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Peter Hambro Mining (POG)

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Monday 24 March, 2003

Peter Hambro Mining

Placing and Open Offer

Peter Hambro Mining PLC
24 March 2003


For immediate release:  Monday 24th March 2003


                            Peter Hambro Mining plc

                             Placing and Open Offer


Peter Hambro Mining PLC ('the Company') announces that further to the
announcement made on 11 March 2003 it is now proceeding to implement the Placing
and Open Offer of 9,596,919 new shares of the Company ('New Shares') at a price
of 175p per share. The Open Offer is being made to qualifying shareholders on
the basis of one new share for every five existing shares. The Open Offer is
contained in a circular which is today being posted to shareholders.

Irrevocable undertakings have been received from existing shareholders in
respect of a total of 7,578,078 New Shares and these shares have been
conditionally placed firm. It is expected that these Shares will be issued to
the relevant placees and admitted to trading on AIM on 25 March 2003 ('First
Admission'). The final time and date for acceptance of the Open Offer is 3pm on
14 April 2003 and it is expected that the remaining 2,018,841 New Shares will be
issued to successful applicants under the Open Offer or to placees and will be
admitted to trading on AIM on 17 April 2003 ('Second Admission').

The placing of 2,000,000 existing shares ('the Sale Shares') previously
announced will be completed at the time of First Admission.

The expected timing for the Open Offer is as follows:

Record Date for the Open Offer                                                      20 March 2003
'Ex' date for the Open Offer                                                        24 March 2003
Latest time and date for splitting Application Forms                         3pm on 10 April 2003
(to satisfy bona fide market claims only)
Latest time and date for receipt of the Application Forms and payment        3pm on 14 April 2003
in full under the Open Offer
Date of Admission of New Shares to AIM:
          First Admission                                                           25 March 2003
          Second Admission                                                          17 April 2003
Date of delivery in CREST of New Shares to be held in uncertificated
form:
          First Admission                                                           25 March 2003
          Second Admission                                                          17 April 2003
Definitive share certificates in respect of New Shares to be held in
certificated form to be despatched by:
          First Admission                                                            1 April 2003
          Second Admission                                                          24 April 2003

Following full implementation of the Placing and Open Offer (including the sale
of the Sale Shares) the holdings of Peter Hambro and his associated holdings
will be 7,539,800 (representing 13.09 per cent. of the enlarged share capital)
and of Pavel Maslovsky and his associated holdings will be 22,844,524
(representing 39.67 per cent. of the enlarged share capital).

Enquiries:

Peter Hambro                              Peter Hambro Mining             +44 20 7393 0102

David Simonson / Nicola Davidson          Merlin Financial                +44 20 7606 1244


Not for distribution in or into the United States


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