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Hambledon Mining glistens after drilling update

The drilling programme by gold miner Hambledon Mining at its Sekisovskoye underground project in Kazakhstan continues to provide reassuring results. The holes drilled were in the upper levels of the underground ore zones and the results are consistent with, and in many cases better than, the geological and mineral resource modelling previously carried out.
Hambledon Mining glistens after drilling update

The drilling programme by gold miner Hambledon Mining (LON:HMB) at its Sekisovskoye underground project in Kazakhstan continues to provide reassuring results.

Since the last update in June a further 6,343 metres of drilling has been completed, bringing the total up to 21,249 metres.

The number of holes drilled is now up to 172 from 126 at the time of the June update.

The drill holes were in the upper levels of the underground ore zones and the results are consistent with, and in many cases better than, the geological and mineral resource modelling previously carried out.

Of the recently drilled holes, D149 looks particularly interesting, with a 22 metre (m) intersection at 9.23 grams per tonne (g/t), while hole D154 has an even longer intersection of 24m at 6.94 g/t Au (gold).

The trial mining in ore body number 11, where mining started in the fourth quarter of 2001, came to an end in the fourth quarter of this year, with all mined ores now processed.

There is currently no underground mining taking place but underground drilling continues.

The trial mining works provided substantial operational and technical information which will be used in the feasibility study that is underway to allow underground mining to resume in 2013, Hambledon said.

Shares in Hambledon Mining rose 3.64% to 1.71p in morning trading. 

The company is the subject of an offer by African Resources, which is seeking to acquire up to 60% of the company. The partial offer was declared wholly unconditional last Friday.

The offer was announced on November 2. By the end of November African Resources had received acceptances of its 2p a share offer in respect of 59.88% of the issued share capital of Hambledon.

African Resources, which is registered in the Cayman Islands, was created for the purposes of making the offer for Kazakhstan-focused gold miner.

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