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Peter Hambro Mining (POG)

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Thursday 29 September, 2005

Peter Hambro Mining


Peter Hambro Mining PLC
29 September 2005

                   Acquisition of 74.9% stake in YamalMining

29 September

Peter Hambro Mining plc ("PHM" or the "Group") announces that it has subscribed
for 74.9% of the shares of OAO "Yamalskaya Gornaya Kompania" ("YamalMining").
The consideration, payable in Roubles, is c.US$10.8 million.  The Group
announced in the interim results, published on 22nd September 2005, that
discussions were ongoing and expected to be finalised in October.

YamalMining owns a number of attractive assets in the Yamal Nenetsk Autonomous
District ("Yamal District").  These include:

   •The 10% of OAO "YamalZoloto" ("YamalZoloto") not already owned by the
    Group.  YamalZoloto is the company currently owning all of the Group's
    interests in the Yamal District of Russia (see 2004 Annual Report & Accounts
    for more information);

   •Further exploration licences close to PHM's YamalZoloto licence area.
    Details of the resources already identified in these licence areas are set
    out below.

   •A 24% stake in a profitable local chrome exploration and extraction

Both YamalZoloto and YamalMining are located within the Polar Arctic Circle and
are headquartered in Salekhard, the capital of the Yamal District, which is one
of Russia's largest natural gas producing regions.

PHM believes the acquisition considerably strengthens the Group's position in
the region and adds to the Group's resource base without a significant drain on
the Group's cash, since the consideration is being paid as a subscription into
YamalMining which becomes a Group company.

Commenting on the announcement, Peter Hambro, Executive Chairman of PHM, said:

"In April 2004, with our stake in YamalZoloto, we invested for the first time in
the Yamal District.  We have used the same business model that we have used for
over 11 years in the Amur region, which involves the acquisition of high quality
assets that are supported by local expertise and rely on excellent

Exploration results from our existing licences in the Yamal District -
Novogodnee Monto deposit and PetroPavlovsk ore occurrence, both physical and
analytical, have been encouraging.  A feasibility study on the development of
Novogodnee Monto is expected in early 2006.

Exceptionally easy access to the railway, some 400 metres away from the
YamalZoloto licence area, and to the airport make this area one of the most
accessible mining areas in Russia.

We believe that the new investment, which gives us an increased share in our
existing assets in this region, additional resources and the potential to expand
our exploration activity in a new area, shows our belief that the region will be
a very exciting one for Peter Hambro Mining's future growth."

YamalMining's Exploration Licences

YamalMining owns a number of early stage exploration licenses for polymetallic
ore occurrences and anomalies on the territory of the Yamal District in close
proximity to the area covered by the Novogodnee Monto licence  (owned by the
Group though YamalZoloto).

The Group's exploration team believe there is good potential for upgrading of
the early stage Russian P category resource deposits to C category reserves by
additional exploration and feasibility study work.

On the basis of the information available to date the parts of the licence
territory which we believe to have the most potential are as follows:

1. Ozerno-Pyatirechenskaya zone (ore subzones Ozernii and Pyatirechenskii)
   (c.80 km South of YamalZoloto licence area)

Exploration of the first zone shows mineralisation of chalcopyrite and
pyrrhotite, and to the lesser extent by magnetite, pyrite, millerite,
cobaltiferous pentlandite, sphalerite and galena.

Six drill holes 400 m. in length intersected lenticular orebodies up to 20m in
thickness followed to a depth of 150m.

Sample analysis shows :-

Copper grades of                                       1.16%,
Zinc                                                   0.1%,
Iron oxide                                             12%.

20 samples analysed indicated the following approximate grades:

Platinum                                    0.2 g/t
Gold                                        0.4 g/t
Palladium                                   0.2 g/t
Silver                                      4.5g/t

Copper reserves in the explored area have the potential to be qualified as 150
000 tonnes of C2 type.

P2 Resources in this zone are currently estimated as follows:

Copper                          1.5m tonnes
Titanium                        300,000 tonnes
Iron                            10m tonnes
Cobalt                          55,000 tonnes
Gold                            60 tonnes
Silver                          600 tonnes
PGM                             30 tonnes

2. Rudnogorskii zone (ore subzones Rudnaya Gorka 3 and Rudnaya Gorka 1 )
   (c.80km South of YamalZoloto licence area)

The Rudnogorskii Zone skarn-magnetite occurrences are located 10-15km to the
east of Ozerno-Pyatirechenskaya zone within a volcano-plutonic belt as a series
of magnetite ore occurrences and deposits with a geological structure very
similar to the Novogodnee Monto type. These occurrences are represented by
sulphide magnetite skarns and metasomatite zones with sulphides.

Rudnaya Gorka 3  is located on the watershed of the river Tan'yu and El'kashor.
Exploration was carried out in 1952 and discovered a sulphide-magnetite deposit
represented by lenticular and tabular ore bodies with three bodies 50 meters in
length and 3 meters thickness and two bodies 150m x 6m and 25m x 4m.
Aeromagnetic surveying suggested a complex  copper-gold-platinum-palladium ore

Results of 65 trench samples and 60 point samples indicate the presence of high
concentrations of

Copper                            up to 1.41%
Gold                              up to 2.15g/t
Palladium                         up to 1.66 g/t
Platinum                          up to 0.26 g/t

with a considerable correlation between the distribution of precious metals and
base metal sulphides.

P2 resources in this zone are currentlyestimated as follows:

Copper                                            1m tonnes
PGM                                               40 tonnes
Iron                                              10m tonnes
Titanium                                          700 tonnes
Vanadium                                          1.5m tonnes
Gold                                              40-50 tonnes
Magnetite ores (P2+P3)                            345m. tonnes

3. Shuchinskaya metallogenic zone (c.100 km North of YamalZoloto licence area)

Magnetite-skarn deposits of Shuchinskauya metallogenic zone (associated with the
Nerutsvakha ore deposit) include the deposit Yun'-Yaga and 18 ore occurrences
around it containing C2 reserves of iron oxide of 72m tonnes and P1 and P2
resources of 139m tonnes.

The Sibileinaya ore occurrence P2+P3 category is estimated at 219m tonnes of
iron oxide. The mineralisation was not systematically analysed for gold, but
isolated samples with grades of 10.5g/t, 7.6g/t., 5.3g/t indicate the presence
of gold mineralisation.  By analogy with other deposits of a similar type, it
can be estimated that this represents a P3 category resource of 400 tonnes of

Chromite Company

YamalMining owns 24% of the issued capital of OAO "Kongor-Chrom", a chromite
concentrate mining company, the majority shareholder of which is OAO
"Chelyabinskii Elektrometallurgicheski Kombinat" the main buyer of the

OAO "Kongor-Chrom" in 2004 mined c.300,000 tonnes of chromite ore per annum
(with planned expansion to 1 million tonnes per annum) with grades of 0.25-45%
and enriches it to 40-50% by preliminary crushing, selection, dry
electromagnetic separation and wet gravitation.

Brief details supplied to PHM are:

   •The cost per tone of concentrate ranges from US$60-$80/t

   •The market price of 40% concentrate is US$130/t

   •The reserves/resource base is at C1 30m tonnes and P2+P3 400,000m tonnes


Investor Relations, Peter Hambro Mining

Alya Samokvalova (Director of External Communications) / Marianna Adams

+44 (0) 20 7201 8900


Tom Randell / Maria Suleymanova

+44 (0) 20 7653 6620

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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