Last checked at 24 Oct 2012 15:08
Hambledon Mining Plc
("Hambledon" or "Company")
Update on the Tailings Dam 3 Fine
24 October 2012
Hambledon Mining plc ("Hambledon Mining" or "Company") (AIM: HMB), the Kazakhstan gold mining and development company, announces an update relating to the fine and penalties imposed by the Specialised Inter-district Economics Court of East Kazakhstan on one of the Company's subsidiaries, Sekisovskoye Mining Company LLP ('SMC LLP') in response to a minor breach at tailings dam 3 at the Company's Sekisovskoye gold project on 30 October 2011.
Further to the announcement made on 29 August 2012, on 23 October 2012, the Court of East Kazakhstan Region (the "Court") heard the Company's appeal against the ruling on 16 August 2012. The Court has upheld the original Claim. The Court handed down a verbal judgement with a written judgement to follow.
The Company is intending to appeal against this resolution to a higher level court, the Court of Cassation within the Regional Court of East Kazakhstan. The Company is also making arrangements to engage additional legal advisers to support the process.
Hambledon continues to have confidence that the amount of the fines and penalties which the Company has already paid are unjustifiable and the Company continues its appeal process with the aim of obtaining partial repayment of the fines paid to the Kazakh Government.
The Company will make a further announcement when there are any material developments in connection with the above court actions.
Enquiries:
HAMBLEDON MINING: Telephone +44 (0)207 233 1462Charles Zorab
FAIRFAX I.S. PLC (NOMAD AND BROKER): Telephone +44 (0)207 598 5368Ewan Leggat/Katy Birkin
TAVISTOCK COMMUNICATIONS: Telephone +44 (0)207 920 3150Ed Portman/Jos Simson
Copyright Business Wire 2012