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Peter Hambro Mining - Canaccord ups price target to 1050p

November 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The surge in the gold price to over US$460 per ounce was the main catalyst driving shares in gold producer Peter Hambro Mining to a new high of 818p. Its interim results did no harm either, with Hambro showing an 83% increase in pretax profit to US$8.1m, while earnings rose 61% to 8 cents. As telegraphed in its trading statement, attributable gold production rose 37% to 102,178 ounces, which was on budget and on schedule. Hambro is now scaling up capacity at the Pokrovskiy plant towards its target 2.2 million tonnes of ore a year, which should be completed by the third quarter of 2006. By the end of 2006 Pokrovskiy should be producing 217,000 ounces gold, which would take the group total to 300,000 ounces, while Hambro has confirmed it i ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Peter Hambro Mining - Canaccord ups price target to 1050p

November 2005

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