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03/03/2012

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

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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: HMB
Latest Price: 2.13p  (0,00%)
52-week High: 6.00p
52-week Low: 1.67p
Market Cap: 20.87M
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Hambledon Mining
www.hambledon-mining.com

Hambledon Mining plc is a gold mining and development group, which is operating the Sekisovskoye gold mine close to Ust Kamenogorsk in East Kazakhstan.

The Company has been mining from an open pit and operating an 850,000 tonnes per annum treatment plant since 2008. Underground mining at Sekisovskoye began in late 2011 on time and on budget. From a combined production from the underground and open pit mine of approximately 30,000 ounces in 2012 a figure of approximately 100,000 ounces is targeted from the underground mine alone in 2017. It hopes to complete the purchase of Akmola Gold LLP in March 2012, bringing in to the group two gold deposits with a total resource of 440,000 ounces gold.

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Hambledon Mining shares rises after strong drill results from Sekisovskoye gold mine

21st Feb 2012, 12:30 pm by Andre Lamberti The underground drill programme is aimed at validating and expanding the geological resources at the Sekisovskoye gold mine in Kazakhstan

Shares in Kazakhstan focused gold group Hambledon Mining (LON:HMB) were lifted by the latest drilling results from the Sekisovskoye underground mine, which showed high grades – with one hole returning more than 10 grammes per tonne gold.

By 12.26 pm, the stock was up 4.72 per cent from yesterday’s close at 3.325 pence.

The company has completed 98 drill holes in the upper levels of the underground ore zones  over 11,170 metres up to mid-February 2012. 

The results are consistent and in many areas exceed the geological and mineral resource modelling previously carried out at the property.

The underground drill programme is aimed at validating and expanding the geological resources at Sekisovskoye.

The main intersections since the last update include hole D68, which found 4 metres at 4.81g/t Au and hole D82, which cut 13 metres with 5.85g/t Au.

None of the latest reported intercepts showed values below 3.5 g/t Au.  Hole D77 even found 9 metres at 9.27g/t Au and D86 intersected 9 metres with 10.92gt Au.

The ore body to be mined in 2012 is ore body number 11 where mining started in the fourth quarter 2011.

The drill results and mined grade, including dilution, compare favourably with and provide robust confirmation of the geological model, the company said.

“It is expected that 6,500 tonnes of underground ore will be treated in February in the processing plant and underground mining activity is now achieving approximately 7,000 tonnes per month which is in line with budgeted plans for 2012 of 100,000 tonnes per annum extraction rate,” Hambledon added.

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