Polimetal OAO : Consolidation of ownership in the assets of AngloGold Ashanti – Polymetal Strategic Alliance

Saint-Petersburg, Russia,February 8, 2012 - JSC "Polymetal" (LSE, MICEX, RTS: PMTL) (together with its subsidiaries - "Polymetal") announces that it has completed the acquisition from AngloGold Ashanti Holdings PLC ("AngloGold") of AngloGold's 50% interest in various companies (the "Companies") held in joint venture with Polymetal comprising the AngloGold Ashanti - Polymetal Strategic Alliance (the "Alliance"). The Companies include Amikan Holding Limited, which owns the Veduga gold deposit in the Krasnoyarsk region of the Russian Federation. The consideration for the acquisition, including the benefit of all shareholder loans made by AngloGold to the Companies, was US$20 million in cash.

As a result of this transaction all of the shares in the Companies are now owned by Polymetal, and the Alliance has terminated.

"We are satisfied with consolidation of ownership of Veduga," said Vitaly Nesis, CEO of Polymetal.

"We believe this is the first step towards acceleration of development of this highly promising asset."

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