Peter Hambro Mining PLC
27 November 2006
Peter Hambro Mining PLC ("PHM") welcomes
establishment of PERC working group on conversion of
Russian and Western Reserve and Resource Estimation
27th November, 2006
Pan-European Reserves & Resources Reporting Committee - the European counterpart
to JORC in Australasia - has established a working party that will establish the
procedure for the conversion of the Russian mineral reserves and resources
system with that of the systems more generally accepted in USA, Canada,
Australia and London.
Peter Hambro Mining, all of whose gold mining assets are located in the Russian
Federation, has always reported under the Russian system since that is what it
is required of it by the Russian State Commission on Reserves, whilst giving
JORC updates on its key assets.
An agreed conversion method will make it easier for analysts and investors to
compare PHM's exceptional portfolio of growth assets with those of mining
companies operating in other localities.
Commenting on the news, Peter Hambro, Executive Chairman of PHM said:-
"I am delighted that this important step towards harmonisation has now been
taken. It is excellent news that representatives, including those from of the
Russian system and JORC, are meeting under the auspices of PERC and CRIRSCO and
that Dr. Mike Armitage and Dr. Steven Henley have agreed to take on this
"This is something that we have always hoped would happen and I fully expect that
it will lead to a far greater acceptance by investors and by stock exchanges in
other countries of the Russian system that we use because we are Russian
producers and explorers."
Peter Hambro Peter Hambro Mining Plc
Executive Chairman +44 (0) 207 201 8900
Tom Randell / Maria Suleymanova Merlin
+44 (0) 207 653 6620
For background information:
Text of PERC statement on Russian and International Reserves Reporting
A new working group has been set up by PERC (the Pan-European Reserves &
Resources Reporting Committee - the European counterpart to JORC in Australasia
see www.percreserves.com) on behalf of the Committee for Mineral Reserves
International Reporting Standards (''CRIRSCO" - see www.crirsco.com).
This working group, consisting of both Russian and international specialists in
resource and reserve estimation and reporting, will operate under the
chairmanship of Dr Mike Armitage, Managing Director of SRK Consulting (UK) Ltd,
and will include representatives of both the Russian State Commission on
Reserves (GKZ) and of the international reserves reporting community as
represented by CRIRSCO, including the Australasian JORC committee and the PERC
committee in Europe.
The purpose will be to establish procedures for conversion in either direction
between resource and reserve estimates classified and reported according to the
Russian and international Codes, as well as to identify mutually acceptable
criteria for international recognition of Russian professionals as "Competent
Persons" according to the Codes which follow the CRIRSCO template.
Hitherto, conversion between Russian and international reserves reporting
systems has required a separate Competent Person's report, and has been both
time consuming and expensive. By defining objective procedures and criteria it
is intended that resources and reserves which are reported under the Russian
Code will become more generally acceptable to western markets and stock exchange
It is hoped that the committee will publish its final recommendations within a
maximum of 12 months, i.e. by October 2007.
This information is provided by RNS
The company news service from the London Stock Exchange