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Peter Hambro Mining - High gold grades at Pioneer

September 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.

In a trading update covering the first six months, Peter Hambro announced that net gold production has increased 36% to 102,178 ounces and that it remains on track to reach its year end target of 271,000 ounces. The average realised sale price for its gold was US$422 / ounce, up 7% from the previous year. Management impressively maintained costs at the low levels achieved in 2004, of US$160 / ounce including royalties and production taxes, in spite of rising raw material costs and the strengthening of the Rouble against the Dollar. Peter Hambro’s Pokrovskiy mine again produced the lion’s share of production at 84,600 ounces, with the balance coming from its joint venture at Omchak. It has now started the planned expans ...

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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 - High gold grades at Pioneer

September 2005

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