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Peter Hambro Mining (POG)

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Wednesday 16 May, 2007

Peter Hambro Mining

Reserves & Resources Inform

Peter Hambro Mining PLC
16 May 2007

16th May 2007

               Publication of Reserves and Resources Information

Peter Hambro Mining Plc (the "Company" or "PHM") is today pleased to provide
additional information on the Company's exploration activities at its Pioneer
asset. Set out below is detailed information on recent assay results from
drill-holes and trench sampling. This information supplements the information in
the Group's 2006 Annual Report which is based on the Russian State Committee on
Reserves ("GKZ") classification system.

The Company is aware of ongoing discussions between certain (non-Russian)
companies and the Russian regulatory authorities (including Rosprirodnadzor)
regarding the comparability of estimates of mineable reserves and the
reconciliation of reserves prepared under non-Russian classifications with those
submitted for approval to GKZ.

In light of the desirability of having comparability of GKZ and JORC reserves
and resources estimates the Company has decided to defer the finalisation,
independent review and publication of JORC estimates for its Pioneer asset until
later in the year. PHM currently expects to be able to publish JORC estimates
for Pioneer, along with a reconciliation of those estimates to the GKZ
classification, by the fourth quarter of 2007.

In developing this reporting initiative the Company has closely consulted with
the representatives of Rosprirodnadzor and the Company is pleased to announce
that its approach on this matter has met with their full support.

Geological Data

Given this delay, and in order that the market should be as fully informed as
possible in the interim period, the Board has decided to publish raw data on
assay results from drill-holes and trench sampling at Pioneer without any
additional assessment of their significance by the Company's management. These
are set out below.

Pioneer Exploration Data

After acquiring the deposit in 2001, extensive exploration work has been
undertaken by the Group, and three main ore bodies were delineated, details of
which were communicated to the market. A 3 km long mineralised zone is
intersected by faults which gives rise to a number of high grade columns at the
intersections. To date, a total of 13 high grade ore columns have been predicted
at the intersections of these three ore bodies and subsequently confirmed by
several drill holes.

At present detailed exploration works have now been completed at three ore zones
on the Pioneer licence area: Yuzhnaya, Promezhutochnaya, Bakhmut and intensive
exploration works are underway at a fourth ore zone, Andreevskaya, which was
discovered in 2006.

Where ore zones have been evaluated previously, the resource and reserve
estimates have been computed to a depth of 200m from surface. Following the
Pioneer site visit in 2006 by representatives of GKZ it has been agreed that
future reserve and resource estimation will be carried out to a depth of 300m.
So far all ore zones and ore columns explored have been found to be open at
depth. In some of the ore columns, on which less exploration has been carried
out, the actual depths of intersections are identified below.

Yuzhnaya Ore Zone

Initial geochemical and geophysical works at the Yuzhnaya zone identified the
presence of three ore columns. As a result of subsequent exploration works a
further four high grade ore columns were established. Two of these have been
studied the most (7-10 ore intersections), and five have been intersected by
several drill holes and/or trenches. From the south to the north these columns
have the following characteristics:

Yuzhnaya Column No.1

The column was opened by one drill hole on profile 72; as a result gold grade of
25.4g/t over a thickness of 0.7m at a depth of 85m was established.

Yuzhnaya Column No.2

Situated 170m to the north from the previous column, it was intersected by three
drill holes on one profile. The maximum gold grade is 186.15g/t on a 5.1m
thickness at a depth of 205m.

Yuzhnaya Column No.3

Situated 80m to the north and intersected by two drill holes. At 5.0g/t cut off
grade its thickness changes from 1.0 to 3.2m. The maximum gold grades, up to
26.8g/t, were established for a thickness of 3.2m.

Yuzhnaya Column No.4

Situated 80m to the north and intersected by one drill hole and one trench. This
column was predicted previously and it is characterised (at a cut-off grade of
5.0g/t) by gold grades 11.9g/t at 1.2m thickness and 13.6g/t at 5.9m thickness.

Yuzhnaya Column No.5

Situated 380m to the north, at the bend of the ore zone and earlier predicted.
Over a length of 55m it is intersected by six drill holes and one trench (40-80
x 80m). Its visible thickness ranges from 1.0 to 8.8m and the gold grades (at a
cut-off grade of 5.0g/t) vary from 6.1g/t to 39.0g/t. The highest average grades
of 25.1-39.0g/t are recorded on a thickness of 1.2-1.5m, and lower average
grades over greater thicknesses (6.1g/t at 8.8m; 8.7g/t at 4.0m).

Yuzhnaya Column No.6

Situated 240m to the north-east, where we had earlier predicted the presence of
mineralisation. Over a length of 70m it is intersected by eight drill holes and
two trenches (20x20-40m). Its visible thickness ranges from 1.0 to 11.0m, with
grades from 5.7 to 94.8g/t. The greatest thickness is characterised (at a
cut-off grade of 5.0g/t) as follows: 12.1g/t at 4.9m; 12.9g/t at 6.0m; 5.7g/t at

Yuzhnaya Column No7

This is situated 240m from the last column. It was intersected by a trench which
exposed high grades: 21.0g/t at a thickness of 1.5m. Drilling here has been done
across 80-100m.

Promezhutochnaya Ore Zone

Three ore columns were predicted here and confirmed by drilling.

Promezhutochnaya Column No.8

Situated 240m north-east from the last ore column of the Yuzhnaya zone. At a
length of 160m it was explored by three drill holes (40m x 60m), and high grades
of 22.9 - 47.8g/t over a thickness 1.4 - 1.5m were established.

Promezhutochnaya Column No.9

Situated 120m north-east and explored by seven drill holes (40m x 40m). Grades
of 7.1g/t at a 3.9m thickness and 36.3 g/t at a 1.4m thickness were established.
Maximal thickness of rich ores (cut-off 5.0g/t) is up to 4.0m (15.5g/t).

Promezhutochnaya Column No.10

This ore column was forecast by initial exploration works. It is situated 120m
to the north-east. An interval of 80m rich mineralization has been identified by
18 drill holes (20m x 20m). The thickness of rich ores varies between 1.0 - 8.5m
with grades between 5.6 - 67.3g/t including eight cross sections with grades
5.6g/t at thickness 5.4 - 8.5m. Rich mineralization is open to the east. The
most Easterly drill hole, No187, shows a grade of 21.2g/t at 2m thickness.

Bakhmut Ore Zone

Bakhmut Column No.11

120m to the east of drill hole No187 as a result of exploration works on a grid
of 80m x 60m high grade mineralization was identified by one drill hole. At 2.2m
thickness gold grades are 12.1g/t.

Bakhmut column No.12

This is the most explored ore column (previously reported as Apophysis No1). It
is explored by a pit to a depth of 40m on a grid 10m x 10m. Average grade here
is 10g/t. As a result of detailed exploration the Group's initial estimates of
gold content at this ore column were confirmed.

Bakhmut column No.13

It is situated 150m to the east and it was explored by three drill holes with
the following results: 11.6 - 16.1g/t at 0.9 - 2.2m thickness (40m x 60m
exploration grid).

This information can be summarised in the following table:

 Name of Ore     Distance along    No. of holes/        Grades       Indicated
    Column       zone from the     trenches that                     Thickness
                southern edge of  intersected the
                the Yuznaya zone       column
                                                                    (at cut-off
Yuzhnaya zone
 - Ore Column
     No.1          200m North            1              25.4g/t         0.7m
Yuzhnaya zone
 - Ore Column
     No.2          370m North            3            186.15g/t         5.1m
Yuzhnaya zone
 - Ore Column
     No.3          450m North            2              26.8g/t        1.0-3.2m
Yuzhnaya zone
 - Ore Column
     No.4          530m North           1/1             11.9g/t         1.2m
                                                        13.6g/t         5.9m
Yuzhnaya zone
 - Ore Column
     No.5          910m North           6/1         6.1 - 39.0g/t    1.0m-8.8m
Yuzhnaya zone
 - Ore Column
     No.6       1205m North-East        8/2         5.7 - 94.8g/t    1.0m-11.0m
Yuzhnaya zone
 - Ore Column
     No.7            1515m              1/1            21.0g/t          1.5m
ya zone - Ore
 Column No.8    1755m North-East         3         22.9-47.8g/t      1.4m-1.5m
ya zone - Ore
 Column No.9    2035m North-East         7          7.1-36.3g/t     3.9m / 1.4m
ya zone - Ore
 Column No.10   2155m North-East        18          5.6-67.3g/t     1.0m - 8.5m
Drill Hole 187)                                       21.2g/t           2.0m
Bakhmut zone -
Ore Column 11      2275m East            1            12.1g/t           2.2m
Bakhmut zone -
Ore Column 12      2435m East     pilot-scale pit   11.6 - 16.1g/t      2.2m
Bakhmut zone -
Ore Column 13      2585m East            3         11.6 - 16.1 g/t   0.9 - 2.2m

On the advice of its geological and mining teams, the Group has decided not to
explore these columns further for reserve definition purposes, preferring to
finalise the detailed evaluation of this material in the mining plan in due
course. Accordingly it is possible that the mining results may exceed the base
case predictions.

Andreevskaya Ore Zone

Last year a new, fourth ore body, Andreevskaya, previously predicted by
geochemical and geophysical models was identified. It has been traced for 2 km
out of which 870 m has been explored on a grid of 60-100 x 25-50 m, by 9
trenches and 31 drill holes. Mineralization has been encountered to a depth of
140-160m and is open in all directions.

Variable gold grades, between 0.9g/t and 368.4g/t along the evaluated section,
have been identified. Maximum grades (up to 1,225.0g/t) have been found in the
central area of the explored part of the zone.

To date, drill holes and trenching works on 450m, of the known 2km strike; show
an average grade of 32g/t to a depth of 90m over a 6m width. Significant silver
grades are also present, with grades of some samples greater than 1,000g/t

Andreevskaya Column No.1

It is explored along a length of 190m by three trenches and nine drill holes to
a depth of 140-160m yielding the following parameters: thickness 2.8-19.3m; gold
grades 5.4-119.5 g/t.

High grades of gold were identified both in trenches (55.8 g/t at 12.0 m
thickness), and in drill holes (119.5 g/t at 2.80m thickness; 26.0 g/t at 19.3m
thickness). Rich mineralisation is intersected by lower grade material (1.0-2.8
g/t at 1.6-6.7m thickness).

Further to the east 40-50m interval of lower grade ores (1.1-1.3 g/t gold at
1,7-9,0m thickness) has been identified by 1 trench and 3 drill holes.

Andreevskaya Column No.2

This ore column was explored along a length of 150m by two trenches and three
drill holes to a depth of 90m.

The mineralisation has the following characteristics: 4.2-368.8 g/t gold at
3.9-9.9m thickness. The highest grades were established in drill hole 337
(368.8g/t at 9.9m thickness), at a depth of 60m. In trenches 20.75g/t over a
thickness of 4.0m; 12.7g/t at 6.0m thickness.

Further to the east an area of mineralization 240m in length was followed but
not explored in detail. Two isolated drill holes and a trench identified 0.8-0.9
g/t gold grades at 0.7-5.0m thickness.

Andreevskaya Column No.3

This column intersected by one drill hole to a depth of 40m, is located 270m to
the east of ore column No2. Gold grades identified: 32.8g/t at 6.3 m thickness.

It would seem that the ore body contains a number of high grade ore columns,
three of which have been identified so far, with the following parameters:

Name of Ore    Distance       No. of Holes that      Average Grade   Indicated
   Column     Along Zone    intersected the column                   Thickness
             From profile
 zone - Ore
Column No.1    150m East            9               5.4-119.5 g/t   2.8-19.3 m
zone - Ore
Column No.2    380m East            3               4.2-368.8 g/t   3.9-9.9 m
 zone - Ore
Column No.3    530m East            1                  32.8 g/t       6.3 m
Competent Persons' Report

Peter Hambro Mining is now commissioning the preparation of a Competent Persons'
Report over its principal assets. It is intended that the results of this will
be published at the same time as the GKZ numbers are submitted, currently
estimated to be early in the autumn of 2007.

Key Points on the Group's GKZ estimates

The Group has hitherto reported its reserves and resources according to the
Russian Reserves and Resources classification system which was approved by the
State Committee on Reserves ("GKZ") in 1965 (as amended in 1981) since this is
its functional reporting system ("The Russian System").

Licence holders must register A, B, C1, and C2 category reserves with GKZ to be
able to extract them depending upon the structural complexity class of the
deposit. Gold deposits are usually in complexity class 3 or 4 for which
categories C1 and/or C2 are only available; categories A and B are rarely if
ever recorded for such deposits.

Part of the Group's C1 and C2 reserves are as yet unregistered. Failure to
register does not impose any sanctions on any Group company.

It should be noted that of the P Category resources, based on management
estimates, P1 is supported by drilling, and P2 is supported by some or all of
geological, geochemical, and geophysical evidence.

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. Henley has consented to the inclusion of the material in the form and
context in which it appears.

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.

Dr Henley is currently Chairman of PERC (the Pan-European Reserves and Resources
Reporting Committee, European equivalent of the Australasian JORC), and a
convenor and secretary of a CRIRSCO working group on harmonisation of Russian
and international reserve reporting systems.  He owns no direct or, to the best
of his knowledge, indirect interests in the shares or securities of Peter Hambro
Mining Plc or of any of its associated or subsidiary companies and does not
expect to receive direct or indirect interest in any of the Company's projects
or in the shares and securities of the Company.

Alya Samokhvalova   Director of External Communications   +44 (0) 20 7201 8900
Marianna Adams      Investor Relations                    +44 (0) 20 7201 8900

Tom Randell/
Maria Suleymanova   Merlin                                +44 (0) 20 7653 6620

Patrick Magee       JPMorgan Cazenove                     +44 (0) 20 7155 4525

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