StockMarketWire.com - Hambledon Mining, the Kazakhstan gold mining and development company, has entered into an agreement for the purchase of 100% of Akmola Gold.

This is subject to certain government waivers and consents. The vendors are Central Asian Gold Corporation and Mr Yerkin Sadykov, who each have a beneficial interest of 50% in Akmola Gold.

The deal involves the acquisition of two wholly owned precious metals projects, Tellur and Stepok, both situated in central Kazakhstan, some 140 km North of Astana.

The combined resources are around 440,000 ounces of gold plus silver and other metals, with considerable upside potential after further drilling has been undertaken.

The total consideration is $5m, payable 50% in cash and 50% in ordinary shares of the company.

Tellur is an underground mine with a resource totaling over 140,000 ounces of gold at an average grade of over 17 g/t and is expected to be in production before the end of Q2 2013.

Stepok is an advanced exploration project with estimated resources of around 300,000 ounces of gold together with significant quantities of copper, lead and zinc. Tim Daffern, CEO of Hambledon said: “The new acquisitions fit well with Sekisovskoye. Taken together with the ongoing development of the underground mine at Sekisovskoye, the Group is now poised to become a growing gold producer with diversified production from more than one mine.

"Gold production is expected to rise progressively over the next five years.”


At 11:44am: [LON:HMB] Hambledon Mining share price was +0.01p at 4.63p



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