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Peter Hambro Mining (POG)

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Tuesday 24 February, 2004

Peter Hambro Mining

Statement re Resources Report

Peter Hambro Mining PLC
24 February 2004


                            Peter Hambro Mining PLC

Tuesday, 24 February 2004

Independent report estimates addition of approximately 7 million ounces of gold
                       to Pokrovskiy regional potential.


New Pokrovskiy Resources Estimate Report

OAO Pokrovskiy Rudnik, the Russian operating subsidiary of Peter Hambro Mining,
the AIM listed gold mining group, has received the results of a new independent
estimate of the resources at its Pokrovskiy gold mining licence area.  This
report is the result of ongoing exploration work, being carried out in parallel
with mining and gold extraction on the 37 Km2 block covered by the original
mining licence.

Resources

The new report, which includes only material expected to be above a 1 g/t
cut-off grade, suggests a total of approximately 7.7 million ounces of
mineralization, reported as P2 resources.  This does not include the gold in
already reported Pokrovskoye Reserves.

As at 31st December 2003, the announced (and Committee of Natural Resources
approved) P category resource in the surrounding area of the Pokrovskiy mine was
estimated at 807,400 ounces.  Thus the new estimate could mean an increase of
around 6.9 million ounces.  The existing open-pits and processing facility are
located roughly in the centre of the area covered by the report.

Independent Report

The report is based on the collection and analysis of 16,500 samples from
trenches and shallow and deep drilling and this has enabled a reassessment of
existing work.  It has been completed by the independent Russian research
company Ecocentre (from Vladivostok) in conjunction with the Russian Academy of
Science's Far Eastern State Geological Institute and uses results derived from a
nonlinear curve-fitting method related to regression or trend analysis.  The
correlation between the existing approved resources and those predicted by the
programme has to date been high.

Amur Region Committee on Natural Resources approval not yet obtained

It should be noted that the results of the new report have not yet been
submitted to nor approved by the Amur Region Committee on Natural Resources and
thus are not officially classified. Notwithstanding this, the Company considers
that disclosure of the existence of this report is appropriate to keep the
market appraised of developments.

Annual Reserve and Resource Statement.

Peter Hambro Mining includes a report on its reserves and resources as part of
each Annual Report and Accounts. The Annual Report and Accounts for 2003 is
expected to be published at the end of April 2004.

The increase estimated by the Ecocentre report is significant because the newly
identified gold-bearing areas are all located close to the operating Pokrovskiy
resin-in-pulp plant, and if confirmed will produce a substantial increase in
mine life.

Chairman's Comments

Commenting on the Report, Peter Hambro, Executive Chairman of Peter Hambro
Mining PLC said: -

"The Ecocentre report confirms the enthusiasm we had for the Pokrovskoye deposit
when we originally brought the company to market and the subsequent decision to
expand the processing facilities there.  Our recent news-flow has concentrated
on Pioneer and has allowed this somewhat to overshadow the success of our
producing mine.  The Ecocentre Report goes a long way to restore the balance."

For further information:

Peter Hambro /   Alya Samokhvalova                   +44 20 7201 8900
Peter Hambro Mining PLC

David Simonson / Tom Randell                         +44 20 7653 6620
Merlin








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