Altyngold Regulatory News (ALTN)

16 Apr 2007 07:01

Hambledon Mining PLC16 April 2007 PRESS INFORMATION 16th April 2007 HAMBLEDON MINING PLC Update re proposed acquisition Hambledon Mining plc (AIM: HMB), the AIM-listed mining and exploration companydeveloping precious metal deposits in Kazakhstan, announces that negotiationswith the second Kazakh company referred to in the announcement dated 29thJanuary 2007 have been discontinued. The monies allocated for this purpose will instead be utilised in acceleratingdevelopment of Sekisovskoye and the exploration of the adjacent prospects. Inparticular, plans for the development of the underground mine at Sekisovskoye,which will significantly raise the grade of gold, and hence output, are now wellin hand. The Ognevka processing plant, which was acquired in January, is beingrefurbished and will produce concentrates containing gold, silver, copper andiron, and coke from the retreatment of zinc smelter residues. Nicholas Bridgen, Chief Executive of Hambledon Mining plc, commented: "It is disappointing that we could not bring the negotiations for the secondacquisition to a conclusion but it does mean that our existing projects atSekisovskoye and Ognevka are now fully funded. "We have been working on the underground project for some time, and we can nowcomplete the final design and obtain the appropriate approvals." Enquiries Hambledon Mining plcNicholas Bridgen, Chief Executive Telephone: +7 701 733 8915 (Kazakhstan) Seymour Pierce LimitedNicola Marrin Telephone: +44 207 107 8000 Bankside ConsultantsMichael Padley / Daniela Hale Telephone: +44 207 367 8888 Note to Editors Hambledon Mining plc is an AIM-listed gold mining and exploration company whichis developing the Sekisovskoye gold deposit and owns the Ognevka processingplant, both of which are close to Ust Kamenogorsk in East Kazakhstan. At Sekisovskoye, the company is mining from an open pit and constructing an850,000 tonnes per year treatment plant. Production from the open pit willaverage over 40,000 ounces per annum, rising to around 100,000 ounces when thehigher grade underground ore is added to the feed. ENDS This information is provided by RNS The company news service from the London Stock Exchange