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Lo and behold the 1 million sell yesterday has popped up as cancelled today! The huge 1.5m and 2.5m buys at 1.13 and 1.15 are still there though... 1.25 - 1.30 curently 17-Sep-12_15:39:02_1.10 1,000,000_Sell* 11.00k 17-Sep-12_15:39:02_1.10 -1,000,000_Sell* -11.00k O

I take it your buys have contributed ;) Looking promising

17/09/2012 15:38:15 HMB 1.15 O 2,500,000

Cheers mate, nice little tick up and 1.15 paid now Reading back through the update I realise now that costs for dumping waste ore won't fall for another quarter at least however cash generation will be much improved if the POG remains at this level or continues to climb "In the meantime, the Company intends to build up its cash resources by deferring the proposed underground capital expenditure programme. The cash generation from the on-going open pit operations is expected to increase markedly in 2013 as a result of the scheduled reduction of the stripping ratio of waste to ore, the completion of the remedial works to tailings dam 3 and the ability to dump waste rock from the main pit into the depleted North pit, reducing the average waste haulage distance from around 5km to 500 metres."

Hi Higgs, good to see you have an interest here. I know we haven't seen eye to eye previously, but hopefully we can leave our differences behind on that bb and focus on the positives of HMB going forward. It would be good to hear your views, atb Terry - Is your Akmola timescale just a guess? From what we have heard I am not expecting anything for months yet, but I would love to be proven wrong on that matter ;) Agree with the rest of your assessment though. The market is not factoring in any growth for H2. The value of our current resource is way below peer averages on a per ounce basis. I do believe we will see a better second half to 2012. - POG has increased to year high and is set to rise further thanks to US QE $40bn/month - Costs to fall (distance dumping waste now reduced, recoveries set to improve, grade steady, no underground costs which were massive in H1! etc) - Production to increase marginally - Updated JORC resource due in matter of weeks - Akmola settlement - Appeal over fine (cash back?) Recovery play to £20m (2p) by Christmas :)

Plenty of pressure at the end there, including a 1.1m buy at 1.10 and a 557k buy at 1.08

Final top up now, holding 346,033 shares! Bring on 2p by Christmas! Indicative Price £0.011 Price Dealt £0.0108 BrokerLine improved your order by £25.6772 Trade Time 14:22:54 Quantity 128,386 Shares Symbol HMB Stamp Duty £6.93 Total £1,407.00

"Capital expenditure was $4.8 million. The main item of capital expenditure in the period was the development of the underground mine." An indication of the costs that will be saved during the next 6 months. Cash costs of $1262/oz were huge but are now set to fall.

"Some time ago, the Company reduced its guidance from 30,000oz to 26,000oz for 2012, and at the halfway mark, production totalled only 10,700oz. The only way it is going to achieve guidance is for the mill to start treating 70kt pm. From a low point in February/March when mill throughput was only 48kt/m, it has steadily increased and in June hit 63.9kt. "The open pit grade appears to be steadying out at close to 1.2g/t. We understand that part of the problems relating to the low mill throughput are that some of the mobile fleet is tied up with the remedial work associated with tailings dam 3 and the construction of tailings dam 4 which is expected to be completed by the end of 3Q. This is expected to occur in the fourth quarter. All this suggests a constant build-up in production with 4Q being the best for the year. 2013 should be a much better year with increasing amounts of higher grade underground ore, higher recoveries and the mill running at very close to its capacity of 70kt pm." Q3 results will be out next month. I would expect mill throughput will increase also due to the move away from underground production. In Q4 we should hear about the difference this will bring to results. Perhaps the company will exceed their 21,000oz figure for year end after all! http://www.fox-davies.com/media/35234/hambledonminingflashnote13july2012.pdf

http://www.investegate.co.uk/Article.aspx?id=20120914131600Z3643

Funding through EBRD "Hambledon has now met all the conditions for the first tranche (US$10m) of the US$15m loan from the European Bank of Reconstruction and Development (EBRD), which was first announced on 22 February 2012 and has now become available for use by the company." Remember the second tranche of US$5m was to be issued contingent on Hambledon achieving a production rate of 44kt in one quarter from Q1 2013, (target of 175,000tpa on a quarterly basis from underground resources). Open pit operating more normally with waste ore removed, recoveries will have improved somewhat. We have endured five months of low grade ores whilst the open pit remnant waste was removed. Also note the distance the waste travels now from the most recent RNS, this will reduce costs. No more underground expenditure this quarter. So better recoveries, lower costs and increasing margins.

If you can make money when HMB eventually rebound that is all that matters. Mining of waste and ore at Hambledon’s Sekisovskoye gold mine has been progressing steadily throughout 2011 despite the Tailings Dam 3 (TD3) incident. "Waste stripping within the Sekisovskoye open-pit mine was completed on schedule (by end 2011), allowing for increased gold production at lower costs through greater use of Hambledon’s expanded mining fleet." The company are reducing growth and cutting costs, perhaps a strategy that should have been implemented earlier... MXP have a similar scenario playing out (abandoning deep drill to focus on cheaper shallow wells)... Will HMB turn a profit this year? I'm working on a few calculations now but it doesn't look promising. It's quite complicated given the court fees and also the loans from EBRD etc. What we now know is expenditure will fall as underground works halt and the remaining open ounces are extracted and sold. Next year HMB will begin with a clean slate, a fresh bill of health. I agree if Akmola becomes part of the equation, it will change our SP for the better. I'm not expecting it any time soon though (no point getting hopes up given track record) Edison figures suggested HMB would generate revenue of $46.2m for 2012 based on 26,000 ounces of production and credit from loans etc. Of this they forecast Hambledon making a profit after tax of $5.6m by end 2012. If we assume the difference remains the same ie. $40.6m liabilites and reduce the revenue by 5000 ounces at a price of $1550/oz that equals $7.75m. So a $2m loss potentially although that does take into account the increase in margins since the POG rose from $1550 to $1775. Each produced from today generates an additional $225/oz profit if we assume costs remain unchanged. Hope all that makes sense :)

Well yesterdays top ups at 1.10 were a bit early but seems steady at 1.05 now. Market cap is now £10m. Terry - good to see you back here. The POG is still rising, $1775 currently so i'm predicting a stronger Q4. This is providing there are no falls in grade or gold recovered. Margins have increased $225/oz in the space of a few weeks so hopefully HMB will capitalise on this in the coming months. 2013 does look to be the start of the turnaround now, 2012 is a year we would all rather forget about... Brodie - Welcome to the bb, congrats with your buys, well jell here lol scubaz - Hopefully you're not too heavy in RRR. I remember the good old days there but it seems the markets have lost interest for the moment. Applies to most things really. CNR are going through a period of change and what lies after can only be positive for investors IMO. I am a little bias given CNR has netted me the most on a value basis. SXX was my real percentage play, averaged 3p for months and eventually sold in the 20s. Just a shame I only held a couple of Gs there. Still if you are making regular money in this market then fair play sir. HMB has only to gain some momentum before fair value is priced in. They really should benefit from higher margins and higher production next year. No excuses really. The fines... well seems a lost cause IMO. Producers have to rise (from lows) if profits rise - that is my rational, atb

Quite agree! I wouldn't suggest anyone going deep in here even at these lows, not at least until the company begins to perform. Best to have a trading strategy with the likes of CNR although not bothered there either lol...too lazy! ATB

Completely oversold and a fantastic opportunity to lower my average! 200k for £2200, current average now 1.48p scubaz - only a 6 month delay. The good thing is the company will be able to reduce costs for disposing of waste ore so reducing operating costs per ounce. At the same time HMB will benefit from the increasing POG which has risen almost $200 since bouncing off $1550. Output this year will be 21,000oz. If we assume this is the same next year but with the POG at $1700/oz and operating costs at around $900 (although expected to be lower) net revenue after costs will be $16.6m (£10.6m)... Output was forcast to be almost double that although will likely be lower now given the 6 month delay. It shouldn't be much lower than 30,000oz IMO. " In the meantime, the Company intends to build up its cash resources by deferring the proposed underground capital expenditure programme. The cash generation from the on-going open pit operations is expected to increase markedly in 2013 as a result of the scheduled reduction of the stripping ratio of waste to ore, the completion of the remedial works to tailings dam 3 and the ability to dump waste rock from the main pit into the depleted North pit, reducing the average waste haulage distance from around 5km to 500 metres. This more measured approach to the mine development will ensure that the business builds up its capital from internally generated cash flow from continuing mining operations, has sufficient time to optimise the underground development and ensure full compliance with the Kazakhstan administrative approval processes for underground mining." http://www.investegate.co.uk/Article.aspx?id=20120913151800Z3471

Correct, just double checked. Think I'm using rather old forcasts. http://minesite.com/news/hambledon-mining-sets-a-production-target-of-100-000-ounces-of-gold-per-year-by-2018 Hambledon now expects to produce 60,000 ounces of gold annually “in two years”, according to Daffern. He expects 40,000 ounces of this will come from Sekisovskoye. The other 20,000 ounces from Akmola Gold, a company which Hambledon bought last year for its Tellur and Stepok prospects in central Kazakhstan in a £3.1 million shares-and-cash takeover. This is part of Daffern’s drive to take production to 100,000 ounce of gold annually before 2018 and, perhaps, to 200,000 ounces a year by 2020, particularly if Tellur and Stepok live up to expectations.

Everyone aware the turning point is approaching? Production forcast for this year is 26,000 ounces with 63,000 estimated for 2013 and increasing year on year to 100,000 by 2015. $200m gross assuming a POG of $2000/oz by 2015. Current market cap is barely £14m. Rerate coming

Good reminder from earlier this year. Price of Gold is rebounding back and looks strong at $1700/oz. Costs should be falling and the best news is yet to come! Strongest production figures coming in Q4 :) http://minesite.com/news/hambledons-profits-look-set-to-surge-as-gold-production-in-kazakhstan-rises-significantly

http://minesite.com/news/hambledons-profits-look-set-to-surge-as-gold-production-in-kazakhstan-rises-significantly

Delayed reaction? Come on HMB!