RNS Number : 6238O
Peter Hambro Mining PLC
10 March 2009
10 March 2009
Continued investment in Rusoro
Peter Hambro Mining PLC ("PHM" or the "Group") announces that on 6th March 2009 it has subscribed CAD c.3.7 million for 6,166,666 new shares in Rusoro Mining Limited ("Rusoro") as part of an equity placing by Rusoro.
As a result PHM will have a c.1.1% stake in the share capital of Rusoro as enlarged by the placing. This continues on from an investment made in June 2008 when PHM lead a syndicate of investors who extended a USD 80 million secured exchangeable loan to Rusoro.
Rusoro is an advanced junior gold producer, which has announced that it produced over 100,000oz of gold in 2008 and that it intends to have two additional mines in production by the beginning of 2010. It raised over CAD 100 million in the current placing in which PHM is participating.
Commenting on the investment, Peter Hambro, Executive Chairman of Peter Hambro Mining said:
"Rusoro enjoys a strategic position in Venezuela's gold mining industry as well as a strong production growth profile. Peter Hambro Mining is pleased to enhance further its involvement with Rusoro and looks forward to Rusoro realising the potential of its exciting opportunities in the future."
Peter Hambro Mining Plc
Patrick Magee /Joe Seifert
+44 (0) 20 7201 8900
+44 (0) 20 7155 2828
David Simonson / Tom Randell / Maria Suleymanova
+44 (0) 20 7653 6620
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