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Peter Hambro Mining (POG)

  Print      Mail a friend       Annual reports

Tuesday 11 June, 2002

Peter Hambro Mining

1st Quarter Operations Report

Peter Hambro Mining PLC
11 June 2002

11 June 2002

                          Peter Hambro Mining plc

              First Quarter Operations Report and Corporate Update

Peter Hambro Mining plc ("PHM" or "The Company") today announces its activity
report for the first three months ended 31 March 2002 at JSC Pokrovskiy Rudnik's
("JSCP") three deposits in the Amur Region of Russia. PHM owns 55.1% of JSCP and
has conditionally agreed to increase this to 75%.

JSCP Highlights:

•        At 998,000 tonnes, the mining rate was 2 1/2 times higher than the same
         Quarter last year

         o       2002 Qu1 stripping was 530,000 M3 (243,300 M3 2001 Qu1)

         o       2002 Qu1 ore mined was 171,000 Tonnes (13,600 tonnes 2001 Qu1)

         o       2002 Qu1 contained gold was 20,342 Oz (1,793 ounces 2001 Qu1)

•        Production for five months to end May 2002 at 15,351 Oz is 24% higher
         year-on-year than 2001; but production in the Spring quarter from the 
         heap-leach process is always only residual

•        The weighted average year-on-year gold price received for five months
         to 31 May 2002 is US$ 40 per ounce higher than last year.

•        New indoor resin-in-pulp plant which will allow increased 365 day
         uniform production with planned 90+% recovery rates will be 
         commissioned in July 2002

•        Exploration at Pioneer Deposit discovered gold on the surface.  An
         exploration trench intersected the ore body for 25 metres at 4.2 g/t, 
         which confirms management's enthusiasm for this area.

•        Additional 24,000 ounce gold reserve discovered in the pit-shell at the
         Pokrovskoye deposit, and out-of-pit resources increased by 60,000 

•        New 150,000 ounce resource discovered at Sergeievsky, nine kilometres
         from Pokrovskoye and part of the JSCP licence area

•        State Geological Committee C2 - P2 resource classification and
         Olekminsky Rudnik's exploration work further confirms the potential of 
         the subsidiary's titanium deposit

Commenting on the results and the exploration report, Peter Hambro, Chairman,
Peter Hambro Mining, said:

"The gold production results from the first five months of the year are
encouraging, showing a 24% increase over the same period in 2001.  April and May
were particularly pleasing because the high level of production also coincided
with a rising gold price.  This, together with the removal of the Russian
Central Bank 5% levy, meant that the year-on-year weighted average price
received increased by US$40 per ounce.  Typically the amount of gold produced
increases as the year progresses and we are on track to fulfil our production

Additionally our new plant, which will be commissioned in July, should  increase
the recovery levels to over 90% and will allow all-year gold production at the
same level from now on.

We are greatly encouraged by the results of the gold exploration drilling
programme.  We have always known that Pioneer is an exciting prospect but
intersecting the ore body at surface for 25 metres at 4.2 g/t confirms the
potential for early returns from this deposit.  An additional 24,000 ounce
reserve and 210,000 ounce resource have  been discovered in and around the
Pokrovskiy deposit

Although it is still at an early stage, Olekminsky Rudnik's 85 Km2 titanium
exploration area is also demonstrating considerable potential. Even the very
limited work to date leads us to believe that it might support a project with
50,000 tonnes per year pigment production and possible annual sales of more than
US$ 100 million at current prices.  Further exploration work will determine the
full scale of the area"

NOTE: The foregoing data, which was available at the date of the AIM Admission
document, been prepared by JSCP staff and has not been the subject of
independent scrutiny.


Peter Hambro                                         020 7393 0102
Peter Hambro Mining

David Simonson/Nicola Davidson                       020 7606 1244
Merlin Financial                                     07711 7091 70

Drilling Report:


Drilling was undertaken both within and without the existing pit-shells, as a
result of this drilling, the incremental reserves in the pit-shell have been
increased by 79,600 tons of ore and by 24,000 ounces of gold.

At out-of-pit Pokrovskiy, drilling was carried out on the flanks of the deposit
using vertical drill holes on a grid 40 x 80m where low quality of drilling and
large spaces between drill holes had previously not given satisfactory results.
Seven holes were drilled with a total length of 444 metres, with two of the
drill holes containing mineralised quartzite from 18 to 36 metres in width
containing a network of quartz stringers.  The average thickness of the ore body
is 10.3 metres with an average grade of 3.9 g/t gold.  This gives out-of-pit
additional resources of 474,000 tons of ore with 60,000 ounces of gold.

Finally, seven vertical holes were drilled on a grid 160m x 160m at the newly
explored Sergeievsky Licence Area.  The results of this exploration defined a
small new resource of 150,000 ounces with an average grade of 1.3g/t.


The prospecting programme continued with inclined drilling and excavation of
trenches in the areas of Promezhutochnaya, Yuzhnaya and Bakhmut.

At Yuzhnaya, 5 trenches were excavated at a separation of 160m with a total
volume of 6345 M3 and a total length of 1160m.  At the upper end individual
samples contained up to 39.0g/t of gold, with the average grades varying from
0.8g/t to 2.3 g/t.

Results from the other two areas were as follows:

                                       Pioneer Drilling Results 1st Quarter 2002                                      
                                       Intersections at different cut-off grades  
      Cut off Grade                 0.6                     0.8                     1.0                    1.5          
    Drill Hole number      Metres        Grams /    Metres       Grams /   Metres      Grams /    Metres      Grams /  
                                          Tonne                   Tonne                  Tonne                  Tonne   
                                                     Bakhmut Zone                                                     
          c-182              25.4           1.0      21.2           1.1       7.1          1.8       6.8          1.9 
          c-184              31.5           1.2      28.6           1.2      13.1          1.5       5.0          2.4 
          c-185              21.3           2.3      10.7           3.9      10.7          3.9       8.1          4.8 
          c-208              26.5           1.2      26.5           1.2      19.4          1.4       5.0          2.0 
          c-209              16.6           1.9      16.6           1.9      16.6          1.9       8.0          2.3 
                                                 Promezhutochnaya Zone                                                
          c-174              20.1           1.5      18.3           1.6      18.3          1.6       7.4          2.4 
          c-175              22.4           2.4      22.4           2.4      22.4          2.4      13.3          3.2 
          c-176              30.0           1.4      24.8           1.6      18.4          1.8      17.6          1.9 
        c-53a P-1            38.7           2.5      15.3           1.6      15.3          1.6       7.1          2.1 
                                                     14.9           4.4       9.0          6.7       8.4          7.1 
        c-53a P-2            29.4           1.4      27.4           1.4      11.3          2.2       8.2          2.8 
        c-180 P-1            15.0           2.4      15.0           2.4      15.0          2.4      15.0          2.4 
        c-180 P-2            53.5           2.2      53.5           2.2      53.5          2.4       4.7         13.6 
        c-173 P-1            30.0           0.8       9.9           1.3       9.9          1.3                        
        c-173 P-2            24.0           0.8       8.1           1.0                                               
        c-181 P-1            49.7           1.6      19.1           2.1      19.1          2.1      17.5          2.2 
        c-181 P-2                                    23.2           1.5      23.2          1.5                        
      Trench Sample                                                                                                   
          k-335              63.0           2.2      60.0           2.3      25.8          4.2      25.8          4.2 

Olekma Titanium Project: 
Olekminsky Rudnik (a 51% owned subsidiary of JSCP) obtained the licence for the
Olekma Titanium project in 2001. The area covers 85km2 and contains a large
number of zones, most of which are as yet unexplored. Results from State
Geological Committee and Olekminsky Rudnik show the following

                            Deposits                 C2          P2         Total          
                            First Deposit                                                  
                            Ore                6,025,000   5,892,000   11,917,000    Tonnes
                            TiO2                 578,100     565,600    1,143,700    Tonnes
                            TiO2                                                       9.6%
                            Fe overall                                               28.44%
                            Fe magnetite                                             18.55%
                            V2O2                                                      0.35%
                            Second Deposit                                                 
                            Ore                  605,000     756,100    1,361,100    Tonnes
                            TiO2                  64,500      80,600      145,100    Tonnes
                            TiO2                                                      10.7%
                            V2O2                                                      0.38%
                            Third Deposit                                                  
                            Ore                4,688,000   6,711,500   11,399,500    Tonnes
                            TiO2                 537,000     688,800    1,225,800    Tonnes
                            TiO2                                                     10.58%
                            FE Overall                                               30.64%
                            FE magnetite                                             16.41%
                            V2O2                                                      0.35%

                      This information is provided by RNS
            The company news service from the London Stock Exchange