Hy17 Sep 2012 14:24
http://www.proactiveinvestors.com/companies/news/34777/hambledon-mining-produces-10710-ounces-of-gold-as-it-reports-on-challenging-first-half-34777.html
In the half year to June 30, Hambledon Mining (LON:HMB) produced 10,710 ounces of gold from its flagship Sekisovskoye mine in Kazakhstan.
That compared to 9,769 ounces for the same period in 2011.
The operating loss came in at $ 2.1 million versus $2.3 million in the 2011 half year, it added.
Hambledon told investors the period had been challenging for the company.
"The operations were certainly buffeted by the tailings dam leak at the end of 2011 and the consequent drain of our cash resources from fines, penalties and rehabilitation work which could have been better spent elsewhere," it said.
However, it noted the results were still marginally better than the corresponding period last year.
"Indeed, from an operational point of view, there has been much to cheer as the open pit grades have been edging higher and we completed the removal early in the period of the excess overburden of waste ore that impacted on costs and limited throughput last year," it said.
Yesterday, it announced a pause to development of the underground gold mine following extraction of the current accessible zones at Sekisovskoye in order to build up cash.
Exploration drilling will continue to build up the geological knowledge of the area, with an anticipation that underground mining will resume in the second half of 2013, it said.
Looking ahead, Hambledon said it looked forward to a period of consolidation and a build-up of capital resources which will allow it to move forward at Sekisovskoye and other projects.
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