Business
Placing, Acquisition & Update
Placing, Acquisition & Update.
About this update from Altyngold Plc
[{"type":"text","content":"\n Hambledon Mining PLC\n29 January 2007\n\n\n\n\nPRESS INFORMATION 29th January 2007\n\n HAMBLEDON MINING PLC\n\n US$16m Placing, two Acquisitions\n\n Update on Sekisovskoye\n\n (All references to '£' are to the British Pound, '$' are to United States\n dollars\n and 'ounces' are to troy ounces)\n\nHambledon Mining plc ('Hambledon' or the 'Group' or the 'Company'), the\nAIM-listed mining and exploration company developing precious metal deposits in\nKazakhstan, is pleased to announce it has raised a total of $16 million (after\nexpenses) by way of a placing ('the Placing') of new ordinary shares of 0.1\npence in the Company ('Ordinary Shares') to fund two acquisitions and associated\nplanned developments, and to provide working capital for the Group. The Company\nalso confirms that its Sekisovskoye project remains on schedule with production\nexpected to start in mid-2007.\n\nHighlights\n\n •Acquired 'TOO Ognyovka', owner of the Ognyovka treatment plant\n\n\n •Entering final negotiations to acquire a Kazakh company which holds the\n rights to gold deposits estimated to contain 600,000 ounces of gold\n\n\n •Raised $16 million from a placing of the Company's shares to finance the\n acquisitions and the associated planned developments\n\nSekisovskoye update\n\n •Mining operations continuing over winter at planned rate\n\n\n •All foundations and major plinths completed\n\n\n •Erection of leach tanks commenced\n\n\n •Tertiary mill installed\n\n\n •Notification of readiness for shipment of first primary mill received\n\n\n •Jaw crusher being installed, retaining wall, feed bin and vibrating\n feeder completed\n\n\n •Store building completed\n\n\n •Boiler received on site\n\n\n •Start of commissioning of process plant on schedule for the second\n quarter 2007\n\n\nNicholas Bridgen, Chief Executive of Hambledon Mining plc, commented:\n\n'At Sekisovskoye, mining and construction of the process plant are proceeding\nwell. We are on budget and on schedule. We expect commissioning to start in the\nsecond quarter of this year.\n\n'The two acquisitions mark a significant stepping up of the scale of our\noperations. They not only add additional resources to our growing existing\ndeposits but, more importantly, provide near term cash flow and are capable of\nmultiplying our free cash flow several times over. This will ...