Project Update

Hambledon Mining PLC
30 November 2006



                              HAMBLEDON MINING PLC

                                Recent progress

(All references to '£' are to the British Pound and 'ounces' are to troy ounces)

Hambledon Mining plc ('Hambledon' or the 'Group' or the 'Company'), an
AIM-listed mining and exploration company developing precious metal deposits in
Kazakhstan, reports progress on its Sekisovskoye project.


Highlights

   •Mining activities in the year to date have been more than double the
    planned rate.

   •Initial ore stockpiles for process plant commissioning have been
    established.

   •Foundations for the mill building, warehouse and major equipment (ball
    mills, leach tanks, crushers) have been completed.

   •Construction of mill building well advanced with all materials on site.
    Construction of main arches of warehouse completed.

   •All major equipment has been procured and some 90% of contracts for final
    construction let.

   •110 kV powerline and substation nearing completion three months ahead of
    schedule.

   •Excavation of the 'starter' tailings dam nearing completion and
    geomembrane liner received at site.

   •Start of commissioning of process plant on schedule for the second
    quarter 2007.

   •Diamec diamond drill rig previously used underground has been modified
    for surface use; drilling with this unit commenced at Tserkovka in October
    and will continue throughout the winter.


Nicholas Bridgen, Chief Executive of Hambledon Mining plc, commented:

'As a result of the skilled local workforce and better than expected
productivity of the equipment, mining operations have exceeded all our
expectations. We have now shifted all the site earthworks to our own mining team
which will reduce the costs significantly.

'Progress to date is ahead of schedule and we remain on course towards start-up
of the process plant, as previously estimated, in the second quarter of 2007'.


Sekisovskoye Update

Mining activities at Sekisovskoye commenced in early June. The volume of
material mined so far in 2006 is some 107% in excess of that submitted in the
mining plans approved by the State Mining Committee. This material includes the
mining and stockpiling of over 22,000 tonnes of ore from previously unidentified
ore zones, which can be used for the commissioning of the process plant in 2007.
As expected from this type of deposit, ore is being found in zones previously
thought to be waste, and this should have a positive impact on future stripping
ratios and total ore tonnage.

Pit development has focused on the expansion of the existing North Pit to
provide construction material for the processing plant as well as advance access
to the high grade No.2 orebody and to the top of Sedukha Hill to allow for the
phased development of the Main Pit in 2007. Drilling and blasting in hard rock
areas of the open pit have begun using the Company's Atlas Copco blasthole rig
and a local blasting contractor.

The mining activities have been so successful that construction work planned to
be undertaken by local earthmoving contractors will now be carried out by the
Sekisovskoye mining team at much lower cost. This work includes topsoil
stripping, access road construction and construction of the process plant
tailings dam. These higher than planned mining volumes have been achieved in
part due to the much higher than planned productivity of the Hitachi Zaxis 850
excavators and the fleet of Belaz trucks, as well as the contribution of the
equipment trainers from Altas Copco in Sweden and a Mine Training Consultant
from Perth, Australia, in enhancing the already high skill level of the local
employees.

Foundations for the mill building and major equipment (ball mills, leach tanks,
crushers) are essentially complete. Indeed, concrete pouring at Sekisovskoye has
stretched the capabilities of the local concrete suppliers in Ust Kamenogorsk.
The first of the two 1.2 megawatt ball mills is on track for shipment in early
December as is a modular boiler house, with installation to commence immediately
upon receipt. The second large ball mill is expected to be shipped in January.
Site construction activities are continuing on a 24-hour, 7-day basis.

Construction of the 110 kilovolt substation and 4.5 km overland powerline is
ahead of schedule and will be completed as soon as the main transformer is
delivered.

Excavation of the starter tailings dam is nearing completion and wall
construction is well advanced. Installation of the geomembrane is to be
completed in the spring of 2007 immediately prior to commissioning.

Exploration activities are also continuing as per our commitments to
shareholders. The Diamec drill rig that was purchased for underground drilling
has been converted to a winterized surface unit, with drilling initiated in late
October in the Tserkovka licence area.

Overall, the mine preparation is ahead of schedule and the Directors are very
pleased with the progress made to date.



Note to editors

Hambledon Mining plc is an AIM-listed mining and exploration company which is
developing an open pit mine and constructing an 850,000 tonnes per year
treatment plant at its Sekisovskoye gold deposit in East Kazakhstan. After the
start of open pit processing, the Company plans to develop the much larger
underground resources.

Production from the open pit will average over 40,000 ounces per annum for five
years, though this is expected to rise to around 100,000 ounces when the higher
grade underground ore is added to the feed. The Company also holds the rights to
and is exploring the adjacent Tserkovka licence territory which includes several
areas of interest including the Tserkovka deposit itself.


Enquiries


Hambledon Mining plc
Nicholas Bridgen, Chief Executive           Telephone  [phone]


Bankside Consultants
Michael Spriggs / Michael Padley            Telephone  [phone]




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