News

Hambledon doubles output, baffled by share slide

11 August 2008 10:17:00

Gold and silver production more than doubled in July from the month before at Kazakhstan-focused Hambledon Mining, which has no idea why its shares have been so weak recently.

The AIM listed firm said gold output at its Sekisovskoye operation rose to 2,247 ounces last month from 1,102 ounces in June, while 3,418 ounces of silver were poured during the month, up from 1,608 ounces last time.

"Further improvements are being implemented which will help to increase the throughput and metallurgical recovery over the coming three months," it added.

The company remains confident that it will shortly thereafter meet its target monthly rate of open-pit production of 3,333 ounces of gold (40,000 ounces of gold on an annualised basis).

"The directors of Hambledon know of no reason for the recent weakness of the company's share price," bosses said at the end of today's statement.

The shares were trading above 20p at the start of this year, but closed at just 5.75p on Friday.

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