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Peter Hambro Mining (POG)

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Wednesday 18 May, 2005

Peter Hambro Mining

Annual Report and Accounts

Peter Hambro Mining PLC
18 May 2005

18th May 2005

                            PETER HAMBRO MINING PLC 
                          2004 ANNUAL REPORT & ACCOUNTS

PETER HAMBRO MINING PLC today released its Annual Report for the financial year
ending 31st December 2004. The Company's 2004 Annual Report, in addition to the
Preliminary Announcement of the Annual Results reported first on 18th April,

   • the continued increase in profitability, production and balance sheet
     strength whilst costs have been held broadly constant;
   • the breakdown of the Group's growth in reserves and resources along with
     a review of work undertaken during 2004 and planned for the future;
   • a full environmental and social policy report as part of the investment
     in the Group made by the International Finance Corporation;
   • an update on the exploration work at Pokrovskiy & Pioneer including
     detail on the correlation of Russian reserves and resources to western
     standards; and
   • the completion of the Group's three new laboratories together amounting
     to what we believe is the largest assay capacity in Russia.

Peter Hambro, Chairman, added:

"As you will see from our annual report and accounts, the Group has had another
successful year.  I believe they also show that we remain well positioned for a
future of continued growth and, most importantly, profitability.  This will be
based on the success of our operations, the strength of our balance sheet and
the continuing opportunities available to expand our resource base through
exploration, development and acquisition.  Our plans to realise 1 million ounces
of gold production per year in 2009 remain on track supported by developments at
Pioneer, Pokrovskiy and Malomir.

"In the notice convening the Annual General Meeting shareholders will see the
proposal to reduce the share premium account of the company in order to allow
the Company to pay dividends sooner.  The Board consider that, given the
continuing success of our Russian operations, the payment of a dividend would be
timely and compatible with our continued investment in the planned growth of our

Copies of the Annual Report are being distributed to shareholders today. The
Annual General Meeting is planned to be held at 12 noon on Tuesday 21st June
2005 at 11, Grosvenor Place, London SW1X 7HH, notice of which will be
distributed in due course.

The Annual Report is also available online at Additional
copies may be requested directly from the Company and are available at the
Company's registered office, 11, Grosvenor Place, London SW1X 7HH.


Jay Hambro / Alya Samokhvalova                 +44 (0) 20 7201 8900
Peter Hambro Mining PLC

Tom Randell / Maria Suleymanova                +44 (0) 20 7653 6620

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