Information  X 
Enter a valid email address

Peter Hambro Mining (POG)

  Print      Mail a friend       Annual reports

Wednesday 06 August, 2003

Peter Hambro Mining

Statement re Matrosov Mine

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.


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


Ticker                            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

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