Peter Hambro Mining PLC
06 August 2003
6th August 2003
PETER HAMBRO MINING PLC
RE: Auction For Shares In Matrosov Mine, Magadan Region, Russia
PETER HAMBRO MINING PLC ("the Company") announces that ZAO "Omchak", a joint
venture owned by the Company and the Susumanzoloto mining group, participated in
an auction in Moscow this morning for the Russian Government's 38% equity stake
in the Matrosov Mine. The closing price of the auction was RUR1.33bn (US$34m).
This price was in excess of that which the boards of Omchak and the Company had
decided was sufficiently value-adding for the joint venture.
Peter Hambro PHM +44 7774 153498
Nicola Davidson / David Simonson Merlin Financial +44 207 606 1244
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.
PETER HAMBRO MINING PLC
Exchange London AIM
Industry Gold Mining
Geography UK company with assets in Eastern Russia
Equity 63,998,594 issued shares
PETER HAMBRO MINING PLC ADR
CUSIP No. 71602M104
Ratio 1 ADR : 2 shares
Type Sponsored Level I ADR
Effective Date 7th July 2003
Sponsoring Depositary Bank The Bank of New York
Local Custodian The Bank of New York
This information is provided by RNS
The company news service from the London Stock Exchange