Drilling Report

Hambledon Mining PLC
19 January 2005


                              HAMBLEDON MINING PLC

                 Interim Drilling and Feasibility Study Results

Hambledon Mining Plc ('Hambledon') is an AIM-listed mining and exploration
company developing precious metal deposits in Kazakhstan. It holds rights to the
Sekisovskoye gold and silver deposit, on which a feasibility study is at an
advanced stage. Hambledon is pleased to announce the results of its recently
completed diamond drilling programme at Sekisovskoye.
Highlights:

• Overall resource grades and continuity at Sekisovskoye confirmed: open
  pit resources expected to show significant increase
• Discovery of additional dilation zones containing large tonnages of
  mineralised resource
• Potentially significant gold mineralisation to North and West of
  deposit intersected
• Geotechnical study complete, showing high degree of pit wall stability
• Environmental base-line study completed
• Hydrogeological study nearing completion
• Mine planning commenced
• Metallurgical programme and process design in preparation

Nicholas Bridgen, Chief Executive, Hambledon Mining Plc, commented:

'The drilling programme at Sekisovskoye has disclosed unexpectedly wide ore
zones within the open pit which open up new strategic options for Hambledon
Mining beyond those outlined in the initial prospectus.

'We now have a greater opportunity to accelerate the project by focusing on the
open pit project to provide cash flow more quickly and to a greater level than
expected. Planning for the underground mine is now also on a firmer basis and
this should significantly enhance Hambledon's progress in the years ahead.'

                                                               19th January 2005

ENQUIRIES:

Hambledon Mining Plc                             Tel: [phone]
Nicholas Bridgen, Chief Executive

Seymour Pierce Limited                           Tel: [phone]
Jonathan Guy/Ewan Leggat

Bankside Consultants                             Tel: [phone]
Michael Spriggs/Michael Padley                   07887 998 252

Drilling programme
Assay results from the recently concluded diamond drilling programme show
overall increases in contained gold mineralisation.

The objectives of the diamond drilling programme were:

• Demonstrate continuity of the gold zones, as previously delineated from
  more widely spaced drill holes.
• Obtain core samples for additional metallurgical test work.
• Geotechnical core sampling for slope stability studies of the planned
  open pit, including some holes that were also used as infill holes to validate
  delineated zones of mineralisation.
• Drilling to assess possible extensions to the limits of the current
  resource model.

An additional 1,140 metres of sterilisation drilling was carried out in order to
ensure that the facilities will not be built over recoverable gold deposits.
Planning for additional in-fill and sterilisation drilling is already underway
for an early spring start.

Forty surface diamond drill holes were completed, representing 4,100m of core
drilling with depths ranging from 24m to 400m. Gold assay results for 3,292 core
samples, totalling over 3000 linear metres, have so far been received. The
outstanding assays relate mainly to the geotechnical and infill programmes and
will be reported on later. Assaying for silver and other base metals will be
completed in the next few weeks. An update of the modelling and overall resource
statement is now being carried out, with completion scheduled for mid-February.

Twenty holes on a 10m wide grid pattern were drilled to detail the continuity
characteristics of the gold mineralisation, as defined by relatively widely
spaced historical drilling, along 40 metres of strike. Assay results showed gold
ranges up to a maximum of 64.2g/t and confirmed that the zones of mineralisation
are continuous.

Detailed comparison with the resource model has indicated a new subsurface zone
of dilation, which is a wide zone of mineralisation representing a focal point
for high grade gold. One drill intersection, hole CONT14, shows an extensive
thickness of 23m, at 3.6g/t within which one 7 metre wide subzone contains a
weighted grade of 7.5g/t. This drilling demonstrates that such zones of dilation
tend to contain large tonnages of higher grade gold though with more limited
continuity than the normal planar zones of mineralisation. Overall, the results
within this area show a marked increase in the contained gold accessible from
open pit mining.

Although the geotechnical drilling was primarily for the study of slope
stability, additional zones of mineralisation were intersected. There are still
a number of assay results outstanding and a full assessment will be concluded
later. Gold grades of up to 18.4 g/t confirm the resource estimates. Drill hole
GEO97 defined a new subsurface 7 metre wide zone grading at 2.4 g/t. Drill hole
GEO92 intersected a zone of dilation, representing a drilled thickness of 11
metres, though the original resource model only indicated 2 narrow zones of gold
mineralisation.

The three metallurgical drill holes, dipping vertical to sub vertical, were
targeted at clusters of mineralised zones at depth. Generally, assay results
supported the validity of the resource model but a few intersections exhibited
more erratic gold distributions than normal.
Assay results from the extension drilling show noteworthy gold mineralisation
trends beyond the currently defined deposit limits. On the west side of the
deposit, drill holes INF1 and INF2 intersected new zones of gold mineralisation
in an area where historical drilling was absent. However, many assay results are
still outstanding and additional zones can be expected. Drill hole INF4, drilled
from the east wall of the old open pit, intersected an unexpected 15 metre zone
grading 2.66g/t (including a 5 metre subzone grading 5.9g/t) and, only 5 metres
distant, a further 16 metres at 3.5g/t where only several narrower zones had
been expected. These intersections are immediately below the existing pit and
suggest that the pit limit could be extended. INF3 drilled 100 metres NW of the
pit and confirmed historical drill results that additional mineralisation exists
beyond the northern limits of the deposit.

In conclusion, this drilling has shown that additional gold mineralisation
within and beyond the limits of the deposit can be significant. Dilation zones
appear to be important targets for exploitation and these sources are likely to
be major contributors to the reserve. The overall resource grades have been
confirmed and appreciable increases in the gold resource amenable to open pit
mining can be expected when detailed modelling has been carried out.

Tserkovka licence area
Following the successful tendering of the Tserkovka licence area in November,
the geological staff (now numbering nine geologists and technicians) has been
augmented to locate, assess and digitise information from previous Soviet
exploration efforts on Tserkovka, Area 4, Area 5 and Feodolikha deposits. As
previously reported, these deposits are thought to be extensions of Sekisovskoye
and are likely to provide ore for treatment in the same Sekisovskoye treatment
plant.

A Minimum Work Programme has been prepared for submission to the Ministry of
Geology as part of the procedure for agreeing a full subsoil-use contract.

Geotechnical study
A full assessment of the geotechnical aspects of open pit mining of the
Sekisovskoye deposits has been undertaken. The results indicate that the highly
competent rock associated with the Sekisovskoye ore and waste will allow for
much steeper pit walls than had been assumed in the pre-feasibility study. This
will result in reduced stripping ratios and associated mining costs.

Assessment of geotechnical aspects from an underground mining perspective is
continuing but preliminary indications suggest that there will be minimal
requirements for support structures for ground control in shafts, tunnels and
stopes.

Ecology and Social

The Project environmental and social baseline study has been completed by
AsiaEcoLink (a local environmental firm) and reviewed by Wardell Armstrong
International (UK), whose recommendations are now being addressed. Additional
baseline and other pertinent data are being obtained and/or collected on a
continuing basis to ensure that the overall Project will meet or exceed Western
environmental standards. Initiation of the next step in the local permitting
process will occur in February as input from other aspects of the feasibility
study become available.

Hydrogeology
An assessment of available hydrogeological data has indicated that sufficient
data are available from previous exploration activities for design and
permitting purposes. The hydrogeological system is now understood and
requirements for underground dewatering will be low. Pumped water, plus other
available ground water, will be sufficient for process water make-up
requirements.

Mining Engineering
The mining study is underway by GeoMine Solutions of Johannesburg after
completion of site visits and meetings with various suppliers, contractors, etc.
Final development of open pit mining plans is contingent on completion of the
orebody modelling.

Processing and Infrastructure
Metallurgical testwork is currently underway both in Kazakhstan and Australia.
The programs will develop all process parameters based on standard
carbon-in-pulp (CIP) or carbon-in-leach (CIL) technology. Gravity recovery of
coarse gold will also be evaluated. Preliminary indications suggest that the ore
will be highly amenable to such processing, with gold recoveries of over 95%.
Additional testwork will focus on environmental and related parameters for use
in tailings storage facility design and environmental considerations.

Process design has been instituted using Barrier Mining Services (Perth). An
in-house investigation into power supply options is currently underway.

About Hambledon Mining plc
Hambledon Mining Plc was formed in 1997 to acquire mining rights and develop
precious metal deposits in Kazakhstan. Currently, it holds the rights to the
Sekisovskoye gold and silver deposit in the Altai region of East Kazakhstan. In
November it won the tender for the mining rights to the adjacent territory known
as Tserkovka, which includes not only the Tserkovka deposit itself but also
three other mineralised zones known as Feodolikha, Area 4 and Area 5, contained
within a territory of some 29 square kilometres. These additional areas are
thought to be extensions of the Sekisovskoye mineralisation and the likelihood
of further such areas subcropping between Sekisovskoye and Tserkovka is thought
to be high.

The resources contained in the main mineralised zones at Sekisovskoye have been
assessed on a western JORC basis, but the resources for the other areas, and
extensions of Sekisovskoye, are based on the former Soviet classifications. No
account has yet been taken of the latest drilling results referred to above.


                            JORC        JORC     Soviet     Soviet       Total
                       Indicated    Inferred        C2          P1    Resource
                                                                         (ozs)
                         -------    --------   --------   --------    --------
Sekisovskoye open pit     90,000      21,000          -          -     111,000
Sekisovskoye underground 751,000      97,000          -  1,100,000   1,948,000
Tserkovka                      -           -    145,000    241,000     386,000
Feodolikha, Areas 4 & 5        -           -          -    354,000     354,000
                         -------    --------   --------   --------    --------
                 Total   841,000     118,000    145,000  1,695,000   2,799,000


Note:

Troy oz = 31.10348g                                  
All figures rounded                                  
Silver included at gold
equivalent (1/60)

Previous Soviet studies and work carried out by Hambledon have previously
indicated that the ore is free milling and easily treated by conventional
gravity and CIL processing, giving over 95% recovery. The ore is environmentally
clean. Mining will take place initially from open pit and subsequently from
underground. The site is 40 kilometres from the regional capital, Ust
Kamenogorsk and is well served by road and other infrastructure. Initial
economic analysis estimated gold cash production costs at US$150 - US$200 per
ounce, and a very low initial capital cost reflecting the high degree of
existing infrastructure, the simplicity of the proposed process plant and the
lack of any overburden requiring pre-stripping.

In June 2004, Hambledon Mining raised 2.5 million and was listed on AIM,
enabling the Company to carry out the feasibility study at Sekisovskoye which is
ongoing.

Dependent upon the speed at which certain permits and approvals can be obtained,
construction is expected to start in 2005 and production in 2006. Further
expansions are anticipated once the Tserkovka and other new areas have been
explored.


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