14th Nov 2005 13:38
Peter Hambro Mining PLC14 November 2005 14th November 2005 CONTINUED PHM FOCUS ON GOLD & DIRECTORS DEALINGS Peter Hambro Mining PLC ("PHM") notes incorrect reports in the Russian mediasuggesting that PHM has acquired interests in certain iron ore deposits in theRussian far east. PHM remains focussed on the exploration for, and developmentand operation of, gold deposits in Russia. It has not diversified into the ironore industry and has no intention of doing so. Peter Hambro and Dr Pavel Maslovsky, both of whom are directors andshareholders in PHM, have informed the Board of PHM that, acting in theirpersonal capacities, they have interests in the companies that acquired theseinterests. Further to these acquisitions, Mr Hambro and Dr Maslovsky have today informedPHM that a small proportion of the PHM shareholdings in which they arerespectively interested have today been sold, in part to help fund the purchaseand initial development of these iron ore interests. The following table shows the number of PHM shares sold and the resultantholdings of the two directors and their respective associates: Pre-sale Number of PHM shares Post-sale shareholding sold shareholding Peter Hambro 6,530,800 (8.28%) 1,298,701 (1.64%) 5,241,099 ( 6.64%) Pavel Maslovsky 19,844,524 (25.13%) 1,298,702 (1.64 %) 18,545,822 (23.49%) Total 26,384,324 (33.42%) 2,597,403 (3.29%) 23,786,921 (30.13%) The shares were sold at a price of UK£7.70 per share. Commenting on the announcement, Peter Hambro, Executive Chairman, said:"Pavel Maslovksy and I remain fully committed to the continued development ofPHM as a focussed gold company and remain major shareholders. We have todayrealised only a small amount of our holdings in PHM, primarily in order toacquire and help to develop other local interests. Our personal investments inthe Russian iron ore industry reflect our confidence in investing in Russia andthe fascinating array of investment opportunities which Russia offers. We bothremain firm supporters of PHM and the prospects of our gold mining business inRussia. PHM has updated the market on very encouraging results from the Pioneerdeposit, and we have every confidence in the Company's ability to drivesubstantial additional value from PHM's portfolio of assets as we progresstowards our one million ounce production target." - ends - Enquiries: Alya Samokhvalova / Marianna Adams +44 (0) 20 7201 8900Peter Hambro Mining PLC Tom Randell/Maria Suleymanova +44 (0) 20 7653 6620Merlin This announcement is not for publication or distribution, directly orindirectly, in or into the United States of America (including its territoriesand possessions, any state of the United States and the District of Columbia).This announcement is not an offer of securities for sale into the United States.The securities referred to herein have not been and will not be registered underthe U.S. Securities Act of 1933, as amended, and may not be offered or sold inthe United States, except pursuant to an applicable exemption from registration.No public offering of securities is being made in the United States. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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