Board of directors of Mining and smelting concern Kazakhaltyn JSC (Kazakhstan) decides to make pawn property agreement with Kazkommertsbank JSC (Kazakhstan) for securing obligations on credit line

/KASE, March 14, 05/ - Mining and smelting concern Kazakhaltyn JSC (Stepnogorsk, hereinafter - company), whose bonds are circulating in Kazakhstan stock exchange's (KASE) official "A" listing category, has presented to KASE the copy of decision of its Board of directors dated March 9 of 2005. In accordance with the presented document company's Board of directors took following decisions (quotations from the decision of company's Board of directors are given below): - "make pawn property agreement (mentioned in application ¦ 1 for the given Protocol) between MSC Kazakhaltyn JSC and Kazkommertsbank JSC for securing obligations on the Agreement about opening the credit line ¦ 567 dated January 20 of 2005 made with Kazkommertsbank JSC, and also all obligations, which will appear in the future on the mentioned Agreement in case of any change and/or expansion of its conditions (including, but not limiting: increase or decrease of the size (limit) of the credit line, size of payable interest, any change of terms, conditions and order of credit line presentation; joining of juridical and physical persons to the mentioned Agreement about opening the credit line for receiving credit or stoppage of their participating in it; change or expansion of Accessorial Agreements conditions; making of new or stoppage of made before Accessorial Agreements)." - "Give Kazkommertsbank JSC the right for extrajudicial sale of the property given as the pawn." - "Charge Kanat Asaubayev Chairman of the Executive committee/President with execution of the mentioned decision with the right to sign necessary pawn agreements with Kazkommertsbank JSC." - "Charge Company's Executive committee with notifying Kazakhstan stock exchange Inc. about the taken decision." In accordance with the above-mentioned application property given as the pawn to Kazkommertsbank JSC comprises 67 units of equipment, two units of transport means and 3 units of special-purpose machinery. Company's primary activities - exploration and prospecting works, extraction and processing of gold-containing ore, production of gold-containing goods, manufacture, storage and sale of gold and other precious metals, export of gold and other precious metals and precious stones, jewelry production, operations with refined precious metals and precious stones in physical condition, transportation, organization of scientific and project-survey works and experimental developments. [2005-03-14]