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Peter Hambro Mining (POG)

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Monday 07 July, 2003

Peter Hambro Mining

Statement re ADR Programme

Peter Hambro Mining PLC
07 July 2003

7th July 2003

PETER HAMBRO MINING PLC Launches Sponsored American Depositary Receipt Programme
                           with The Bank of New York

PETER HAMBRO MINING PLC ("the Company") announces that it is launching a
sponsored American Depositary Receipt ("ADR") programme through the Bank of New
York. The facility for trading in ADRs of the Company will commence on 7th July

One ADR will represent 2 Ordinary Shares in PETER HAMBRO MINING PLC. The ADR
Ticker Symbol for the Company will be POGNY. The Sponsor and Depositary for the
programme is the Bank of New York, the largest depositary of ADRs in the US
financial markets.

Commenting on the announcement, Peter Hambro, Chairman of PETER HAMBRO MINING
PLC, said:

"We are keen to make our shares as accessible as possible to international
investors, and particularly in the United States & Canada. Many international
funds which would like to invest in companies such as ours suffer restrictions
with investing in AIM stocks, but can acquire American Depositary Receipts. We
hope to follow this initiative up with a roadshow for US investors in the near
future, to attract further institutional interest in the Peter Hambro Mining
strategy, prospects and successful track record."



Alya Samokhvalova                    PHM                  +44 20 7393 0102

Mark Lewis / Alexis Vasquez          Bank of New York     +44 20 7964 6089 /
                                                          +1 212 815 2711

Nicola Davidson / David Simonson     Merlin Financial     +44 207 606 1244


ADR's - General background information

An ADR is a negotiable security which represents the underlying securities
(generally equity shares) of a non-U.S. company. ADRs facilitate U.S. and global
investor purchases of non-U.S. securities and allow non-U.S. companies to have
their stock trade in the United States by reducing or eliminating settlement
delays, high transaction costs, and other potential inconveniences associated
with international securities trading. ADRs are treated in the same manner as
other U.S. securities for clearance, settlement, transfer, and ownership

The ADRs are issued by a U.S. depositary bank, such as The Bank of New York,
when the underlying shares are deposited with the depositary's local custodian
bank, usually by a broker who has purchased the shares in the open market. Once
issued, the ADRs may be freely traded in the U.S. over-the-counter (OTC) market
or, upon compliance with U.S. stock exchange regulations, on a U.S. stock
exchange. When the ADR holder sells, the ADR can either be sold to another
investor or can be cancelled and the underlying shares sold. In the latter case,
the ADR are surrendered and the shares held with the local custodian bank are
released back into the home market and sold via a broker. The ADR holder is able
to request delivery of the actual shares at any time.

Peter Hambro Mining plc - General background information

Peter Hambro Mining is a London-based mining company, whose principal assets are
97.7% of JSC Pokrovskiy Rudnik ("JSCP") and 100% of the Tokur Deposit. JSCP
operates 2 gold deposits in the Amur Region of Russia. Its principal deposit is
the Pokrovskiy mine, which is expected to produce c.120,000 ounces in 2003 and
has been operating since 1999 reporting cash costs of US$136 per ounce in 2002.
Pokrovskiy has reported reserves and resources of 2.9 million ounces. JSCP's
other gold deposit is located some 35km from Pokrovskiy and is called Pioneer.
Pioneer is at an advanced stage of exploration and recently reported reserves
and resources of 9.4 million ounces - including a high grade zone of 635,000
ounces at 14 grammes per tonne.

Peter Hambro Mining recently announced the acquisition of the Tokur Deposit.
Tokur is located in the Amur Region some 450km from the Pokrovskiy mine and is
served by road and rail connections. Independent resource estimates for the
deposit indicate reserves and resources 8.1 million ounces. On this basis,
completion of the acquisition takes the Group's estimated total reserves and
resources for the Group to approximately 19 million ounces.

ADR details

ADR Ticker/Symbol               POGNY

CUSIP No.                       71602M104

Ratio                           1 ADR : 2 shares

Type                            Sponsored Level I ADR

Exchange                        OTC

Effective Date                  7th July 2003

Sponsoring Depositary Bank      The Bank of New York

Local Custodian                 The Bank of New York

Underlying Equity

    Exchange               London AIM
    Ticker                 POG
    Industry               Gold Mining
    Geography              UK company with assets in Eastern Russia
    Equity                 63,998,594 issued shares    

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