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Peter Hambro Mining (POG)

  Print      Mail a friend       Annual reports

Friday 14 December, 2007

Peter Hambro Mining

Results of Technical Audit

Peter Hambro Mining PLC
14 December 2007



           Technical Audit by Wardell Armstrong International ("WAI")


Peter Hambro Mining PLC (the "Company"), announces the Technical Audit of the
Company mining and mining related assets, which it commissioned from Wardell
Armstrong International ("WAI") has now been completed.  The WAI Audit Report
can be found on the Company's website at www.peterhambro.com.


WAI concluded:

   •Company Measured and Indicated Mineral Resources (as defined by the JORC
    Code (2004)) are 118Mt at an average grade of 1.15g/t Au containing 4.4
    million ounces of gold; Inferred resources are 82.7Mt at an average grade of
    1.33g/t Au, containing 3.5 million ounces of gold;
   •The total Mineral Resources, reviewed by WAI, inclusive of those
    resources evaluated in accordance with the Russian classified scheme are
    344Mt at an average grade of 1.73g/t Au, containing 19 million ounces of
    gold; WAI audit supports the resource figures published in the PHM 2006
    annual report as summarised in the table below.

The Company believes that its intensive exploration and drilling programme will
further substantiate its resources and reserves and enable it to meet its
production targets.


Reserves and Resource Estimates

In undertaking the audit, WAI has reviewed the reserve and resource estimates
for the Company's principal assets. Where no Micromine(R) models were available
other assets were reviewed in accordance with Russian classification scheme.

A comparison of the results of this review with the reserve and resource
estimates published in the Company's 2006 Annual Report is provided in the table
below:


                           Comparison of WAI Technical Audit with PHM Annual Report 2006

                          WAI 2007 JORC Code (2004)                             PHM 2006 Annual Report

 Deposit         Category          Tonnage    Grade       Metal      Category       Tonnage   Grade         Metal 
                                     (kt)    (g/t Au)     (oz Au)    (Russian         (kt)   (g/t Au)      (oz Au)
                                                                   Classification)

Pokrovskiy  JORC      Measured       5,050    2.29       371,975         C1          6,376     3.08       809,826
                     Indicated       7,406    1.74       413,449         C2            420     2.59        35,011
                      Inferred       6,613    2.11       449,425   C1 (low grade)    8,759     1.04       294,076
                                                                   C2 (low grade)       23     1.35           996
                                                                   C1 (stockpiles)   3,262     1.37       143,678
                                                                   C1 (stockpiles,   3,947     0.75       956,784
                                                                       low grade)
                                                                     
           Russian  C1(RIP           5,347    0.42        77,803   C1 (RIP tailings, 5,347     0.42        72,080
                    tailings,                                           low grade)
                    low grade)                                          
                                                                     Production     (1,380)    3.17      (140,591)
                                                                      1.1.07 -
                                                                      30.6.07

                          Total     24,414    1.66     1,306,835       Total         26,754    1.52      1,310,755
 
Pioneer    JORC      Measured       17,517    0.86       486,365
                     Indicated      35,315    0.82       981,185   C2 (Main zones)   69,073    1.39      3,090,804
                     Inferred       42,108    1.34     1,809,530   P1 (Main zones)   14,810    1.57        747,809
                                                                   C2(Andreevskaya)     543   32.87        573,813
                                                                   
           Russian P1(Andreevskaya)  5,883    3.80       718,166   P1(Andreevskaya)     600   14.83        286,135
                   P1(Main zones)    7,092    1.36       310,697
                   P1(Bakhmutflanks) 7,956    1.76       450,260
                   P1 (Other zones)  2,119    1.13       187,733   P1 (Other zones)   7,000    1.34        300,763
                                                                 
                          Total    118,000    1.28     4,943,936        Total        92,026    1.69      4,999,325
 
Malomir    JORC      Measured       44,207    1.31     1,860,488
                     Indicated       8,633    1.15       319,988
                     Inferred       34,046    1.16     1,268,639          C2          27,448    1.75     1,546,222
             
               Russian P1           14,250    1.55       711,833          P1          58,514    1.55     2,914,365

                Total              101,136    1.28     4,160,949                      85,962    1.61     4,460,587

Other Amur          C1                9279    1.62       482,667          C1           3,932    3.25       410,588
  assets            C2              23,268    1.76     1,318,728          C2          21,522    1.63     1,126,292
                    P1              30,638    2.48     2,446,968          P1          31,977    2.92     2,735,239
                                    
                   Total            63,185    2.09     4,248,363        Total         57,431    2.46     4,272,118
  
Yamalassets         C1               7,630    2.13       521,897          C1              -       -             -
                    C2               7,448    1.58       379,312          C2          11,973    1.87       717,942
                    P1              22,430    5.10     3,689,277          P1          20,270    1.61     1,049,698

                   Total            37,508    3.80     4,590,486        Total         32,243    1.71     1,767,639

                GRAND TOTAL        344,243            19,250,569                     294,416             16,810,424


Total Measured and Indicated resources estimated in accordance with JORC Code
(2004) are 118Mt at an average of 1.15g/t Au, containing 4.4 million ounces of
gold; Inferred resources are 82.7Mt at an average grade of 1.33g/t Au,
containing 3.5 million ounces of gold. WAI also reviewed additional resources,
estimated in accordance with the Russian classification scheme, summarised as
follows:


   •C1 category: 22Mt at an average grade of 1.50g/t Au, containing 1.1
    million ounces of gold;
   •C2 category: 30Mt at an average grade of 1.71g/t Au, containing 1.7
    million ounces of gold, and
   •P1 category: 90Mt at an average grade of 2.89g/t Au, containing 8.5
    million ounces of gold


The differences between the Annual Report figures and the WAI report figures for
Other Amur assets and for Yamal assets reflect exploration and re-evaluation
between 1st January 2007 (the annual report resource cut-off date) and 1st
September 2007 (the cut-off date for the WAI report).


The comparison shows a good overall correlation between the Russian-classified
resources published in the 2006 Annual Report and the updated combined JORC/
Russian resources quoted in the WAI report.  It demonstrates 99.9% conversion of
C1 and C2 to JORC Code (2004) at Pokrovskiy, and 91% for those parts of Malomir
and Pioneer which were included in the resource model prepared in accordance
with JORC Code (2004).

It should be noted, however, that to achieve a balanced view of the Company's
assets WAI has: -

   •Taken the mineral resources prepared in accordance with the Russian
    classification scheme for those assets where no JORC Code (2004) estimates
    are available;
   •For the Andreevskaya Zone (Pioneer deposit) where the Russian
    conventional resource estimate was considered to be more robust than the
    Micromine(R) computer model, utilised the Andreevskaya conventional resource
    estimate for the purpose of this report;
   •Reviewed Russian classification estimates for Andreevskaya Zone
    (Pioneer), Albyn, Quartzite and Ozhidaemoye (Malomir deposit) together with
    estimates for the Pokrovskiy flanks, in order to give an expert opinion on
    which part of these resources can be classified as Mineral Resources as
    defined by the JORC Code (2004).


Highlights of specific deposits

Pokrovskiy and flanks

   • The Company's resource estimate is supported by a positive
     reconciliation against production records;
   • The Pokrovskiy plant operations are run efficiently and in line with
     best international practice;
   • The environmental management carried out at the site is well organised
     and appropriate;
   • The Pokrovka-2 deposit represents an exciting target which is being
     aggressively explored by PHM in order to better understand the structure and
     mineralisation. WAI believes that this deposit has the potential to host a
     significant gold and silver resource.

Pioneer

   • WAI considers that the Micromine(R) resource model provides an adequate
     global resource estimate for Pioneer which can be utilised for long term
     planning;
   • The mining schedule proposed for Pioneer is optimised to balance ore
     mining, waste mining and average grade each year. Mining will take place
     from three separate open pits with single combined processing facilities.
     WAI considers the proposed schedule to be both practical and achievable
     given PHM's experience and management expertise gained through the
     Pokrovskiy operations;
   • High grade pay shoots ("ore columns"), such as those at Andreevskaya
     Zone (Pioneer), which are not yet fully explored and evaluated by the
     Company, carry the potential for additional production during the deposit's
     exploitation.

Malomir

   • The development and mining schedule for Malomir is ambitious but
     realistic and achievable, given PHM's experience in developing and mining
     Pokrovskiy and in commissioning the Pioneer project.

Other Amur region Assets

   • WAI considered the portfolio of 10 additional hard rock assets which are
     being developed by the Company in the Amur region and found the development
     plans to be strategically sound with many of these assets having the
     potential for the discovery of significant gold resources. All the projects
     are potentially amenable to open pit mining and are being actively developed
     and have a potential to contribute to the Company's production schedule and
     to assist it to meet its production targets over the coming years. These
     projects all require further exploration and geological modelling work
     before a meaningful reserve can be established;
   • One of the most promising deposits, Albyn, appears encouraging for the
     development of an open-pittable resource. The relatively simple mineralogy
     and geologic continuity make the Albyn property both an exciting project and
     one which is worthy of continued exploration and development. The Company
     expects to report further on this in Q3 2008;
   • WAI has examined PHM's strategy of expanding alluvial gold production
     and briefly reviewed a number of the Company's placer projects in Amur
     region. It has concluded that the strategic rationale and projections appear
     sound and, if successful, will provide PHM with significant and increasing
     incremental gold production.


Yamal region Assets

   • WAI has reviewed the exploration work undertaken by PHM at  Novogodnee
     Monto deposit and considers that this deposit potentially has a substantial
     gold and iron resource base able to support a mining project;
   • The position of the Novogodnee Monto deposit in relation to the railway
     line and the vast increase in the need for construction materials as a
     result of the regional activity in the oil and gas sector mean that the
     aggregates from this deposit may considerably enhance the project's
     economics;
   • WAI believes that there is considerable potential to increase the
     resources for Novogodnee Monto deposit, given the number of positive
     indications identified and exploration results achieved to date;
   • WAI has reviewed the exploration data for work undertaken on the
     Toupugol-Khanmeishorsky licence area to date and is satisfied that it is a
     promising exploration asset with the potential to establish a mineral
     resource similar to those identified at Novogodnee Monto and
     Petropavlovskoye;
   • Ozernoye has the potential to become a sizeable polymetallic deposit.
     Exploration is ongoing, and WAI considers that if the geological structure
     and grade distribution of this area can be properly understood, there are
     real possibilities for tracing PGM mineralisation along the pyroxenite belt
     south-westwards for some tens of kilometres from the Ozernoye deposit,
     through Pyatirechenskoye exploration area (itself not yet explored in
     detail) and beyond;
   • WAI believes that there is considerable potential to improve the
     resource position at Rudniye Gorki, given the favorable exploration results
     achieved to date;
   • As an exploration portfolio of assets, WAI considers the Yamal assets to
     be strategically valuable, with many properties having the potential for the
     discovery of significant gold resources as well as PGMs and other minerals.

Irgiredmet

   • The Irgiredment Insitute has an established reputation and is proving an
     excellent acquisition for PHM. The Institute provides invaluable assistance
     in the preparation of technical studies, particularly in relation to State
     legislation compliance.

Disclosure

The contents of this announcement have been approved for release by Dr. P.
Newall, BSc, PhD, CEng, FIMMM, of Wardell Armstrong International. Dr. P. Newall
has consented to the inclusion of the material in the form and context in which
it appears.


Executive Chairman's comments:


Peter Hambro, Executive Chairman of Peter Hambro Mining plc, commented:

"The JORC total of 8 million ounces is an excellent basis from which to assess
the minimum future potential of the Company and the grand total of 19 million
ounces, taking Russian and JORC ounces together, compares very favourably with
the 17 million ounces shown in the Company's Annual Report. The very good
correlation between WAI's opinion of Peter Hambro Mining's reserves and
resources and the Company's published view is reassuring.

Having confirmation under the JORC Code of the prospects for our existing and
near-term production assets will, I trust, give shareholders used to Western
standards even greater confidence in PHM's future profitability."



Enquiries:

Alya Samokhvalova / Rachel Tuft                           +44 (0) 20 7201 8900
www.peterhambro.com
Peter Hambro Mining Plc

Ian Hannam / Patrick Magee www.jpmorgancazenove.com       +44 (0) 20 7155 2828
JPMorgan Cazenove

David Simonson / Tom Randell / Anastasia Ivanova          +44 (0) 20 7653 6620
www.merlinpr.com
Merlin


This release has been reviewed by Dr. Stephen Henley, who is an independent
geological advisor to the Board of Directors of Peter Hambro Mining Plc.  Dr.
Henley is qualified to act in the capacity of a Competent Person for the
purposes of this statement.


Dr. Stephen Henley holds a PhD in Geology (University of Nottingham, 1970).  He
is a Fellow of the Geological Society, a Fellow of the Institution of Materials,
Minerals and Mining, and a Chartered Engineer.  He is also a Charter Member of
the International Association for Mathematical Geology. He has been employed in
exploration, mining, academic and geological consultancy posts since 1970 and
has participated in Competent Person studies on a variety of different minerals
and types of deposit, including gold, polymetallic and chromite projects.






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