Last checked at 8 Feb 2011 07:00
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Hambledon Mining Plc("Hambledon or "the Company")8 February 2011
Expansion of Planned Output from Underground Mine
Hambledon announces that as part of a continuing strategic review of the Sekisovskoye operations the planned underground output will be increased.
The underground mine is currently being constructed by an experienced mining contractor and the first ore is due to be extracted from the underground mine in December 2011.
The underground output from Sekisovskoye was initially planned to be 500,000tpa. Following work undertaken by consultants, the extraction rate is to be increased to a target of 850,000tpa over a phased five year period. The achievement of this will be by a reconfiguration of the mine layout and the use of additional miners and machinery. The extraction rate will mean that gold production from the underground mine alone is targeted to incrementally reach 65,000 oz in 2014, rising to 110,000 oz in 2016.
CEO Tim Daffern stated:
"The modified development plan of the Sekisovskoye underground mine provides the next step in expanding Hambledon's long term gold production. The increased extraction rate will improve our gold production and cash generation, thereby underpinning the Company's objective of growth in Kazakhstan."
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 / Katy Birkin
Copyright Business Wire 2011