Interim Results

Hambledon Mining PLC
29 October 2004


                              HAMBLEDON MINING PLC

             Interim results for the six months ended 31 July 2004

Chairman's Statement

Introduction

On 10 June 2004 Hambledon Mining Plc ('Hambledon' or 'the Company') listed on
the AIM market, raising UK £2.5 million (before expenses) from institutional and
other investors to allow us to complete the feasibility study into the
development of the Sekisovskoye gold deposit in East Kazakhstan.

Results for the half year to 31 July 2004

With commercial production yet to commence at Sekisovskoye, no revenue was
earned during this period. Direct project-related expenditure amounting to US
$78,000 was capitalised as development and exploration expenditure and the
company prepaid an additional US $91,000 for mobilisation of the drilling
contractors. Additional expenditure of US $1,080,000, including US $784,000
relating to the flotation and public offering, was charged as an expense. No
profits taxes were payable over the period.

Developments

The Company has enhanced its technical and administrative capability to keep
pace with the greater level of activity and the Company's listed status. I have
joined the board as Non-executive Chairman and Randall Pyper has joined as
Technical Director. Matthew Fletcher has been recruited as Group Financial
Controller. Baurzhan Yerkeyev has been appointed to the position of Project
Director for the operating company in Kazakhstan, TOO Sekisovskoye.

We have enhanced the Almaty office consistent with our intention that it should
become the main headquarters for the group. Modern low-cost telephone switching
from a UK telephone number and the use of contracted services will enable us to
operate without a UK office, saving both on cost and management. Since all
managers will be in-country, we expect to reap benefits from the greater
understanding and involvement of all staff in our business.

Our operating company, TOO Sekisovskoye, has been granted the extension of the
licence area so that it now covers the entire surface area of the currently
evaluated mineralised zones. The authorities have also granted an extension of
the exploration period of the licence so that the steps necessary to move to the
production period of the licence can now be carried out in pace with the
feasibility study.

The tender for an extension into approximately 30 square kilometres adjacent to
the current licence area is drawing to a close and negotiations concerning the
acquisition of certain other areas are also taking place.

Feasibility study

Immediately following the Company's flotation, work started on the feasibility
study. The study has to balance the objectives of local regulatory agencies
(who, in some cases, will not accept work done outside the country) with the
need to satisfy western investors. Where possible, a team approach has been
adopted in which western consultants are working in conjunction with local
organisations.

All phases of a final feasibility study have been initiated, including ecology,
mining, milling, infrastructure and tailings dam design. Reputable and
experienced Western consulting groups have been contracted to develop design,
engineering and cost information for use in the final study. Initial site visits
have been completed for all areas. Local firms were contracted for an
environmental baseline study (which has been completed and submitted to the
authorities for approval), geotechnical investigations, site surveys and a
hydrogeological assessment. We will prepare the final feasibility study
documents in-house, incorporating reports and information from all participants.

As part of the design process, multiple bulk samples will be mined from existing
underground workings and submitted to the Vnitsvetmet laboratory in Ust
Kamenogorsk for pilot metallurgical testing. At the same time, core samples from
the current drilling programme will be composited and submitted for optimisation
testing at Vnitsvetmet as well as at an Australian laboratory. Examination of
recently drilled core samples supports the conclusions of our previous
test-work, that the ores are free-milling with low sulphide content and amenable
to treatment in a 'standard' CIL plant with a gravity circuit. The capital and
operating costs of such a circuit will be low and the metallurgical recovery
high, with little technological risk.

We have instituted steps toward the acquisition of land around the planned mine,
mill and tailings facilities. This will in all probability involve land 'swaps'
with the support of local government authorities who are keen to see industrial
development in the area.

All aspects of the study are progressing satisfactorily. Initial feedback from
the consultants' site visits was positive in all cases. All were impressed with
the level of local engineering and fabrication capabilities, the suitability of
mining and processing equipment available, and the attitude and skills levels of
the local workforce.

Drilling

Drilling commenced on 29 July 2004 with a single HQ diamond core drill rig on
site. There are currently three diamond core drill rigs and a percussion rig on
site. The latter is conducting sterilisation drilling in the areas of tailings
dam, waste dumps, stockpiles and the mill facilities.

To date, some 4,000 metres of core have been drilled, almost completing this
year's programme. Drilling has been focused on obtaining geotechnical data for
the design of the open pit and underground mining, infill drilling in areas of
low drill density, drilling of three holes into known ore zones (both near
surface and at depth) to obtain metallurgical samples, orebody extension holes
along strike and a short programme of 'continuity' drilling to assist in
assessment of the controlling factors for mineralisation within the orebodies.
Although the drilling is not necessarily aimed at new exploration, some increase
in the resource is likely to result. Assaying of core samples is now underway.

Open pit project

It has always been envisaged that ore from the open pit would be treated as part
of an integrated open pit and underground project. However, the option of moving
forward with the open pit alone is now being considered. The advantage is that
this project can be put into production on an accelerated timescale, using
finance from local sources whose requirements in terms of a feasibility study
and other due diligence procedures are much less onerous than those required for
Western banks. Local engineering and design of all aspects of the project would
be acceptable to these institutions, thus saving considerable time and money.
The profitability of such an operation would be lower than that of the main
project because the ore grade will be lower, but a fast-track route to
production would be extremely attractive. The open pit life will be short; ore
from the underground mine would eventually be substituted when this larger scale
project is put into operation.

A decision on whether to go ahead with the separate open pit project will be
taken early in 2005 in the light of drilling results and other studies at that
time.

Outlook

The Company now looks forward to several exciting developments. The acquisition
of the surrounding territory will open up the possibility that the resource may
be significantly expanded.

At Sekisovskoye, the current drilling programme is being carried out for
feasibility study purposes rather than primarily for exploration, but we
nevertheless expect to find additional ore bodies and further evidence of the
grade increase that was indicated by the limited due diligence drilling carried
out in 2003. We believe that there will be much more to come as the project
develops.

We look forward to the completion of the feasibility study in mid 2005 allowing
us to move forward to the development phase at Sekisovskoye.

George Eccles
Chairman


HAMBLEDON MINING PLC

SUMMARISED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTH PERIOD ENDED 31 JULY 2004
(in thousands of US Dollars)

                          6 months ended      6 months ended     12 months ended
                            31 July 2004     31 January 2004        31 July 2003
                   Notes     (unaudited)         (unaudited)         (unaudited)

ADMINISTRATIVE
EXPENSES:

Exceptional
expenditure:
Initial Public
Offering
expenses               6         784                   193                  -
Administrative
expenses                         287                    96                173
                            ----------            ----------         ----------

OPERATING LOSS                 1,071                   289                173
                            ----------            ----------         ----------

Interest
income                           (11)                    -                  -
Interest
expense                           26                    17                  -
Foreign
currency
translation
(gain)/loss                       (6)                   29                 21
                            ----------            ----------         ----------
LOSS FOR THE
FINANCIAL
PERIOD                         1,080                   335                194
                            ==========            ==========         ==========

Loss per
ordinary share
(US $ per
share)                 9       (0.02)                (1.64)             (2.23)
Diluted loss
per share (US
$ per share)           9       (0.02)                (1.64)             (2.23)

There are no recognised gains and losses other than those included in the profit
and loss account.

The accompanying notes are an integral part of these interim financial
statements.

HAMBLEDON MINING PLC

SUMMARISED CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2004
(in thousands of US Dollars)

                                    31 July 2004  31 January 2004   31 July 2003
                   Notes             (unaudited)      (unaudited)    (unaudited)

FIXED ASSETS:
Tangible Assets
Fixtures,
fittings and
equipment                                      8             3               2

Intangible Assets
Capitalised
development
and
exploration
expenditure                                  402           324             153
Mineral
properties                                    98            98              98
                                        ----------    ----------      ----------
                                             508           425             253
                                        ----------    ----------      ----------

CURRENT ASSETS:
Debtors
Prepayments
and accrued
income                                        91            12              44
Other debtors                                 28            10               9

Cash at bank
and in hand                                3,294            26              38
                                        ----------    ----------      ----------
                                           3,413            48              91
                                        ----------    ----------      ----------

CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
Trade accounts
payable                                        -           168               5
Advances
received from
related
parties                                      529           632             325
Other payables                               254            14              19
Taxes payable                    7            15             1               2
                                        ----------    ----------      ----------
                                             798           815             351
                                        ----------    ----------      ----------

NET CURRENT
ASSETS
(LIABILITIES)                              2,615          (767)           (260)
                                        ----------    ----------      ----------

TOTAL ASSETS
LESS CURRENT
LIABILITIES                                3,123          (342)             (7)
                                        ==========    ==========      ==========

CAPITAL AND RESERVES:
Called up
share capital                    4           363             4               1
Share premium
account                          4         5,583         1,129           1,132
Merger reserve                   4          (268)            -               -
Profit and
loss account                     4        (2,555)       (1,475)         (1,140)
                                        ----------    ----------      ----------
TOTAL
SHAREHOLDERS'
FUNDS                                      3,123          (342)             (7)
                                        ==========    ==========      ==========

The accompanying notes are an integral part of these interim financial
statements.

HAMBLEDON MINING PLC

SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTH PERIOD ENDED 31 JULY 2004
(in thousands of US Dollars)

                                             6 months     6 months     12 months
                                              31 July   31 January       31 July 
                                                 2004         2004          2003
                                 Notes     (unaudited)  (unaudited)  (unaudited)

Net cash
(outflow)/infl
ow from
operating
activities                           8        (1,179)          177         (13)
                                            ----------    ----------  ----------

Returns on investments and
servicing of finance
Interest
received                                          11             -           -
Interest paid                                    (26)          (17)          -
                                            ----------    ----------  ----------

Net cash used
in investing
and financing
activities                                       (15)          (17)          -
                                            ----------    ----------  ----------

Capital expenditure and
financial investment
Purchase of
fixed assets                                     (83)         (172)        (78)
                                            ----------    ----------  ----------

Net cash
outflow before
management of
liquid
resources and
financing                                     (1,277)          (12)        (91)
                                            ----------    ----------  ----------

Financing
Issue of
ordinary share
capital                              4         4,545             -         100
Issue of
redeemable
preference
shares                                            91             -           -
Redemption of
redeemable
preference
shares                                           (91)            -           -
                                            ----------    ----------  ----------

Increase /
(decrease) in
net cash in
the period                                     3,268           (12)          9
                                            ----------    ----------  ----------

The accompanying notes are an integral part of these interim financial
statements.

HAMBLEDON MINING PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 31 JULY 2004
(in thousand of US Dollars)

1. GROUP STRUCTURE
The Group comprises the following companies:

Hambledon Mining Plc (the 'Company') was incorporated in England and Wales on 18
February 2004 as a public company with the name Finlaw One Plc. On 16 April 2004
, the Company's name was changed to Hambledon Mining Plc. Hambledon was formed
to act as the new holding company for the Hambledon group. Under a
share-for-share reorganization effected on 3 June 2004, the Company acquired the
entire issued share capital of Hambledon Mining Company Limited (see note 5).

Hambledon Mining Company Limited was formed in 1997 in the British Virgin
Islands and was formerly the holding company of the Group. It is now an
intermediate holding company, which owns the entire issued share capital of TOO
Gornorudnoe Predpriatie Sekisovskoye.

TOO Gornorudnoe Predpriatie Sekisovskoye was registered in the Republic of
Kazakhstan. Its principal activity is the development of the Sekisovskoye gold
mine in East Kazakhstan region.

2. ACCOUNTING REFERENCE DATE
The accounting reference date for the Company is March 31. The accounting
reference date of Hambledon Mining Company Limited is July 31 and that for TOO
Gornorudnoe Predpriatie Sekisovskoye is December 31. The Company intends to
change its own accounting reference date, and cause the accounting reference
date of Hambledon Mining Company Limited also to be changed, to 31 December in
order to synchronise its financial reporting with tax reporting requirements of
the Republic of Kazakhstan.

3. BASIS OF PREPARATION
The interim consolidated financial statements of the Group for the six months
ended July 31, 2004 have been prepared in accordance with accounting standards
in the UK ('UK GAAP'), consistent with those expected to be applied at 31
December 2004. The results of the Group have been presented under the merger
accounting rules of FRS 6 'Acquisitions and Mergers'. Therefore, the financial
statements of Hambledon Mining Plc and those of its wholly owned subsidiary
Hambledon Mining Company Limited have been aggregated and presented as if the
two companies had always been in the same group. Accordingly, the results of
both companies are reflected in the consolidated group financial statements for
the period ended 31 July 2004. The corresponding amounts represent the accounts
of Hambledon Mining Company Limited alone since these relate to periods prior to
the formation of Hambledon Mining Plc.

The figures for the six month period ended 31 July 2004 have not been audited.
Figures for the six months to 31 January 2004 and for the year to 31 July 2003
were prepared, and audited, in accordance with International Financial Reporting
Standards ('IFRS'). These were published in the Hambledon Mining Plc listing
particulars for admission to the AIM market (pages 90 to 92). The Directors
believe that the IFRS accounting polices are consistent in all significant
respects with the UK GAAP accounting policies now adopted by the Group.
Accordingly, no adjustments have been made to make the figures conform to UK
GAAP. However, this change from IFRS to UK GAAP has not been audited.

The exchange rate used between UK Sterling and US Dollars was UK £1 to US
$1.8183.

4. SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' FUNDS
In thousands of US Dollars, unaudited

                     Share        Share        Merger      Accumulated    Total
                   capital      Premium       Reserve          deficit

Balance as at
31 July 2002            1        1,032             -             (946)      87

Additional
paid-in
capital                 -          100             -                -      100

Net loss for
2003                    -            -             -             (194)    (194)
                    -------     --------      --------         -------- --------

Balance as at
31 July 2003            1        1,132             -           (1,140)      (7)

Shares                  3           (3)            -                -        -
issued

Net loss for 6
month ended
31
January 2004            -            -             -             (335)    (335)
                    -------     --------      --------         -------- --------

Balance as at
31 January
2004                    4        1,129             -           (1,475)    (342)

Net loss for 6
month ended

31 July 2004            -            -             -           (1,080)  (1,080)

Shares issued
for the
acquisition of
the share
capital of
Hambledon
Mining Company
Limited (note
5)                    272            -             -                -      272

Movements
arising upon
reorganisation         (4)           -          (268)               -     (272)

Shares issued
(note 5)               91        4,454             -                -    4,545
                    -------     --------      --------         -------- --------

Balance as at
31 July 2004          363        5,583          (268)          (2,555)   3,123
                    -------     --------      --------         -------- --------

5.              SHARE CAPITAL
Ordinary shares in Hambledon Mining Plc of UK 0.1p each (for prior periods,
ordinary shares in Hambledon Mining Company Limited of US $0.01 each).

                                   31 July 2004   31 January 2004  31 July 2003
                                    (unaudited)       (unaudited)   (unaudited)

Authorised
Nominal value                      UK £950,000         US $50,000    US $50,000
US $ equivalent                  US $1,727,385
Number                             950,000,000          5,000,000     5,000,000

Allocated, called-up and
fully-paid
Nominal value                       UK £199,765         US $3,600       US $875
US $ equivalent                     US $363,233
Number                              199,765,328           360,008        87,495

Share Issues

Hambledon Mining Plc was originally formed with two ordinary shares of UK £1
each, which were subsequently split into 2,000 ordinary shares (nominal value UK
0.1p each).

On 16 April 2004, 50,000 Redeemable Shares (nominal value UK £1.00 each) were
issued fully paid to Salix Limited, in order to enable the Group to meet the
requirements of the Companies Act 1985 as regards minimum paid up share capital.
These shares were redeemed at par on 3 June 2004.

On 3 June 2004, 149,763,328 Ordinary shares were issued to the shareholders of
Hambledon Mining Company Limited in consideration for the transfer to Hambledon
Mining Plc of the entire issued ordinary share capital of Hambledon Mining
Company Limited, such shares being issued and fully-paid, thereby making
Hambledon Mining Company Limited a wholly owned subsidiary of Hambledon Mining
Plc. Hambledon Mining Plc has applied the merger relief provisions of the
Companies Act 1985 section 131 and recorded the issue of these shares at their
par value.

On 10 June 2004, the Company allotted 50,000,000 ordinary shares of UK 0.1p each
at UK 5p per share for cash consideration of UK £2.5 million (US $4.5 million)
and was admitted to the Alternative Investment Market in order to provide funds
for the further development of the Sekisovskoye project and for working capital.

6.  Exceptional Expenditures
Initial public offering costs represent exceptional expenses for the Group
relating to legal and professional fees and commissions incurred pursuant to the
Group's admission to the AIM market on 10 June 2004.

7.  Income tax
The Group did not recognize any deferred tax assets or liabilities as at 31 July
2004.

8.  Reconciliation of operating loss to net cash outflow from
    operating activities
                                31 July 2004     31 January 2004    31 July 2003
                                  (unaudited)        (unaudited)     (unaudited)

Operating loss                        (1,071)              (289)          (173)
(Increase)/decrease in debtors           (97)                31            (29)
(Decrease)/ increase in
creditors                                (17)               464            210
Foreign exchange gain/(loss)               6                (29)           (21)
                                    ----------         ----------     ----------

Net cash outflow from
continuing operating
activities                            (1,179)               177            (13)
                                    ==========         ==========     ==========

9.  EARNINGS PER ORDINARY SHARE

                           31 July 2004      31 January 2004       31 July 2003
                            (unaudited)          (unaudited)        (unaudited)

Loss for the period               1,080                  335               194

Weighted average number of
ordinary shares              61,739,566              204,286            87,167
                               ----------           ----------        ----------

Loss per ordinary share           (0.02)               (1.64)            (2.23)
                               ----------           ----------        ----------

Diluted loss per share            (0.02)               (1.64)            (2.23)
                               ----------           ----------        ----------

10.   Dividend

      The Directors are not recommending the payment of a dividend for the six
      months ended 31 July 2004.

HAMBLEDON MINING PLC

RESOURCE STATEMENT

The following is a summary of the results of the report by independent
consultants CRS who were commissioned to estimate the resources based on the
JORC classifications prior to the Company's listing on the AIM market.

The tables do not reflect the results of the ongoing 2004 drilling programme.

Table 1: Underground resource statement

                                Indicated          Inferred              Total
Tonnes - millions                     4.4               0.6                5.0
Gold grade g/tonne                    5.2               4.9                5.2
Gold kg                            22,800             2,940             25,740
Gold troy oz                      735,609            94,523            830,132
Silver grade g/tonne                  6.7               9.0                7.0
Silver kg                          29,480             5,400             34,880
Silver troy oz                    947,804           173,614          1,121,418

Troy oz = 31.10348g. Cut-off grade: Au 2.0g/t.

Note: the modelled orebodies contain an additional estimated 55,000 ounces of
gold within 0.3 million tonnes, grading Au 5.7 grammes per tonne and Ag 11.9
grammes per tonne, but which fall outside the classification parameters for this
project. An additional low grade resource has been defined for zones within the
optimized ultimate open pit, but which lie outside the modelled mineral zones.

Table 2: Open pit resource statement

                                  Indicated          Inferred            Total
Tonnes - millions                       1.5               0.7              2.2
Gold grade g/tonne                      1.8               0.9              1.5
Gold kg                               2,700               630            3,330
Gold troy oz                         86,807            20,255          107,062
Silver grade g/tonne                    3.5               1.8              3.0
Silver kg                             5,250             1,260            6,510
Silver troy oz                      168,791            40,510          209,301

Troy oz = 31.10348g. Cut-off grade: Au0.5g/t. Based on JORC classification

Additional Potential at Sekisovskoye

There are additional zones that have been intersected by drill holes from the
Soviet period but have not been addressed in this document. A speculative
resource has been updated by CRS for these areas according to the former Soviet
format and classified as P1 (the highest category of Soviet prognosticated
resource which also extends to P2 and P3). This P1 resource has been estimated
by CRS at 7.1 million tonnes with a grade of Au 5.1 grammes per tonne (1.1
million ounces of gold).

Whilst it has not been classified according to a Western system such as JORC,
the Directors believe that it provides a useful indication of the additional
potential in areas where known gold mineralization has been intersected by
drilling. The Soviet P classifications are quoted by several other AIM gold
mining and mineral exploration companies to report resources and reserves.



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