OREANDA-NEWS. November 17, 2009. JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”) announced that the acquisition of a 100% equity stake in OOO "Zolotorudnaya Kompaniya Mayskoye" (“ZK Mayskoye”), a company holding the mining license for the Mayskoye gold deposit, has been completed, reported the press-centre of Polymetal.

On April 29, 2009 Polymetal announced that it had acquired a 9% equity stake ZK Mayskoye, and had agreed to acquire, subject to certain conditions, the remaining 91% of the equity of ZK Mayskoye (which was simultaneously acquired by four Russian private companies) (the “Transaction”). All the conditions of the Transaction have been satisfied and the Company acquired 91% of the equity of ZK Mayskoye in exchange for 15,925,000 ordinary shares of Polymetal plus a cash recapitalization adjustment of US1.5 million.

The announcement by the Company on April 29, 2009 referred to a claim by Wagner Services LLC (“Wagner”) against ZK Mayskoye in relation to construction and related services allegedly performed by Wagner. This claim by Wagner, which is for US30.1 million plus interest US1.2 million is ongoing and the subject of court proceedings in Russia.