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Peter Hambro Mining (POG)

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Tuesday 30 December, 2003

Peter Hambro Mining

Sale of Titanium Assets

Peter Hambro Mining PLC
30 December 2003

For Immediate Release
30th December 2003
Not for release in the United States

                             Peter Hambro Mining plc

                            Sale of Titanium Assets

Peter Hambro Mining PLC ("PHM") today announces that at an Extraordinary General
Meeting held on 29th December 2003 its shareholders approved the resolution, as
set out in the circular to shareholders dated 13th December 2003, in relation
inter alia both to a proposal to sell the PHM Group's titanium assets to the
newly created Aricom PLC and the provision of related funding.

As announced on 15th December, a conditional gift of the right to become
registered as holders of Aricom shares was made to the shareholders of PHM
(defined as those shareholders registered on 12th December 2003) and to those
people with rights under the PHM share incentive scheme. The gift has been made
by Mr. Peter Hambro, acting in his personal capacity.

Aricom is raising approximately £4.0 million (£3.5 million net of expenses)
through an underwritten placing and open offer of new shares at a placing price
of 15 pence per share. This closed at 15:00 on 29th December, 2003. Shareholders
who did not wish to accept the gift were invited to tender their shares at 15
pence per share, less expenses.

Obtaining PHM shareholder approval was one of the conditions to the launch of
Aricom. Dealings are expected to commence in Aricom shares on the Alternative
Investment Market of the London Stock Exchange from tomorrow, December 31st

The information contained herein does not constitute an offer of securities for
sale in the United States of America. Securities may not be offered or sold in
the United States unless they are registered under applicable law or exempt from
registration. No public offering of securities will be made in the United


Peter Hambro                  Peter Hambro Mining PLC         020 7393 0102

David Simonson/Tom Randell    Merlin                          020 7653 6620
                                                              07831 347 222
                                                              07775 875 847

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