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Peter Hambro Mining (POG)

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Monday 05 September, 2005

Peter Hambro Mining

Cancellation of Share Premium

Peter Hambro Mining PLC
05 September 2005

5 September 2005

                     Cancellation of Share Premium Account

Peter Hambro Mining plc ("PHM") announces that, further to the approval of
shareholders at the Company's Annual General Meeting on 21 June 2005 and
sanction by the Court. PHM has received notification that, effective 25 August
2005, the amount standing to the credit of the share premium account of the
Company has been cancelled.

The cancellation of the share premium account has resulted in the creation of a
special reserve which is intended to be used to eliminate the present deficit on
the Company's profit and loss account. In turn, elimination of this deficit will
remove a barrier to payment of dividends by PHM, if the Directors consider it
appropriate for the Company to do so.


Alya Samokhvalova / Marianna Adams             +44 (0) 207 201 8900
Peter Hambro Mining                   

David Simonson / Tom Randell                   +44 (0) 207 653 6620

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