Polimetal OAO : The first gold pour at the Amursk POX facility

Saint-Petersburg, Russia, April 10, 2012 - JSC "Polymetal" (MICEX-RTS: PMTL) ("Polymetal" or the "Company") is pleased to announce that the first gold was poured at the Amursk POX facility on April 5, 2012.

Two dore bars weighed 11,750 g in total and contained 8,190 g (263 oz) of gold and 1,701 g (55 oz) of silver.

The ramp-up of the facility is proceeding according to the planned schedule. No significant problems have been encountered so far. Full capacity is expected to be achieved by the end of Q3 2012.

"I am very excited about the achievement of this crucial milestone for the POX project and for Polymetal as a whole," said Vitaly Nesis, CEO of Polymetal.

"The next key achievement should be the declaration of full commercial production in September".