Hambledon Mining

• 30/04/13

  Report for Quarter Ended March 31 2013

• 20/02/13

  Change of Adviser and Directorate Changes

• 08/01/13

  Holding(s) in Company

• 24/12/12

  Directorate Change

• 24/12/12

  Holding(s) in Company

• 

  30/04/13

  Hambledon Mining reports increase in gold production in first three months

• 

  24/12/12

  Hambledon Mining founder departs

• 

  17/12/12

  Hambledon Mining hires new CEO

• 

  12/12/12

  Hambledon Mining glistens after drilling update

• 

  07/12/12

  Hambledon Mining: partial offer declared wholly unconditional

• 

  16/11/12

  Hambledon Mining: Are investors missing a trick?

• 

  02/11/12

  Hambledon Mining receives offer for 60% of company from Kazakh mining family

  African Resources is backed by the Assaubayev family. They founded Kazakhgold and subsequently bought back its mines in Kazakhstan after it was reversed into by Russian gold giant Polyus.

• 

  24/10/12

  Hambledon still confident fines are ‘unjustifiable’ despite failed appeal

• 

  11/10/12

  Hambledon Mining's production edges higher

• 

  14/09/12

  Hambledon Mining produces 10,710 ounces of gold as it reports on "challenging" first half

• 

  03/03/2012

  Stocktube video - Hambledon Mining CEO says by the end of the year the underground mine will be flourishing

  1.3.12 Tim Daffern, CEO of Hambledon Mining (LON:HMB), tells Proactiveinvestors that 2012 will be a year of progress and that the underground mine, having been constructed early and under budget, has a target of producing 100,000 tons of rock this year and by December will be “flourishing”.

• 

  02/05/13

  FTSE 100 ends up after choppy day
• 

  20/02/13

  Proactive news summary including Gemfields, Vane Minerals, Hambledon Mining and Stratex International
• 

  22/01/13

  FTSE 100 ends little changed after shaky start
• 

  22/01/13

  Hummingbird Resources' confidence over Dugbe boosted by metallurgy

• 14/03/11

  Press: 14.03.11: -0.37, (4.38) Press: Hambledon Mining fell after a GBP6.6m placing via broker Fairfax. Funds will be used for surface... read more

  Press: 14.03.11: -0.37, (4.38) Press: Hambledon Mining fell after a GBP6.6m placing via broker Fairfax. Funds will be used for surface infrastructure upgrades at the Sekisovskoye gold mine in Kazakhstan. Source - Mail
• 10/03/11

  +0.00 +5.63

  Press: Hambledon Mining was unchanged despite rumours it will soon announce a GBP3.5m placing of new shares at 4p each. Source - Financial Times

  Press: Hambledon Mining was unchanged despite rumours it will soon announce a GBP3.5m placing of new shares at 4p each. Source - Financial Times
• 23/02/11

  Broker: 23.02.11: -0.25, (6.38) Broker: Hambledon has released an update on the estimated costs for the development of the underground. The... read more

  Broker: 23.02.11: -0.25, (6.38) Broker: Hambledon has released an update on the estimated costs for the development of the underground. The revised indicative capital requirement to establish the 850kt pa underground project and to complete the initial mining phase in 2012 will be approximately $31M. The revised capital cost estimate for the underground is significantly higher than the previous forecast of $22M for the 500kt pa underground development as announced on 9 June 2008. The final costs are dependent upon the completion of the technical studies due for completion in 3Q 2011. Output in 2012 from the underground mine is expected to be around 23k oz. The Sekisovskoye underground project design has not only been modified to increase the output, but also to take advantage of lower operating costs by incorporating the additional benefits of shaft based ore and waste handling and paste backfill. The $9M increase in capital costs to $31M has seen the target price fall from GBP0.12/share to GBP0.095/share, but the BUY recommendation is maintained. Source - Fox-Davies Capital
• 08/02/11

  +0.00 +7.63

  Hambledon Mining started with hold rating at Ambrian, 7.5p target price.

  Hambledon Mining started with hold rating at Ambrian, 7.5p target price.
• 09/06/08

  +0.50 +13.25

  higher midday on well received full year results and a positive trading statement Monday, while in reaction Seymour Pierce repeated its... read more

  higher midday on well received full year results and a positive trading statement Monday, while in reaction Seymour Pierce repeated its ?buy? recommendation and 34 pence price target. Earlier, the AIM-listed gold miner, said its Sekisovskoye gold mine is now fully operational and the mine?s treatment plant is reaching the design level of 850,000 tonnes a year. At the moment, Hambledon is mining Sekisovskoye from open pit and production will average over 40,000 ounces per year. As soon as steady production has been achieved, the company will develop the much larger underground resource, which is expected to lead to annual production of around 100,000 ounces. The miner posted a pretax loss of 4.38 million pounds compared with a pretax loss of 680,000 pounds the previous year. In reaction, Seymour Pierce said it believes the confirmation that ore through put at Sekisovskoye is reaching the expected annualised rate is of more importance than historic results. The broker is pleased to see the Falcon gravity concentrator, a crucial part of the processing circuit, has now been commissioned. It believes this should see gold recovery rates improve from the current level at around 80 percent to 92 percent. With the company in a secure financial position following the recent fundraising, the broker looks forward to positive news from both the companys operations in Kazakhstan over the coming months.

The Sekisovskoye open pit mine had been worked by the Soviets from 1976. Exploration and metallurgical studies were carried out from 1979 to 1994 on the open pit and underground ore bodies.

Hambledon Mining acquired the mining rights held by TOO Sekisovskoye in 1994. The mining licence is valid until 18 July 2020 with a contractual right to extend.

In 2004, Hambledon listed on AIM, raising £2.5m (gross) at 5p per share. It subsequently built a brand new treatment plant capable of treating 850,000 tonnes per annum for $25m. In all, the Company spent just $40m on its mining and treatment plant facilities.

In May 2007, Hambledon acquired a processing plant at Ognevka from its creditors in bankruptcy. In the past, it had treated tantalum, niobium, lithium and feldspar from ores located below the plant, and more recently had been treating zinc clinker containing high values of copper, gold and silver. It was intended to re-open it to treat some of these minerals, but is currently on care and maintenance,

Various modifications have been made to the plant and the crushing circuit, enhancing its capacity up to 1m tonnes per annum. In September 2009, Hambledon raised £2.8m from shareholders to enable it to proceed with its long stated aim of developing the underground pit.

The Hambledon Mission:

To maximise the value of the business by development and continuous improvement of gold assets in Kazakhstan.

• Expansion at existing mines

• Productivity and cost improvements

• Identifying and developing new gold based projects

• Respect local communities and promote schemes

  for their benefit

The Sekisovskoye deposit

The mineral rights at Sekisovskoye are held by a 100% owned subsidiary. TOO Sekisovskoye and the processing plant is held by the 100% owned subsidiary TOO Altai Ken-Bayitu.

Image above shows Plant Entrance

Location
The Sekisovskoye deposit is located at the village of Sekisovka , approximately 40 kilometres from the East Kazakhstan regional capital, Ust Kamenogorsk. The road from Ust Kamenogorsk to Sekisovka is sealed and provides the main route between Ust Kamenogorsk and Ridder (formerly Leninogorsk) and further on in to Russia.

Geology & Mineralisation

The deposit occurs in the northwest marginal zone of the 40 thousand sq.km Rudny Altai Palaeozoic metallogenic belt that occupies the eastern border of Kazakhstan and the Altaisky region of Russia. The mineral hosting intrusives are of late Devonian age.

Hambledon's extensive infill diamond drilling programmes within the upper horizons of the deposit have provided a higher confidence in the delineation of the gold zones, which better reflects the complexity of the gold distributions, in both shape and spatial continuity. Consequently, the number of mineralised zones has increased significantly: totalling 244 zones within the higher levels above the 250m elevation and a total of 307 zones for potential underground exploitation below the 250m level. True thickness of these tabular-like zones may change rapidly along strike and down dip, with a maximum delineated thickness of 45m, and the continuity of mineralisation may reach 700m downdip and 150m along strike. Most of these zones are parallel to sub-parallel within the hosting breccia pipe, with dips averaging 65 to 80 degrees northeasterly. It has now been shown that several of the “barren” igneous dykes within the hosting breccias can contain noteworthy gold levels and these have been incorporated into the modelling of the gold zones.

Gold is associated with hydrothermal alteration of the breccia zone matrix and also with hydrothermal sulphide veining. A high percentage of the gold occurs as intergrowths and free grains, with only a minor percentage locked within sulphides. Gold particles can be coarse, up to 0.4mm, and this contributes to an erratic grade distribution, in addition to the presence of unmineralised breccia fragments. CRS suggest that the presence of listvenite alteration indicates that the gold and silver mineralization may have emanated from hydrothermal solutions that developed from differentiated deep-seated ultrabasic magmas.

Exploration

The priority given to resolving production issues at Sekisovskoye restrained exploration activity in 2008 but a limited amount of exploration was carried out at Tserkovka. Though no significant discoveries were made, we plan to undertake bulk sampling of the surface exposure of its ore zones. By extracting and processing a total of 2,200 tonnes of ore at an expected grade of 2.45 grammes per tonne, we will determine the grade more accurately than is possible from sampling in this highly variable deposit. Former Soviet assessments showed higher grades and tonnes. If the bulk sampling exercise proves successful, further exploration will be carried out. In accordance with the terms of the subsoil use licence 30 per cent. of the 29 square kilometres of licensed territory at Tserkovka has been relinquished.

At Sekisovskoye, once we have established the initial underground decline, we plan to drill 183 holes totalling 24,000 metres from the 320m, 240m and 120m levels in order to upgrade the reliability of the resource estimate and as part of the project approval process. Test-mining will take place on orebody 11 from level 240m up to level 400m.

Our geologists have been researching other potential deposits which might be available in Kazakhstan, either by taking new licences from government or by contract with existing owners. Several potential targets have been identified and initial discussions have been held with the appropriate authorities. For the present, the government of Kazakhstan has suspended such negotiations generally, although we expect them to restart later in 2009.

Mining

The current open pit design consists of some 4.2 million tonnes of ore at a gold grade (diluted) of 1.2 g/t and a stripping ratio of 4.7:1, estimated to yield 213,352 ounces of gold and 366,280 of silver. This pit was deliberately curtailed in depth because of the benefit of keeping use of certain existing underground development which reduces the cost of mining from underground ore which would otherwise be economic from open pit. In the light of recent rises in the gold price this plan is being reviewed.

The initial planned mining rate of 850,000 tonne per annum gave a pit life of approximately 5 years. Mining operations are conventional drill and blast with excavator and truck haulage. Mining is carried out by Sekisovskoye’s own mining fleet as a detailed cost analysis conducted prior to commencement of operations showed there were considerable cost savings to be gained. The mining fleet consists of two Hitachi Zaxis 850H, 85 tonne excavators with a fleet of 45 tonne BelAZ 7547 mining trucks. The addition of a Kaneks EK450 45 tonne excavator in August 2009 has increased mine capacity which will enable mining operations to satisfy the enhanced capacity of the process plant. Drilling is carried out using Atlas Copco COPL7 drilling rigs. Ancillary mining equipment is a mixture of Russian and Chinese equipment.

For further information please Click Here.

Directors

Aidar Assaubayev - Chief Executive Officer

Aidar Assaubayev is an Executive Director of AltynGroup Kazakhstan LLP. He was formerly Executive Vice Chairman of KazakhGold Limited, the gold mining corporation and formerly Vice President and a Board member of JSC MMC Kazakhaltyn, the gold exploration and development group. Aidar has completed over $1billion in IPO and M&A transactions in recent years.

He was educated at the Kazakh National Technical University, Almaty and holds a degree in economics from the Institute of Systemic Analysis in Moscow

Ashar Qureshi - Non -Executive Director

Mr. Qureshi is a U.S. qualified lawyer who was previously a partner with international law firm Cleary Gottlieb Steen & Hamilton LLP, where he was based first in the New York office and later in the London office where he helped establish the firm's emerging markets presence. More recently, he was the Vice Chairman of Renaissance Group where he had a senior investment banking role and is currently Executive Vice Chairman of Luminaire Films, a director of Hanson Asset Management Limited and a partner of Naya Capital Management LLP. Mr. Qureshi was educated at Harvard Law School and Harvard College and holds a Juris Doctor.

Senior Management

Baurzhan Yerkeev

Baurzhan has a degree from the Tomsk Polytechnic Institute, Geological Faculty (Russia). He is an experienced exploration geologist, with extensive knowledge of Kazakhstan, the CIS and Altai Region (where Sekisovskoye is located). He has managed projects for the State Geophysical-Geochemical Expedition and the State Exploration Expedition. More recently, he has been a director of CRS, the Company's geological consultants. Baurzhan is experienced in working with the various State bodies responsible for approving the Company's development plans and has worked with many western and local companies. He has received specialist training in the UK from Datamine International and is a qualified Datamine trainer.

Rajinder Basra -  CFO

Rajinder qualified as a chartered accountant with BDO LLP in1990, leaving in 2002 to co-found a chartered accountancy practice. He has extensive experience advising companies within the natural resources sector, and has worked with a number of mining and exploration companies based in Kazakhstan. He has more recently been assisting and advising mining and oil companies preparing for IPO’s and other corporate transactions.

There are currently 979,721,513 ordinary shares of nominal value 0.1 pence each in issue. There are no shares held in treasury.

At 24 December 2012 , the following shareholders, each held over 3% of the company's issued, ordinary share capital at that date.

Updated from Hambledon Mining website 05.04.2013