Business
Karasuyskoye Ore Fields Transaction
Karasuyskoye Ore Fields Transaction.
About this update from Altyngold Plc
[{"type":"text","content":"\n \nRNS Number : 7109P Hambledon Mining PLC 04 October 2013 \n \n\n04 October 2013 \nHambledon Mining plc(\"Hambledon\", the \"Company\" or the \"Group\")\nKarasuyskoye Ore Fields Transaction\nHambledon Mining plc (AIM: HMB), the gold mining and development company, announces today that it has entered into an agreement with Hydrogeology LLP, a Kazakh corporation active in exploration and geological research (\"Hydrogeology\"), to acquire certain historic geological information pertaining to the Karasuyskoye ore fields (the \"Karasuyskoye Ore Fields\") for a total consideration of US$27.5 million (the \"Consideration\") (the \"Transaction\").\n \nHighlights\n \n· The Karasuyskoye Ore Fields cover an area of approximately 198 km2 adjacent to the Company's current concessions and production facilities and offer the potential for both open pit and underground mining.\n \n· Exploration drilling and testing by Hydrogeology, which has been reviewed by Hambledon's technical team, indicates estimated resources of approximately nine million ounces of gold and in excess of sixteen million ounces of silver, with considerable up-side potential after further drilling.\n \n· Information acquired will also form the basis of the Company's application to Kazakhstan's Ministry of Industry and New Technologies (\"MINT\") for a production license covering the enlarged mining area. \n \no Assuming this is obtained, the Company intends to progress further exploration work on the assets in order to prepare a JORC-compliant competent person's report (\"CPR\") and from there move to production.\n \n· &...