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Peter Hambro Mining (POG)

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Thursday 01 August, 2002

Peter Hambro Mining

Commissioning of New Mill

Peter Hambro Mining PLC
1 August 2002



For Immediate Release
1 August 2002


                              Peter Hambro Mining PLC
                        Commissions new resin-in-pulp plant


Peter Hambro Mining PLC today announces that the commissioning of the new indoor
resin-in-pulp plant at the Pokrovskoye deposit in the Amur region of Russia has
started successfully.

The new plant allows 365 day, uniform production and is expected to increase the
percentage of gold recovered from the ore to over 90%, compared with 55% at
present from the heap-leach process.  Production from the heap-leach process
continues in the mean time and will be used to treat low-grade ore once the
plant is in full production.

The first gold from the new plant is scheduled to be processed in September.

Commenting on the announcement, Peter Hambro, Chairman, Peter Hambro Mining,
said:

"We stated at the time of Admission that the new plant would be commissioned in
July and that is exactly what we have achieved.  Production in 2001 was a very
respectable 90,000 ounces but the new plant will allow all-year production and
is expected to increase recovery levels to over 90%.  This will have a
significant and positive impact upon our production results with immediate
effect."



                                     -Ends-

Enquiries:

Peter Hambro                                         020 7393 0102
Peter Hambro Mining
David Simonson/Nicola Davidson                       020 7606 1244
Merlin Financial                                     07711 70 91 70



Notes to Editor:

Peter Hambro Mining owns 75% of JSC Pokrovskiy Mine ("JSCP"), which has two gold
deposits in the Amur Region of Russia.  The first gold was produced in 1999 and
in 2001 90,000 ounces of gold was produced at the Pokrovskoye deposit.  With the
new plant, production capability is expected to reach 150,000 ounces in a full
year. The other deposit, Pioneer, is currently at feasibility stage.  JSCP also
has a 51% stake in Olekma, a titanium deposit at feasibility stage in the Amur
region.




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