Ognevka production commences
Hambledon Mining PLC
30 November 2007
PRESS INFORMATION 30 November 2007
HAMBLEDON MINING PLC
Production commences at Ognevka
Hambledon Mining plc ('Hambledon' or the 'Group' or the 'Company'), the
AIM-listed gold mining and processing company operating in Kazakhstan, is
pleased to announce that production has started at its Ognevka treatment plant.
After a period of commissioning, the plant was started on 26th November 2007
and, following the resolution of some minor faults, full time treatment of
clinker commenced on 29th November 2007. The Ognevka processing plant is
designed to produce concentrates containing gold, silver, copper, iron and coke
from the re-treatment of zinc smelter residues.
First indications are that the plant is operating as planned. The processing
facility is configured to treat up to 350,000 tonnes per year of copper, gold
and silver-containing residues (sinter slag or 'clinker') from the zinc
smelters. The initially targeted rate of production will be 240,000 tonnes per
year while the optimum operating parameters are assessed.
Initial production will involve the re-treatment of 150,000 tonnes of high grade
tailings of previously treated clinker. Thereafter, clinker will be procured
from other companies that have large stockpiles, for which they currently pay
environmental penalties.
At the expected metallurgical recoveries and currently available prices, the
revenue from each tonne of clinker treated, including by-products, is expected
to be over $75. Toll-treatment options are being investigated which are likely
to improve this figure to around $125 per tonne, though, the increase would be
partly offset by the toll treatment charge.
The flexibility of the plant also allows for the treatment of various other
feedstocks, including feldspar tailings (recovery of saleable feldspar, lithium
and tantalum concentrates), pegmatite ores (tantalum, tin, mica and feldspar
concentrates) or other slag via gravity, magnetic separation or flotation
methodologies.
Nick Bridgen, Chief Executive, commented:
'The plant and related infrastructure at Ognevka have been stripped down and
refurbished from top to bottom in just five months: a very creditable
achievement by the entirely local management.
'Hambledon is now entering a new era of production and profitability which will
be enhanced when the Sekisovskoye gold mine commences production next month.'
Enquiries
Hambledon Mining plc
Nicholas Bridgen, Chief Executive Telephone: +7 701 733 8915
+44 7791 327180
Bankside Consultants
Michael Spriggs / Michael Padley Telephone: +4420 7367 8888
Seymour Pierce
Nicola Marrin Telephone: +4420 7107 8018
Note to editors
Hambledon Mining plc is an AIM-listed gold mining and exploration company which
is developing the Sekisovskoye gold deposit and owns the Ognevka processing
plant, both of which are close to Ust Kamenogorsk in East Kazakhstan.
At Sekisovskoye, the Company is mining from an open pit and constructing an
850,000 tonnes per year treatment plant. Production from the open pit will
average over 40,000 ounces per annum. After the start of open pit processing,
the Company plans to develop the much larger underground resource that is
expected to lead to a combined production rate of around 100,000 ounces per
year.
The Ognevka processing plant is producing concentrates containing gold, silver,
copper, iron and coke from the re-treatment of zinc smelter residues.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange