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Peter Hambro Mining (POG)

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Wednesday 29 December, 2004

Peter Hambro Mining

Re Agreement

Peter Hambro Mining PLC
29 December 2004

        Peter Hambro Mining Terminates Ametistovoye Acquisition Process

29th December 2004 


Peter Hambro Mining ("PHM") announces that it has informed the vendors of the
Ametistovoye deposit that it will not be progressing with its proposed
acquisition.

PHM announced in June 2004 that it had signed a memorandum of understanding in
relation to the proposed acquisition of the Ametistovoye deposit in Kamchatka,
in the Russian Far East, subject to further due diligence and contract.
Following this announcement, PHM's technical and geological teams have
undertaken substantial analysis of the deposit and subsequently reviewed
additional data acquired from another party.

The decision to now conclude due diligence and not proceed with the acquisition
follows the Board's analysis of the results of PHM's internal economic
evaluation which does not support PHM's further involvement at Ametistovoye.


Enquiries:

Peter Hambro                          +44 (0) 7774 153498
Peter Hambro Mining

Tom Randell/ Maria Suleymanova        +44 (0) 777 587 5847/ 20 7653 6620
Merlin







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