Commencement of Underground Mining
08 November 2011 - 6:00PM
UK Regulatory
TIDMHMB
8 November 2011
Hambledon Mining Plc
("Hambledon" or "the Company")
Underground mining commences at Sekisovskoye
Hambledon Mining Plc (AIM: HMB), the Kazakhstan gold mining and
development company, today announces that it has commenced
underground mining at its 100% owned Sekisovskoye gold project
located in eastern Kazakhstan. This was achieved one month ahead of
schedule.
The initial underground production levels are anticipated to be
modest but are scheduled to increase steadily throughout 2012. The
grade of the ore being mined is expected to average 5.5 g/t Au
after dilution. The ore is being extracted initially by a modified
room and post pillar method and is being undertaken by mining
contractors using their own machinery. Mining will continue through
2012 using a combination of room and pillar and bulk mining methods
as the architecture and character of the host rock and ore zones
are further understood. Optimisation of the mining method will
allow the cost of production to be minimised, lowering the
Company's overall cost per ounce.
Development of the main decline continues, together with
infrastructure such as de-watering stations and exploration drill
chambers.
The engineering study for the design of the further development
of the underground mine at Sekisovskoye is currently being
completed by Golders Associates. The operation is based on a long
term target of approximately 850,000tpa, to be reached in around
2017, equating to a target of 100,000 oz per annum.
CEO Tim Daffern stated:"The successful commencement of
underground mining marks a significant milestone in the development
of Sekisovskoye and is the next step in expanding Hambledon's long
term gold production. I would like to thank our dedicated
operations and mining teams who have worked diligently to deliver
the underground project ahead of schedule. The underground mining
will increase gold production and cash generation thereby
underpinning the Company's objective of profits growth in
Kazakhstan."
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
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