Last checked at 8 Jul 2010 07:00
Hambledon Mining plc
("Hambledon" or "the Company")
PRODUCTION UPDATE
The Company reports its production for the three months from 1 April 2010 to 30 June 2010.
| April | May | June | Total | ||||||
| Milled tonnes (dry) | 68,317 | 75,402 | 69,315 | 213,034 | |||||
| Gold grade (g/t) | 1.15 | 1.37 | 1.28 | 1.27 | |||||
| Contained gold (gms) | 78,565 | 103,301 | 88,723 | 270,588 | |||||
| Contained gold (oz) | 2,526 | 3,321 | 2,853 | 8,700 | |||||
| Gold recovery % | 80.9 % | 78.8% | 85.1% | 81.5% | |||||
| Recovered gold (oz) | 2,044 | 2,616 | 2,428 | 7,088 | |||||
| Recovered silver (oz) | 5,132 | 4,397 | 5,380 | 14,909 |
As was reported in the AGM statement of 23 June 2010, the improvement in the weather conditions in late March, among other factors, has led to much improved gold output and in fact the 2nd quarter of 2010 has broken records for tonnes milled as well as gold produced. Gold production for the period was 16% higher than the previous best quarter.
Work has commenced on the upgrades to the crushing circuit, including enclosure of crushers, screens and conveyors in order to improve the performance of the crushing facility for next winter. This work will be completed over the next 5 months.
PURCHASE OF ORE
The first contract for the purchase of third party ore was successfully completed in May with a second contract for 10,000 tonnes of ore being signed and delivery having commenced in June. Hambledon have been approached by other parties interested in entering into similar agreements. Financial analysis and reconciled plant performance indicate that these purchases of third party ore add to the profitability of the operation as well as extending the life of the of the Sekisovskoye resource.
UNDERGROUND
Good progress was made on the development of the underground mine. The refurbishment of the shaft has progressed to the 345 level, leaving a further 25m to be completed this month. The underground drilling programme is scheduled to commence in August 2010. The purchase of a second diamond drill-rig will be made in July with delivery to site planned for late August 2010.
Earthworks on the portal for the decline were completed and the local mining contractor has commenced the concrete work. Excavation work on the development of the decline itself is expected to commence towards the end of July 2010.
Contracts for the purchase of a fleet of equipment to allow Hambledon to undertake the stoping operations are currently being finalized. The manufacture and delivery times on this equipment should result in delivery to site in early 2011.
ENQUIRIES:
HAMBLEDON MINING:
Telephone +44 (0)207 233 1462
Charles Zorab
FAIRFAX I.S. PLC:
(Nominated Adviser and Broker)
Telephone +44 (0)207 598 5368
Ewan Leggat
Copyright Business Wire 2010