CERBA International Mining Conference Presenting: ………………… Dmitry Yakushkin, Director of Communications ……………………… March 4, 2008

2 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

3 Company incorporated in May 2002 IPO on AIM (LSE) in December 2002 Well established gold producer with a world class asset base Resources estimated at 15.7 million oz (December 2006) Market Cap – US$ billion Key corporate events in : Joint venture with Kazzinc to develop Novoshirokinskoye Increased participation of Barrick Gold: new Board composition, management team strengthened; technical and exploration expertise incorporated; consolidation of assets in Russia and Kyrgyzstan. New shareholder Millhouse LLC brings new financial and development opportunities to the Company HIGHLAND GOLD TODAY

4 MAP OF ASSETS

Belaya Gora Lyubov – Sovinoye- Unkurtash Iska - Maya Inikan Novoshirokinskoye Mayskoye Taseevskoye Mnogovershinnoye Operations Projects Exploration 2009 Balanced Gold Asset Portfolio DEVELOPMENT PROFILE

6 Legal: strict compliance with regulations Strong logistics team Competent HR policy Solid financial position for an expensive market Deep understanding of the domestic mining environment Constructive relations with federal and local authorities Strong local presence, active social involvement SOME BASICS

7 Partnership with major companies brings new technology and expertise, focus on safety awareness We go into underdeveloped regions Contribution to social development INVESTING IN RUSSIA

8 Investment case for Highland Gold Strong Russian project pipeline Growing gold production profile Gold price leverage Strong exploration potential Two strategic investors Millhouse LLC and Barrick Gold = Increased returns for shareholders IN CONCLUSION

CONTACTS Highland Gold Mining Limited 26 New Street St. Helier, Jersey, Channel Islands, JE2 3RA Tel: +44 (0) Fax: +44 (0) Russdragmet (Management Company) 7, Balchug Street Moscow Russia Tel: Fax: