Executive Management Change


The Highland Gold Mining Limited ("Highland") Board today announces a change of CEO.

As announced at the time of the transaction in December 2007, under the Relationship Agreement between Millhouse LLC (“Millhouse”) and Highland, Millhouse has the right to appoint an individual with suitable experience as Chief Executive Officer (“CEO”), who will not serve on the Board. Millhouse has elected to exercise this right and as a result has appointed, with the Highland Board’s approval, Valery Oif (44) to replace Mr Horne as CEO.

Valery Oif is currently the General Director of LLC Millhouse in Moscow. He is a graduate of the I. M. Gubkin Moscow Institute of Oil and Gas and worked as Vice President of Sibneft from 1997 through to 2004. From 2004 until June 2008 Mr Oif served as a senator representing the Omsk region, a Siberian constituency, in Russia's Federation Council.

The appointment is to take effect from 1 October 2008 and he will be based in Moscow. This has arisen, as Henry Horne, CEO of the Operational Management team based in Moscow, has resigned and is to leave Highland for personal reasons. Mr Horne has been Managing Director and more recently CEO in Moscow, since October 2005. Mr Horne will stay as a full time adviser to the new CEO and management, leaving at the end of February 2009.

Duncan Baxter, Non-executive Chairman of Highland, commented: "On behalf of the Board, I would like to express our appreciation for the contribution Henry Horne has made to Highland over the past few years. We wish him well for the future. We are fortunate to have a CEO of Valery Oif’s calibre joining Highland. Valery comes with significant industry experience and local knowledge at a time when the Group is looking to grow its business in Russia and Central Asia."


Highland Gold Mining Limited -
Duncan Baxter, Non-Executive Chairman - +44 (0)1534 814 202
Dmitry Yakushkin, Head of Communications, Moscow - +7 495 777 3155

Smith's -
Dominic Palmer-Tomkinson - +44 (0) 207 239 0140 

Fin Public Relations -
Alex Glover - +44 (207) 608 2280

JPMorgan Cazenove (Nominated Adviser) -
Michael Wentworth-Stanley, Managing Director
Sam Critchlow - +44 (0) 207 588 2828