Werner P. Klemens,Head of Exploration

CERBA Russia & CIS Mining ConferenceToronto, March 9, 2011

Russian Regional and CIS Mining Opportunities – The Highland Gold Perspective

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Certain statements within this presentation constitute forward looking statements. Such forward looking statements

involve risks and other factors which may cause the actual results, achievements or performance of the Group to be

materially different from any future results, achievements or performance expressed or implied by such forward looking

statements. Such risks and other factors include, but are not limited to, general economic and business conditions,

changes in government regulations, currency fluctuations (including the US$/RUR rate), the gold price, the Group’s ability

to recover its reserves or develop new reserves, competition, changes in development plans and other risks.

There can be no assurance that the results and events contemplated by the forward looking statements contained in this

presentation will, in fact, occur. These forward-looking statements are correct or represent honestly held views only as at

the date of delivery of this presentation.

The Company will not undertake any obligation to release publicly any revisions to these forward looking statements to

reflect events, circumstances and unanticipated events occurring after the date of this presentation except as required by

law or by regulatory authority.

Disclaimer

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• Company incorporated in May 2002 and quoted on AIM (London Stock Exchange)

since December 2002

• Currently operating 3 producing mines, 1 development project and 4 exploration

properties

• Major changes in operational management in 2008-2009

• Resources estimated at 6.8 million oz of gold

(as at 31 December 2009 in accordance with JORC)

• Powerful combination of two strategic investors (Millhouse LLC and Barrick Gold)

provides technological, financial and corporate input

• Focus on growth opportunities in Russia and Central Asia

Company Profile

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Millhouse LLC (through Primerod International Ltd)

Moscow based Russian asset management

company that oversees investments in metallurgy,

mining, real estate, consumer goods and transport

engineering

Barrick Gold

World’s largest gold mining company based in

Toronto, Canada, with mines in North and South

America, Australia and Africa

Description Number or % of shares

Issued shares 325,197,098

Shares not in public hands 61%

Market Cap at AIM LSE – March 8 2011 (in millions) US$ 890

Main Shareholders’ Interests

Share Structure

Other 39%

Primerod 32.6%

8%Board & Mgt

20.4%Barrick Gold

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Mine Location

Bishkek

Moscow

Ulan Bator

Chita

Khabarovsk

Vladivostok

BlagodatnoуeIska

Novoshirokinskoye

MNV

Taseevskoye

Lyubov

Belaya Gora & Flanks BG

Astana

Regional office

Exploration projects

Development projects

Operating mineUnkurtash

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Highland Gold Three Years Ago

Belaya Gora

Lyubov – Sovinoye- Unkurtash

Iska - Maya Inikan

Novoshirokinskoy

e

Mayskoye

Taseevskoye

MNV

Operations

Projects

Exploration

1

3

7

7

Highland Gold Today

Unkurtash

Lyubov

Blagodatnoe

Belaya Gora Flanks

Taseevskoe

MNV

Novoshirokinskoye

Belaya Gora

Operations

Projects

Exploration

3

1

4

8

2010 Highlights

• The Company met its 2010 production guidance by producing 200,028 oz of gold and gold

equivalents from Mnogovershinnoye (“MNV”), Novoshirokinskoye (“Novo”) (48.3%) and its newly

commissioned third mine, Belaya Gora, a 23% increase year-on-year

• Unkurtash initial C1+C2 reserves estimate (1.70 Moz ) submitted to Kyrgyzstan GKZ for approval,

JORC compliant audit underway with results expected during H1 2011

• JORC compliant audit confirms original Belaya Gora GKZ reserve (0.82 Moz)

• Novo continues to ramp up mining and processing levels

• 12,000 metres of resource conversion drilling completed at Lyubov

• Group currently debt free after fast tracking loan repayments

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Mnogovershinnoye (MNV) – Khabarovsk Region

• 170,356 oz of gold produced at MNV, a

4.4% increase over the previous year

• Process milling and gravity upgrades

are underway and expected to improve

recoveries

• New capital equipment deliveries in

2010 improving productivity levels and

helping to keep costs in check

• Diamond drilling programme adds near

surface resources for future exploitation

A solid performance in 2010

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Extensive near-mine exploration programme ongoing to replace and grow reserves

• Targeting additional reserves in

underexplored areas in-between and along

strike of known ore zones

• Focus on surface exploration – 6,200 m of

drilling completed at 4 targets in 2010

• Pebble deposit returns positive results

confirming strong potential for open pit

reserve

• Positive drilling results obtained from other

targets warrant follow-up work

• Near-mine exploration continues – 2011

budget allocates 8,000 metres of surface

drilling and 16,000 metres of underground

drilling

MNV Exploration

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• First ore hauled to and processed at

MNV in November 2010

• 1,000 oz produced from 10,971

tonnes of ore

• The stand-alone process plant

design and construction works now

initiated with anticipated launch

expected by mid-2012

• Recent acquisitions of nearby

deposits provide additional resource

potential

• Expected contribution: approx. 1,000

oz per month during 2011

Belaya Gora initial production launch increases the Highland stable to three operating mines

Belaya Gora – Khabarovsk Region

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• 28,672 oz (48.3%) of gold and gold

equivalents from 397,075 tonnes of ore in

2010

• Approx. 450,000 t of ore are expected to be

processed in 2011 with 550,000 t as the

projected plant capacity

• Approx. 70% of 2010’s concentrate value was

attributed to precious metals

• Expected production over the life of mine –

1.5 million oz of gold and gold equivalents

(100%)

Novoshirokinskoye - Chita Region

The ramp up of mined and processed tonnes remains on track

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• Semi-industrial pilot test work (POX)

• Development of a full feasibility study

expected by year end 2011

• Reviews will also include ZIF-1 and

Sredne-Golgotayskoe deposits to

demonstrate the benefits of

introducing them into the current

economic model

TASEEVSKOYE

TAILINGS ZIF-1

SREDNE-GOLGOTAYSKOYE

BALEY TOWN

Taseevskoye – Chita Region

Process test work continues

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• 130 km2 license in active placer mining

region with excellent infrastructure

• Targeting bulk-mineable gold ore for

low-cost open-pit operation at two sites

• Favorable metallurgy suitable for

low-cost gravitational processing

• Scoping study for Evgraf target defines resource

potential of 1.6 M oz @ 1.7 g/t including C1+C2

reserves* of 0.6 M oz to depth of 200 – 250 m

• Adding reserves – 12,000 m resource conversion

drilling completed in 2010

• Company plans to submit for approval to the State

Committee on Reserves of the Russian Federation

(GKZ) in H2 2011. A JORC compliant resource audit

is expected prior to the year end 2011.

* cut-off grade 0.5 g/t; unregistered reserves

EVGRAF

EVGRAF-West

Emerging development project in the Chita region

Lyubov – Chita Region

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• 63 km² license covering 4 km long gold mineralisation

zone – exploration continues at 3 distinct sites

• Targeting bulk-mineable gold ore for large low-cost

open-pit operation

• 2010 and ongoing drilling programme returns positive

intersects confirming resource model

• Initial 1.7 M oz (C1+C2) reserves* delineated (Unkurtash,

Karatube) – submitted in 2010 for registration to GKZ

• Large upside potential in underexplored areas – a four

fold increase in drilling is planned in 2011 (+50,000m) at 3

targets plus 3,000 metres of u/g development

Advanced exploration project with high potential for world class deposit

UnkurtashUnkurtash

UnkurtashUnkurtash

SarytubeSarytube

SarytubeSarytube

KarytubeKarytube

KarytubeKarytube

BaikonurBaikonur

BaikonurBaikonur

Unkurtash – Kyrgyzstan

* planned to be registered in Q1 2011

W 80

E 720

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Long section with drill hole projections, intersects, and distribution of grades >1 g/t (red)

NESW

Unkurtash - Kyrgyzstan

2010 – 2011 Programme – Conversion of P1 into C1+C2 through drilling and u/g exploration

Area to be explored by deep drilling in 2011

1700 m

1800 m

1900 m

2000 m

2100 m

3,000 m of new underground exploration development planned

80 mW 8

0

E

720

E 720

Central Unkurtash

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• Production in 2011 (MNV, Novo and Belaya Gora) is forecasted in the

range of 210,000 – 220,000 oz of gold and gold equivalents

• MNV – improve productivity, recovery rates and maintain production

• Novo – continue to ramp up mining and processing levels

• Belaya Gora – progress construction of a stand-alone processing

facility with an anticipated commissioning date of mid-2012

• Unkurtash – conclude JORC compliant audit on initial submitted

Kyrgyzstan GKZ reserve estimate and build on this success

• Lyubov – prepare reserve estimate for submittal to Russian GKZ

• Group will continue to evaluate possibilities for new acquisitions

Goals for 2011

Russian Regional and CIS Mining Opportunities – The Highland Gold Perspective

Werner P. Klemens,Head of Exploration

CERBA Russia & CIS Mining ConferenceToronto, March 9, 2011