Company's growth strategy

German Pikhoya, Chief Executive Officer of Polyus Gold, commented:
"I am pleased to announce yet another impressive set of results delivered by Polyus Gold on the back of improved performance by our established operations at Olimpiada and Kuranakh, as well as a steadily increasing contribution from Blagodatnoye. With a 27% organic year-on-year increase in production and good progress at our development projects, supported by a substantial increase in mineral base, Polyus Gold remains well positioned to continue to deliver on its growth plans."