PANA

The main asset of Pomor Ltd is its equity holding in OAO Pana. This is a Russian exploration/mining company based at Apatity, which has been exploring the Pana-Fedorova Tundra layered ultrabaisc PGM reef deposits for nealy 20 years, with Pomor's participation for most of that time. There are two principal deposit areas which have been explored to the stage of pre-feasibility studies. One is in the central Kievei area of the main Pana Tundra deposit. This is a relatively high grade reef which will be mined as an underground operation. OAO Pana currently holds 10% of a joint venture with Ural Platina, a subsidiary of Vekselberg's Renova group. The other is at the western end of the intrusive complex, on the Fedorova Tundra, in a joint venture with Barrick Gold (OAO Pana 20% / Barrick 80%), and on which the final phase of pre-production exploration drilling is now in progress.

Apart from these projects, OAO Pana also provides contract drilling and exploration services to other companies, and has had significant contracts on railway tunnels for the 2014 Winter Olympics, and in exploration for gold near Chita, east of Lake Baikal in Siberia.

OAO Pana has a Russian web site on which its reports and accounts are posted, and an international website giving further information on the deposits.