Updates

Peter Hambro Mining - Production forecasts upgraded

September 2009

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.

Peter Hambro produced an encouraging trading update, which noted that total first half attributable production was up 54% to 222,600 oz in what is the seasonally least productive half of the year. Encouragingly it has also upgraded its full year production forecast from 450,000-500,000 to â€œaround 500,000â€. Production from the Pokrovskiy mine was flat year-on-year at 91,700 oz with expected lower grades being offset by higher throughput from its stock-pile. But the big swing factor was that its second mine at Pioneer is now operating at full capacity and production rose 205% to 118,100 oz. Its expansion plan remains on track with the second mill expected to ramp up to full capacity this September. Unit costs at both deposits wer ...

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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 - Production forecasts upgraded

September 2009

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