25 May 2012

Drilling cheers Hambledon

12/07/2011 Robert Tyerman

Hambledon Mining (HMB) says drilling results from Sekisovskoye in Kazakhstan show a 'pleasing' increase in the thickness of the project's gold mineralisation.The London-based AIM company reports assays show intersections ranging from 29 metres with 2.6 grammes of gold per tonne of ore to 10 metres with 9.8 grammes a tonne.

Chief executive officer Tim Daffern highlights an increase in the average width of gold mineralisation at Sekisovskoye to 5.5 metres shown up by the latest drilling. He comments this 'would increase the volume of economic mineral resources, if continued along the ore body.'

Hambledon, which raised £9 million in March a 4p, says it expects to announce a mineable underground gold reserve for Sekisovskoye in the fourth quarter of this year. Floated at 5p in 2004, the shares have traded between 8.38p and 3.88p over the past year and now trade at 4.25p, up 0.13p this morning and valuing the company at £31.6 million.

They have further speculative recovery potential.

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Tags: AIM market, Gold, Kazakhstan, Sekisovskoye, Tim Daffern

Sector: Mining

Companies: Hambledon Mining

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