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Peter Hambro Mining (POG)

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Monday 17 February, 2003

Peter Hambro Mining

Re Joint Venture

Peter Hambro Mining PLC
17 February 2003

17th February 2003

                            Peter Hambro Mining PLC

                OJSC Susumanzoloto and Peter Hambro Mining PLC
              agree Joint Venture over Magadan Gold Mining Assets

Peter Hambro Mining PLC today announces that it has signed heads of agreement in
relation to the establishment of a new joint venture gold mining company in the
Magadan Region of Russia. The other parties to the proposed joint venture are:

1. OJSC Susuman Mining Complex ("Susumanzoloto") which is based in the Magadan
Region and is well known in Russia as one of the biggest gold producers in the
area. Susumanzoloto has been producing gold for over 60 years and has produced
more than 1,000 tonnes of gold.  During 2002 Susumanzoloto produced 180,000
ounces of gold.

2. OJSC Gold Mining Company Shkolnoe ("Shkolnoe"), also of the Magadan Region.

It is intended that the principal purpose of the joint venture will be to take
part in an auction for the State's 38% shareholding (representing 50.7% of the
voting shares) in OJSC "Matrosov Mine".  Publicly available information
indicates that Matrosov currently produces 32,000 ounces per year in the Magadan
region and that it also owns the licence for the Natalka hard rock deposit with
Russian category B, C1 and C2 resources of 7.9 million ounces with an average
grade of 4.01 grams per tonne.

Susumanzoloto and Shkolnoe intend to contribute their respective interests in
the following companies to the joint venture:

  • 76% of Berelekh Mining Complex, which has reported production of more than
    65,000 ounces of alluvial gold per annum and has approximately 40 licences
    for alluvial production in the area.

  • 89% of Nel'kobazoloto Mining Company, which has reported production of
    close to 30,000 ounces per year.  Published resources of its Shkolnoe hard
    rock deposit in Russian categories C1 and C2 are approximately 250,000
    ounces, with considerable exploration potential.

It is intended that Peter Hambro Mining's contribution to the proposed joint
venture will, subject to the receipt of a satisfactory independent valuation of
these mining companies, comprise cash.  The amount of cash to be contributed
will be agreed between the parties and be based on this independent valuation.

Peter Hambro, Executive Chairman of Peter Hambro Mining PLC said:

"We view this strategic alliance in Magadan, one of Russia's premier gold
producing regions, as an important new step in building our gold mining business
in Russia.  Susumanzoloto is the second largest producer in the region and its
long and successful history is important to us.

The Natalka deposit is an important target and we look forward to working with
Vladimir Khristov, General Director of Susumanzoloto, and his team on this and
other acquisition targets in the area."


Peter Hambro                       Peter Hambro Mining      +44 20 7393 0102
David Simonson/Nicola Davidson     Merlin Financial         +44 20 7606 1244

Notes to Editor:

Peter Hambro Mining is a London-based mining company, whose principal asset is
97.69% of JSC Pokrovskiy Rudnik ("JSCP").  JSCP operates 2 gold deposits in the
Amur Region in Russia.  Its principal deposit is the Pokrovskiy mine, which
produced 96,000 ounces of gold in 2001 and has estimated resources of 1.6
million ounces in the pit-shell, and an additional potential 3.4 million ounces
out-of-pit.  Its other gold deposit, Pioneer, is currently at feasibility stage,
and has estimated Russian category C2 and P1 + P2 resources of 3.7 million
ounces.  JSCP also has a 51% stake in Olekma Rudnik, a titanium deposit also in
the Amur region.  Peter Hambro Mining's shares are traded on the Alternative
Investment Market of the London Stock Exchange.

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