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Record Gold Production

Hambledon’s Q3’13 update showed that gold production increased 56% y-o-y and 21% vs. Q2’13 to 9,161oz, with the underground mine contributing a notable 1,985oz to this total.

The third quarter’s gold production was the highest in the company’s history (a trend we feel will continue) and we find it encouraging that the higher grade underground ores being processed are having a material effect on gold production.

Our stance remains Speculative Buy with a 3p target price.

Key data
Share Price: 2.275p
52 week high/low: 2.625p / 1.075p
Primary exchange: AIM
EPIC: HMB
Shares in issue: 979.72m
Market Cap: £22.3m
Sector: Mining