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21 May 2008 12:15
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HAMBLEDON MINING PLC
(AIM: HMB)
Β£2.8m Placing
Hambledon Mining plc ("Hambledon" or the "Group" or the "Company"), the AIM-listed gold mining and processing company operating in Kazakhstan,Β is pleased to reportΒ that it hasΒ raised a total of Β£2,765,050 beforeΒ expenses by way of a placing ("the Placing") ofΒ 21,269,615Β new ordinary shares of 0.1 pence in the Company ("Ordinary Shares")Β at an issue price of 13p per Ordinary Share.
TheΒ capitalΒ raised will provide the Company with working capital for its Sekisovskoye operationsΒ andΒ fundsΒ for the longΒ lead-timeΒ capital expenditure on the development of underground operations.Β Β It will also provideΒ funds to press ahead with the studies into the potential for development of the Ognevka pegmatite tailings andΒ allowΒ the Company to move ahead with exploration and other corporate development.
Mr Nicholas Bridgen and Mr Christopher Thomas, both directors of the Company,Β subscribed forΒ 384,616 and 153,846Β PlacingΒ shares respectively. Mr Bridgen is now interested in 90,198,936 shares,Β representingΒ 19.2% of the issued ordinary share capital of theΒ Company,Β and Mr Thomas is interested in 2,897,366 shares,Β representingΒ 0.62% of the issued share capital of the Company.
ApplicationΒ willΒ be made for admission of theΒ 21,269,615 new Ordinary Shares to trading on AIM with dealings expected to commence onΒ 28 May 2008.
Nick Bridgen, Chief Executive of Hambledon,Β commented:
"Operations at Sekisovskoye are going well, butΒ this will enable us to pre-order some of our reagents and carry more strategicΒ spare parts so thatΒ theΒ operationΒ shouldΒ be more secure.
We'll also be able to press ahead with theΒ SekisovskoyeΒ underground projectΒ andΒ make aΒ startΒ onΒ the pegmatite projectΒ at Ognevka."
21Β MayΒ 2008
Β Β Enquiries
Hambledon Mining plc Telephone: +44 7791 327 180
Nick Bridgen
Bankside Consultants Telephone: +44 20 7367 8888
Michael PadleyΒ / Louise Davis
SeymourΒ Pierce Telephone: +44 20 7107 8000
NicolaΒ Marrin
Note to editors
Hambledon Mining plc is an AIM-listed gold mining and exploration company, which is operating the Sekisovskoye gold mine and the Ognevka processing plant, both of which are close to Ust Kamenogorsk inΒ East Kazakhstan.
At Sekisovskoye, the Company is mining from an open pit and has constructed an 850,000 tonnes per year treatment plant. Production from the open pit will average over 40,000 ounces per annum. As soon as steady production has been achieved, theΒ Company plans to develop the much larger underground resource that is expected to lead to a combined production rate of around 100,000 ounces per year.
The Ognevka processing plant is producing concentrates containing gold, silver, copper, iron and coke from the re-treatment of zinc smelter residues.
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