17th Jul 2006 10:30
Hambledon Mining PLC17 July 2006 AGM Statement George Eccles, Chairman, Hambledon Mining plc ("Hambledon" or the "Company), anAIM-listed mining and exploration company developing precious metal deposits inKazakhstan, made the following comments at today's Annual General Meeting: "It has been another year of significant progress. Mining operations havecommenced, the JORC resource estimate has doubled to 2.7 million oz gold, and wehave expanded the planned capacity of the process plant by over 40%. "We are now working very hard to get the mine into production as quickly aspossible. Although slightly behind the original timescale, due in the main tothe scope of the mine being so much larger, the management have done, andcontinue to do, an excellent job in identifying and developing such a highquality low cost project. "As indicated, the initial production will be c40,000oz per annum rising to over100,000oz as we develop underground. The increased capacity of the processplant, although increasing initial costs, should lower the overall unit costquite sharply. "Plant and equipment is now arriving on site; mining operations have commenced,building work is underway and we expect to start production in the first half ofnext year. The prospects for the Company continue to improve and the Board viewsthe future with increased confidence". All resolutions proposed at today's Annual General Meeting were duly passed. 17th July 2006 ENQUIRIES: Hambledon Mining plcNicholas Bridgen, Chief Executive Tel: +44 (0) 207 870 6376 Bankside Consultants Tel: +44 (0) 207 367 8888Michael Padley / Michael Spriggs About Hambledon Mining plc Hambledon Mining plc is an AIM listed mining and exploration company developingprecious metal deposits in the mineral-rich Altai region of East Kazakhstan. Itssubsidiary TOO Sekisovskoye holds two adjacent licence areas, Sekisovskoye andTserkovka, with JORC gold resources estimated at 2.7 million ounces andadditional non-compliant Soviet classified resources of 0.7 million ounces. TOOSekisovskoye has also been informed that it will be awarded two more adjacentterritories known as Glinka and Krugliachka. Mine preparation has commenced andconstruction of an 850,000 tpy treatment plant has started. New explorationareas are being evaluated and an updated mine model is being prepared. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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