25th Jun 2009 14:16
RESULTS OF AGM & UPDATE
25 June 2009
Peter Hambro Mining Plc (the "Company" or the "Group") announces that the Annual General Meeting of the Company was held at 12 noon today. All of the resolutions proposed, as set out in the notice of the meeting to shareholders dated 20 May 2009, were duly passed on a show of hands.
Full details of the proxy votes received from shareholders prior to the meeting for each resolution will be made available on the Company's website www.peterhambro.com.
Following the AGM, a presentation was given to shareholders on the progress of the Group's production plans and development projects. The following comments were made about production and costs:
Production
Gold production for the first 5 months has been slightly above plan and the Pioneer project's Phase 2 is currently on track to commission in July, with ramp up to full production expected during the third quarter. Subject to any unexpected commissioning problems, production for the full year is expected to be towards the upper end of the Company's forecast range of 460,000-510,000 oz (published on 6 March 2009). Further detail on production is expected to be published in the Company's trading update (20 July 2009).
Costs
Underlying unit production costs are in line with plan. As forecast, production volume increases and the processing of high grade material that has been encountered have had a corresponding beneficial effect on unit costs-per-ounce.
As part of the Company's stated aim to increase financial transparency, it has been decided that, in addition to publishing Gold Institute Standard (GIS) production costs, it expects to publish a more detailed and comprehensive production cost analysis. The 2009 Interim Statement, expected to be released on 27 August 2009, will contain this data for the first time.
In accordance with Listing Rule 9.6.2, two copies of the resolutions passed at the Annual General Meeting will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at 25 The North Colonnade, Canary Wharf, London E14 5HS.
Enquiries:
|
Peter Hambro Mining Plc Alya Samokhvalova Charles Gordon Rachel Tuft |
+44 (0) 20 7201 8900 |
|
Merlin David Simonson Tom Randell Maria Suleymanova |
+44 (0) 20 7653 6620 |
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