MAC/20: Mines and Communities

ARMENIA

Published by MAC on 2007-01-30

ARMENIA

Sterlite Gold Reports on Investigation Involving its Subsidiary AGRC

CNW, Toronto

30th January 2007

Sterlite Gold Ltd. (TSX:SGD) advises that Armenian governmental authorities are conducting an investigation of the Company's wholly owned subsidiary, Ararat Gold Recovery Company (AGRC), in connection with an ongoing case in an Armenian Court relating to AGRC's mining operations. As part of this investigation, the Armenian governmental authorities have requested the production of documents and frozen bank accounts of AGRC with total balances of approximately US$3 million. Whilst AGRC is co-operating with the Armenian authorities in the conduct of its investigation, AGRC and its legal advisors believe that the allegations made are without foundation and are unjustified. The Company will vigorously defend itself against any legal proceedings or claims that may be brought against it or AGRC.

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