Gunvor and Volga Resources to Finance Purchase of 51% of OOO Kolmar Coal Mine

MOSCOW, July 6, 2011 -

Lonestate Assets Ltd (”Lonestate”), a company controlled by
Anatoly Mitroshin, announces that it has agreed to purchase 51% in
OOO Kolmar (”Kolmar”), the Siberian coal mining company from
existing shareholders, represented by InterGeo.

Lonestate will fund the acquisition through a loan convertible
into equity provided by Montlink Ltd (”Montlink”), a 50/50 joint
venture between Gunvor, one of the world’s leading independent
commodity trading groups and Volga Resources, the Luxembourg-based
investment fund.  The remaining 49% of Kolmar is owned by
Bixcut Holdings Ltd (”Bixcut”), a company also controlled by Mr
Mitroshin.

Bixcut and Montlink are entering into a comprehensive
partnership agreement regarding the future joint development of the
Kolmar Group which will cover joint investments to bring high
quality coking coal reserves into production for export and
domestic use.

Commenting on the deal, Anatoly Mitroshin said, “I am delighted
to announce the partnership for the development of Kolmar with
Gunvor and Volga Resources. Together we are investing in one of the
most prospective regions in Russia, Siberia and the Far East.
 We are committed to the development of Kolmar into a high
class and efficient operation using the latest international
technology for underground mining in a harsh environment.”
 

Torbjorn Tornqvist, Chairman and Founder of Gunvor, added, “This
deal marks our first entry into Russian coal mining and we are
delighted to be able to play a major part in the development of
Kolmar in a way that combines our knowledge of the Russian energy
sector with our proven commodity trading skills. The development of
Kolmar will also lead to the creation of many new and qualified
jobs in Yakutia.”

Notes to editors:

About Kolmar

OOO Kolmar is a coking coal mining and processing company
located in the Republic of Sakha (Yakutia). It owns four licences
which allow production of coal by open pit and underground methods.
Licenses fall within the Chulmakan and Denisovsky coalfields. OOO
Kolmar’s attributable resources amount to 363Mt (calculated as ABC1
reserves under Russian classification). The operating assets of OOO
Kolmar include: Denisovskaya mine and Inaglinsky open pit. Planned
production is approximately 3 to 4 million tons of coking coal per
annum.

About Gunvor

Gunvor Group Ltd is registered in Nicosia, Cyprus, with major
trading operations in Geneva and Singapore. The Group has a number
of other offices and entities around the world. As one of the
world’s major independent commodity trading companies, it is a
market leader in the trade, transport, storage and optimization of
oil and other energy products.

About Volga Resources

Volga Resources is a Luxembourg registered investment fund. The
Fund invests in projects in the oil & gas sector,
infrastructure, development and financial services in Central and
Eastern Europe, CIS, Russia and Turkey. More information is
avalable at: href="www.volga.lu/">www.volga.lu

For more information:

Stuart Leasor
+44(0)7703-537721
href="mailto:leasor@mcomgroup.com">leasor@mcomgroup.com

Anton Kurevin
+7(495)956-3972
Volga@m-p.ru
kurevin@m-p.ru

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