27th Nov 2006 15:43
Peter Hambro Mining PLC27 November 2006 Peter Hambro Mining PLC ("PHM") welcomes establishment of PERC working group on conversion of Russian and Western Reserve and Resource Estimation 27th November, 2006 Pan-European Reserves & Resources Reporting Committee - the European counterpartto JORC in Australasia - has established a working party that will establish theprocedure for the conversion of the Russian mineral reserves and resourcessystem with that of the systems more generally accepted in USA, Canada,Australia and London. Peter Hambro Mining, all of whose gold mining assets are located in the RussianFederation, has always reported under the Russian system since that is what itis required of it by the Russian State Commission on Reserves, whilst givingJORC updates on its key assets. An agreed conversion method will make it easier for analysts and investors tocompare PHM's exceptional portfolio of growth assets with those of miningcompanies operating in other localities. Commenting on the news, Peter Hambro, Executive Chairman of PHM said:- "I am delighted that this important step towards harmonisation has now beentaken. It is excellent news that representatives, including those from of theRussian system and JORC, are meeting under the auspices of PERC and CRIRSCO andthat Dr. Mike Armitage and Dr. Steven Henley have agreed to take on thisimportant task. "This is something that we have always hoped would happen and I fully expect thatit will lead to a far greater acceptance by investors and by stock exchanges inother countries of the Russian system that we use because we are Russianproducers and explorers." ENDS Enquiries: Peter Hambro Peter Hambro Mining PlcExecutive Chairman +44 (0) 207 201 8900 Tom Randell / Maria Suleymanova Merlin +44 (0) 207 653 6620 For background information: Text of PERC statement on Russian and International Reserves Reporting A new working group has been set up by PERC (the Pan-European Reserves &Resources Reporting Committee - the European counterpart to JORC in Australasiasee www.percreserves.com) on behalf of the Committee for Mineral ReservesInternational Reporting Standards (''CRIRSCO" - see www.crirsco.com). This working group, consisting of both Russian and international specialists inresource and reserve estimation and reporting, will operate under thechairmanship of Dr Mike Armitage, Managing Director of SRK Consulting (UK) Ltd,and will include representatives of both the Russian State Commission onReserves (GKZ) and of the international reserves reporting community asrepresented by CRIRSCO, including the Australasian JORC committee and the PERCcommittee in Europe. The purpose will be to establish procedures for conversion in either directionbetween resource and reserve estimates classified and reported according to theRussian and international Codes, as well as to identify mutually acceptablecriteria for international recognition of Russian professionals as "CompetentPersons" according to the Codes which follow the CRIRSCO template. Hitherto, conversion between Russian and international reserves reportingsystems has required a separate Competent Person's report, and has been bothtime consuming and expensive. By defining objective procedures and criteria itis intended that resources and reserves which are reported under the RussianCode will become more generally acceptable to western markets and stock exchangelisting authorities. It is hoped that the committee will publish its final recommendations within amaximum of 12 months, i.e. by October 2007. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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