Peter Hambro Mining PLC
14 November 2005
14th November 2005
CONTINUED PHM FOCUS ON GOLD
Peter Hambro Mining PLC ("PHM") notes incorrect reports in the Russian media
suggesting that PHM has acquired interests in certain iron ore deposits in the
Russian far east. PHM remains focussed on the exploration for, and development
and operation of, gold deposits in Russia. It has not diversified into the iron
ore industry and has no intention of doing so.
Peter Hambro and Dr Pavel Maslovsky, both of whom are directors and
shareholders in PHM, have informed the Board of PHM that, acting in their
personal capacities, they have interests in the companies that acquired these
Further to these acquisitions, Mr Hambro and Dr Maslovsky have today informed
PHM that a small proportion of the PHM shareholdings in which they are
respectively interested have today been sold, in part to help fund the purchase
and initial development of these iron ore interests.
The following table shows the number of PHM shares sold and the resultant
holdings of the two directors and their respective associates:
Pre-sale Number of PHM shares Post-sale
shareholding sold shareholding
Peter Hambro 6,530,800 (8.28%) 1,298,701 (1.64%) 5,241,099 ( 6.64%)
Pavel Maslovsky 19,844,524 (25.13%) 1,298,702 (1.64 %) 18,545,822 (23.49%)
Total 26,384,324 (33.42%) 2,597,403 (3.29%) 23,786,921 (30.13%)
The shares were sold at a price of UK£7.70 per share.
Commenting on the announcement, Peter Hambro, Executive Chairman, said:
"Pavel Maslovksy and I remain fully committed to the continued development of
PHM as a focussed gold company and remain major shareholders. We have today
realised only a small amount of our holdings in PHM, primarily in order to
acquire and help to develop other local interests. Our personal investments in
the Russian iron ore industry reflect our confidence in investing in Russia and
the fascinating array of investment opportunities which Russia offers. We both
remain firm supporters of PHM and the prospects of our gold mining business in
Russia. PHM has updated the market on very encouraging results from the Pioneer
deposit, and we have every confidence in the Company's ability to drive
substantial additional value from PHM's portfolio of assets as we progress
towards our one million ounce production target."
- ends -
Alya Samokhvalova / Marianna Adams +44 (0) 20 7201 8900
Peter Hambro Mining PLC
Tom Randell/Maria Suleymanova +44 (0) 20 7653 6620
This announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America (including its territories
and possessions, any state of the United States and the District of Columbia).
This announcement is not an offer of securities for sale into the United States.
The securities referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or sold in
the United States, except pursuant to an applicable exemption from registration.
No public offering of securities is being made in the United States.
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