Hambledon Mining PLC Board Changes - New Chairman and Two New INEDs (1478R)

TIDMHMB

RNS Number : 1478R

Hambledon Mining PLC

23 October 2013

Hambledon Mining plc

("Hambledon" or the "Company")

Appointment of New Chairman and Two New Independent Non-Executive Directors

Hambledon Mining plc (AIM: HMB), the gold mining and development company, is pleased to announce that it has appointed, with immediate effect, Kanat Assaubayev as its new Chairman and Alain Balian and Kenneth Crichton as independent non-executive directors.

Kanat Assaubayev is one of Kazakhstan's leading entrepreneurs with a wealth of experience in natural resources. The first Kazakh to get a doctorate in metallurgy, Mr. Assaubayev's early career was in academia where he rose to Chairman of the Metallurgy and Mining Department of Kazakh National Polytechnic University. He began in his business career in the 1990s and has led a number of natural resources enterprises to national and international success.

In the near term, Kanat will be focusing his efforts on the license extension relating to the Karasuyskoye ore fields and how best to integrate these new fields into the Company's adjacent, current operations at the Sekisovskoye deposit.

Alain Balian serves as the Chairman and Chief Executive Officer at Cedar Peak Holdings. Mr. Balian was a Deputy Governor of Banque du Liban, the Central Bank of Lebanon, and a member of its governing board from 2003 - 2008. While at Banque du Liban, besides monetary policy and regulation of the financial sector in Lebanon, his responsibilities included the bank's financial reporting and the national financial system clearing operations. His earlier experience includes working at Kleinwort Wasserstein, ABN AMRO Corporate Finance, and Lebanon Invest in mergers and acquisitions, corporate finance, and private equity.

Ken Crichton is a mining engineer with over 27 years' experience in the mining industry. Since graduating in 1985, more than half of Ken's career has involved working in developing countries and a considerable part in active mine production roles. He is currently the Chief Executive Officer of ASCOM Precious Metals Mining, S.A.E. ("APM"), an Egyptian-based minerals company with exploration activities in East Africa, where he is focused on advancing its gold discovery in Ethiopia. Previously, Mr Crichton worked for 15 years with BHP Billiton in both Australia and Indonesia, including as the President Director of PT Billiton Indonesia, a BHP Billiton subsidiary. Mr Crichton also spent over 4 years working with the Leighton Holdings Group of Companies, a leading construction and mining contractor in Papua New Guinea and Australia. Ken is also a non-executive director of Kemin Resources plc.

The Assaubayev family, of which Kanat is a member, control African Resources Limited which is a major shareholder in the Company and has recently provided substantial further financing by way of a convertible loan note subscription (as announced on 4 October 2013). Kanat is also chairman of Kemin Resources plc, which is also AIM listed and in which the Assaubayev family also has a controlling interest.

Ashar Qureshi, non-executive director of the Company, commented, "Messrs. Assaubayev, Balian and Crichton bring a wealth of operational and financial experience and expertise to the Hambledon Board. We expect this to prove an invaluable resource in helping the Company reach the next stage of its development"

The following information is provided pursuant to Schedule Two paragraph (g) of the AIM Rules.

Kanat Shaikhanovich Assaubayev (aged 65)

Current Directorships Past Directorships (last 5 years)

Kemin Resources plc KazakhGold Group Limited

JSC MMC Kazakhaltyn

Alain Balian (aged 45)

Current Directorships Past Directorships (last 5 years)

   Caspian Energy Holdings                                                              None

Cedar Peak Holdings

Cedar Peak Services

M&M Premium German Holding B.S.C.

Kenneth ("Ken") Ronald Kennedy Crichton (aged 51)

Current Directorships Past Directorships (last 5 years)

   APM Ethiopia Limited                                                                    ENOR Spa

APM Sudan Limited PT Billiton Indonesia

   ASCOM Precious Metals Mining S.A.E.                                   PT Maruwai Coal

Ellenkay Gold Limited

GMA (Malta) Limited

Kemin Resources plc

Sahara Gold Limited

Enquiries

 
 Hambledon Mining plc 
  Bogdan Poustovoi, CFA (Investor Relations)    +44 (0) 207 932 2455 
 Strand Hanson (Nomad and Broker) 
  Andrew Emmott 
  James Spinney 
  Ritchie Balmer                                +44 (0) 207 409 3494 
 Blythe Weigh Communications                    +44 (0) 207 138 3204 
  Tim Blythe                                     +44 (0) 7816 924626 
  Halimah Hussain                                +44 (0) 7725 978141 
  Eleanor Parry                                  +44 (0) 7551 293620

This information is provided by RNS

The company news service from the London Stock Exchange

END

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