Altyngold Regulatory News (ALTN)

15 May 2012 14:57

Hambledon Mining plc

("Hambledon" or "Company")

15 May 2012

Update on underground mining and drilling results from Sekisovskoye project, Kazakhstan

Hambledon Mining Plc (AIM: HMB), the Kazakhstan gold mining and development company, continues to advance its underground mine and associated diamond drill programme to validate the geological resources at Sekisovskoye and today reports the results of further drilling in Quarter 2, 2012.

The results from the programme up to 13 May 2012 are set out below:

114 holes drilled to date total over 13,250 metres drilled, The main intersections since the last update include: Hole 99 - 3m at 6.87g/t Au, Hole 100 - 10m at 5.25g/t Au, Hole 103 - 3m at 3.43g/t Au and 3m at 3.79g/t Au, Hole 106 - 4m at 6.07g/t, Au 4m at 3.62g/t Au and 1m at 28.76g/t Hole 107 - 3m at 6.36g/t Au, Hole 113 -4m at 7.3g/t Au and 3m at 3.14g/t Au, Hole 114 - 3m at 8.31g/t Au and 1m at 10.14g/t

The 114 drill holes have been completed in the upper levels of the underground ore zones and the results are consistent and in many areas exceed the previous geological and mineral resource modeling previously carried out.

The assays were carried out in the Altai Ken-Bayitu laboratory with independent verification to be undertaken by the Alex Stewart Group in Karabalta, Kyrgyzstan.

The ore body to be mined in 2012 is ore body number 11 where mining started in Q4, 2011. The drill results and mined grade (including dilution) compare favourably and provide robust confirmation of the geological model.

Appendix 1 - Sekisovskoye 2012 - Drill result summary as of 13 May 2012, holes 99 to 114.

?	HOLE	COORDINATES					DEPTH			GOLD MINERALIZATION_ore intervals
		X	Y	Z	AZI	DIP	drilled	core	total	FROM	TO	LENGTH	AA-AKB LAB, AU, g/t
99	D-60	7296.51	6837.32	325.78	226	-54	151	151	151	86	87	1	2.7
										101	102	1	2.6
										108	109	1	1.22
										111	114	3	6.87
										119	120	1	1.54
										122.5	123	0.5	1.38
										132	133.5	1.5	1.42
100	D-59	7297.02	6840.42	325.369	226	-64	176	176	176	47	48	1	1.06
										71	72	1	1.06
										95	96	1	3.12
										120	130	10	5.25
101	D-58	7297.18	6840.58	325.369	226	-71	195	195	195	14	15	1	1.06
										38	39	1	1.58
										138.6	140	1.4	4.67
102	D-156	7623.97	6682.35	325.3	226	-65	133.5	133.5	133.5	8	9	1	1.04
										29	30	1	2.45
										51	52	1	1.26
										82	83	1	1.06
										92	93	1	1.18
										103	104	1	1.4
										106	107	1	1.2
										117	118	1	1.2
										130	131	1	1.18
										132	133	1	1.24
103	D-157	7623.54	6681.94	324.1	226.37	-53	172.5	172.5	172.5	24	25	1	1.14
										30.05	31	0.95	2.48
										42	45	3	3.43
										50	53	3	3.79
										56	58	2	2.02
										70	72	2	4.06
										74	75	1	2.04
										79	80	1	1.42
										106.9	108	1.1	1
										111	112	1	1.8
										114.7	119	4.3	1.27
104	D-158	7622.34	6680.8	324.1	226.37	-42	138	138	138	61	62	1	2.12
										64	67	3	1.75
										71	72	1	4.02
										73	74	1	1.54
										85	86	1	1.26
105	D-159	7622.96	6681.6	324.2	226.37	-31	106.3	106.3	106.3	20	21	1	1.96
										23	24	1	1.26
										25	26	1	2.38
										28	29	1	1.12
										50	51	1	1.38
										55	56	1	11.06
										89	91	2	1.03
106	D-155	7495.23	6753.11	324.82	226.37	-26	280.3	280.3	280.3	21	23	2	1.92
										31	32	1	1.1
										89	90	1	3.4
										100	101	1	1.08
										118	119	1	2.09
										124	126	2	3.39
										143	147	4	6.07
										155	156	1	28.76
										157	158	1	1.04
										159	160	1	3.94
										223	224	1	2.62
										227	231	4	3.62
										233	234	1	3.58
										238	239	1	5.54
107	SKV5	7311.22	6903.51	327.477	50.48	26	66	66	66	2	5	3	6.36
										7	8	1	3.84
108	SKV6	7311	6903.15	328.25	24.87	40	52.1	52.1	52.1	2	4	2	1.51
109	SKV7	7311.04	6902.98	328.714	60.79	54	42.2	42.2	42.2	4	6	2	1.15
110	SKV8				226.37	16	65.3	65.3	65.3	0	3	3	1.28
										4	5	1	2.3
										14	15	1	1.88
										18	19	1	3.56
										22	23	1	2.48
										46	47	1	1.5
										50	51	1	1.4
111	D-154	7495.24	6753.12	325.012	226.37	-15	222	222	222	19	20	1	1
										21	22	1	1.2
										100	101	1	4.08
										103	104	1	1.58
										111	112	1	4.84
										121	122	1	1
										124	125	1	2.98
										151	152	1	1.99
112	D-141A				226.37	-67	40.9	40.9	40.9	14	16	2	2.68
										19	20	1	3.06
113	D-71				226.37	-71	160.5	160.5	160.5	23	25	2	1.71
										41	47	6	2.3
										102	103	1	2.9
										112	115	3	2.87
										118	122	4	7.3
										125	128	3	3.14
										135	136	1	1.06
										138	139	1	1.4
114	D-73				226.37	-29	114	114	114	18	19	1	2.9
										30	31	1	10.14
										50	54	4	1.23
										79	80	1	1.58
										87	90	3	8.31
										92	94	2	3.53
										99	100	1	1.26
										101	102	1	1.68
										104	105	1	3

Underground Mining

During April, a further 6,400t at of underground ore with head grade 3.12g/t Au was treated in the processing plant and underground mining activity is now achieving tonnages in line with management expectations.

The underground mining continues to advance according to plan with the 326mrl and 316mrl stopes being mined at present and development work for the 306mrl stope is ongoing. All works are being undertaken by the mining contractor who has recently expanded the underground fleet to include additional load haul dump machines and trucks.

Construction work for the main high voltage substation for the next mining block and associated dewatering station are well advanced. The installation of rope guides in the 320mrl shaft completes the fit-out of this shaft which is now fully functional for man-riding, material handling and as a means of second egress along with the decline.

The intersection of the transport decline at 320mrl and the associated ventilation system is now complete and will provide the necessary ventilation to start bulk scale mining. A review of the ground conditions and associated hydro-geology is scheduled for July 2012 such that trials of bulk mining can start in Q3 2012. Supervision of the ground investigation and trial mining will be done by Golders Associates UK and Canada.

The main mine fans and air heating house is progressing according to schedule and is expected to be commissioned in advance of the Kazakhstan winter so that operations are in full compliance with local laws and underground operations are able to continue without any effect of the harsh winter climate.

Ognevka

On 20 April 2012 the Company advised shareholders that the bankruptcy proceedings for Ognevka had been completed and Hambledon had received payment of US$1.2 million as fulfilment of the proceeds to be paid to the creditors. Since then, it has received further payments of US$420,000 relating to the bankruptcy process, making total proceeds received by the Company of $1.62 million.

Qualified Person

Information in this report relating to the diamond drilling results is based on data reviewed by Timothy Daffern, BEng, MBA, FIMMM, FAusIMM, MCIM, CEng, Chartered Mining Engineer, Chief Executive Officer of Hambledon Mining plc. Timothy Daffern has in excess of 24 years' experience in mineral project development and evaluation including exploration and is a Qualified Person under the AIM Rules.

ENQUIRIES:

HAMBLEDON MINING:

Telephone +44 (0)207 233 1462

Charles Zorab

FAIRFAX I.S. PLC (NOMAD AND BROKER):

Telephone +44 (0)207 598 5368

Ewan Leggat/Katy Birkin

TAVISTOCK COMMUNICATIONS:

Telephone +44 (0)207 920 3150

Ed Portman/Jos Simson

Copyright Business Wire 2012