Production Update
Hambledon Mining PLC
Hambledon Mining plc
(“the Company”)(“the Company”)
PRODUCTION UPDATE
The Company reports its production for the three months from 1 October
2009 to 31 December 2009.
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October
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November
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December
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Total
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Milled tonnes (dry)
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75,596
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70,352
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55,246
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201,194
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Gold grade (g/t)
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1.01
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1.02
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1.13
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1.05
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Contained gold (gms)
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76,352
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71,759
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62,152
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210,263
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Contained gold (oz)
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2,455
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2,307
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1,998
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6,760
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Gold recovery %
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79.0%
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80.3%
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80.98%
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80%
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Recovered gold (oz)
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1,940
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1,851
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1,618
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5,409
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Recovered silver (oz)
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4,194
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4,538
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4,746
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13,478
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Operation of the process plant ran very smoothly in October and
November. Lower tonnages were processed in December due to mill relines
and a major rebuild of the crushing facility, resulting in 5 days
milling lost. Extreme (-45C) weather conditions in the second week of
December also impacted the production for December. Currently,
temperatures are even lower, which will have an impact on January
figures.
The new mobile crushing facility has arrived in Ust Kamenogorsk, having
been long delayed by customs. It is expected to be commissioned in early
February. This machine will initially be used to re-crush frozen ore
that has caused blockages in the circuit and low milling rates during
the winter period. It will also be able to act as a back-up unit for the
main jaw crusher, albeit with reduced capacity. During the summer period
when the re-crushing of frozen ore is not required, it will be used to
produce aggregates for own use or sale.
An engine failure on one of our two Hitachi excavators in October put
the machine out of operation for seven weeks resulting in lower mining
rates than planned and requiring low grade stockpiled ore to be blended
with the higher grade ore mined during the quarter. This resulted in the
overall grade of ore being processed being 1.05 g/t instead of the 1.27
g/t planned.
Negotiations for a renewal of the Alpha Bank stand-by loan facility of
$2m. have been concluded and agreed.
UNDERGROUND DEVELOPMENT
Approval for the first phase of the underground development was received
in late December. A contract with a local underground contractor was
signed at the end of December to commence work on the development of the
underground project. This work is expected to commence in mid January.
A tender process for supply of underground equipment has been completed.
It is expected that orders will be placed for this equipment in the
first quarter of 2010 which would result in delivery of equipment in
time to allow commencement of stoping operations in late 2010.
Surface infrastructure construction for the underground operation
started in the December quarter with a road being constructed to the
portal site, surface sedimentation ponds being constructed and power
lines and surface transformers being installed.
Enquiries:
Hambledon Mining:
Telephone +44 (0)20 7233 1462Telephone +44 (0)20 7233 1462
Charles
Zorab
Charles
Zorab
Fairfax I.S. PLC:
Telephone +44 (0)207 598 5368Telephone +44 (0)207 598 5368
Nominated
Adviser and BrokerNominated
Adviser and Broker
Ewan LeggatEwan Leggat
