Growing Gold production in Kazakhstan

1. Growing Gold production in Kazakhstan February 2011

2. Disclaimer • This Presentation has been prepared solely to provide a basis for potential investors to further consider whether to pursue a possible acquisition of Ordinary Shares in the Company and does not consider and is not tailored to the specific circumstances or interests (tax, legal or otherwise) of any particular investor. This Presentation does not constitute a prospectus, admission document or listing particulars relating to the Company, nor does it constitute or form part of any offer or invitation to purchase, sell or subscribe for, or any solicitation, invitation or inducement of any such offer to purchase, sell or subscribe for, any interest in securities in the Company nor shall this Presentation or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract thereof. • No reliance may be placed, for any purposes whatsoever, on the information contained in this Presentation or on its completeness and this Presentation should not be considered a recommendation by the Company or any of its respective affiliates in relation to any purchase of or subscription for Ordinary Shares. No representation or warranty, express or implied, is given by or on behalf of the Company, or any of their respective directors, partners, officers, employees, advisers or any other persons as to the accuracy, fairness or sufficiency of the information or opinions contained in this Presentation. Save in the case of fraud or fraudulent misrepresentation, no liability is accepted for any errors, mis-statements, omissions or inaccuracies in such information or opinions contained in this Presentation nor for any direct or consequential loss howsoever arising from any use of, or reliance on, this document or otherwise in connection with it. • This Presentation is exempt from the general restriction (in section 21 of the Financial Services and Markets Act 2000) on communications, invitations or inducements to engage in investment activity pursuant to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”) on the grounds that it is solely made to and directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the FPO and (ii) high net-worth companies, unincorporated associations and other bodies within the meaning of Article 49 (2) (a) to (d) of the FPO. The investment or investment activity to which this Presentation relates is available only to such persons and will be engaged in only with such persons. Persons who fall outside categories (i) or (ii) above must not attend or receive copies of this Presentation. Any person who does not fall within categories (i) or (ii) above must not rely on or act upon the matters communicated at this Presentation. • The distribution of this Presentation in jurisdictions other than the United Kingdom may be restricted by law, and persons into whose possession this Presentation comes must inform themselves about, and observe, all such restrictions. The Company does not accept any responsibility arising from any distribution of this document in such jurisdictions in breach of this obligation. • Neither this Presentation nor any copy of it may be (i) taken or transmitted into the United States of America, (ii) distributed, directly or indirectly, in the United States of America or to any US Person (within the meaning of regulation ‘S’ made under the United States Securities Act 1933, as amended), (iii) taken or transmitted into or distributed in Canada or Australia or to any resident thereof, or (iv) taken or transmitted into or distributed in Japan or to any resident thereof. Any failure to comply with these restrictions may constitute a violation of the securities laws or the laws of any such jurisdiction. The distribution of this document in other jurisdictions may be restricted by law and the persons into whose possession this document comes must inform themselves about, and observe, any such restrictions. The Company does not accept any responsibility arising from any distribution of this document in such jurisdictions in breach of this obligation. • Safe Harbour statement: this Presentation may contain forward-looking statements that reflect the Company's current expectations regarding future events, including the development of the Company's projects, as well as the Company's working capital requirements and future capital raising activities. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors, including the success of the Company's development strategies, and the ability of the Company to obtain financing for its operations, general political and/or economic instability and the market conditions affecting the availability and terms of such financing. • This Presentation is being made available on the basis that the recipients keep confidential any information contained herein or otherwise made available, whether orally or in writing, in connection with the Company. This Presentation is confidential and must not be copied, reproduced, published, distributed, disclosed or passed to any other person at any time without the prior written consent of the Company. • Any person attending this Presentation should seek their own independent legal, investment and tax advice as they see fit.

3. Key executives • Tim Daffern Chief Executive Officer • Chartered Mining engineer, MBA • 22 years international experience in underground and open pit operations • Formerly COO with Angel Mining Plc and previously Director Wardell Armstrong International • Joined Q4, 2010 • Baurzhan Yerkeyev Executive Director • Graduate from Tomsk Polytechnic Institute, Geology (Russia) • Formerly project manager for State Geophysical-Geochemical Expedition • Previously director of CRS, geological consultants • Bill Morgan Chief Financial Officer and Company Secretary • UK Chartered accountant. • 30 years accountancy and financial management experience • 8 years in Kazakhstan, lives in Kazakhstan • Charles Zorab Corporate Development – London • Consultant, former mining analyst

4. Business plan • To maximise the value of the business by development and improvement of gold assets in Kazakhstan • Increase Productivity and implement cost reduction programmes • Result = Margin improvement • Target increased annual production to over 100,000 ounces Au by 2016 • CAGR = 31% pa • Identifying and developing new gold based projects

5. Major shareholders and corporate information As at 31 December, 2010 Source: Datastream

6. Location The Republic of Kazakhstan East Kazakhstan Region

7. Sekisovskoye Competitive Advantage • Location • 40km from regional capital - Ust Kamenogorsk • Good local infrastructure and transport links - on major road to Ridder mining centre • Skilled workforce available locally • Experienced, predominantly local management • Deposit • Large scale (economies of scale) • Free gold (simple, low cost plant with good recovery) • Not contaminating (not acid generating, no arsenic) • 100% owned • Result = low capital cost, mid-tier operating cost, low risk

8. Sekisovskoye resources (JORC)

9. Sekisovskoye project • Production • Target gold production - 2011: > 26,000 ounces • 2016: > 100,000 ounces • Sekisovskoye Open Pit Mine • JORC reserve157,614 oz (01/01/2010) • Open Pit life to Q3 2014 • Produced 55,006 oz since start-up to 30 December 2010 • Sekisovskoye Underground Mine • JORC resource of 1,804,685 oz (01/01/2010) • Existing underground infrastructure refurbished • Target extraction rate of 850,000 tpa by 2016 • First extraction targeted December 2011 • 25,000m diamond drill programme is underway for 2011; four drill holes complete

10. Sekisovskoye • Sekisovskoye process plant • Crushing and milling capacity 850,000 – 1,000,000 tpa • Main Jaw Crusher has been problematic • being replaced Q1, 2011 • Cost $750,000 USD • Reduce downtime, reduce costs • Process Recovery • Current 82% to 90% • Additional cyclones to reduce grinding size have been installed in Q1 2010; cost $65,000 USD, • Result = improved efficiency, lower operating costs

11. Sekisovskoye – underground project • Construction works on target • Production target increased from 500,000 tpa to target 850,000 tpa • Production from main shaft, triple internal decline, plus service shaft; single excavation methodologies, with 100% open ‘stoping’; underground infrastructure based on flexible deployment of men and material • 5 – 6 g/t Au, 6-7 g/t Ag in situ grade • Expected mill feed grade at 4.2 g/t Au after dilution • Cash flow sufficient for 95% of expected development costs

12. Underground project ‘ore-bodies’ North West

13. Undergound development

14. Sekisovskoye targeted gold production CAGR – 31%

15. Operational objectives • Increase annual throughput to 1M tpa (compared with design capacity of 850,000 tpa) • Increase process plant recovery to 90% in 2012, 95% in 2015 • Focussed development of the underground mine to access high grade ore as soon as possible, increasing annual production to 100,000 oz • Reduce operating costs to industry ‘mid quartile’ cost basis • Look to further near-term production opportunities for gold in Kazakhstan • Result = Increase EV/oz to industry average or better • Increase delineation and continue expansion of the geological resource • Expand gold production and earnings value

16. Use of funds 1 • Plant Waste management system • Capital required $4.2M • Expenditure Q2 – Q4, 2011 • Reduction in operating costs target : $55/oz • Waste system based on making ‘waste paste’ • All engineering works overseen by Golders Associates • Reduced tailings impoundment construction costs • Reduced water abstraction • Eliminates water management on in surface dams during winter • Recycle metallurgical plant reagent solution • Reduce environmental costs to government • Backfill from ‘paste plant; used in underground mine • Paste plant underpins the target 850,000 tpa extraction

17. Use of funds 2 • High Voltage Electrical Infrastructure • Capital required $1.8M • Expenditure Q2 – Q4, 2011 • Reduction in operating costs target : $15/oz • Establish dual High Voltage Electrical infrastructure to project site • Currently some ten days lost during the year due to single source electrical supply • Improve continuity of all project operations • All engineering works overseen by Kazakhstan Electrical Authorities • New electrical infrastructure required to meet statutory safety regulations for underground operations • Infrastructure is designed to underpin the target 850,000 tpa extraction

18. Use of funds 3 • Mineral Process Plant ‘Increase Gold Recovery’ • Capital required $2.1M • Expenditure Q2 – Q4, 2011 • Reduction in operating costs target : $35/oz • Replace system for adding dissolved oxygen to cyanide tanks • Automate the system for addition of cyanide • Automate the system for control of reagents • Replace the smelting furnace • Upgrade the laboratory

19. Use of funds 4 • Expansion of Engineering workshops • Capital required $0.9M • Expenditure Q2 – Q4, 2011 • Reduction in operating costs target : $15/oz • Establish self sufficient site based engineering facilities for underground and open pit mining equipment • Additional workshops, welding equipment, wash-down facility • Enable currently outsourced works to be undertaken by site staff • Improve continuity of all project operations • Infrastructure is designed to underpin the target 850,000 tpa extraction

20. Use of funds 5 • Corporate development • Capital required $1.0M • Expenditure Q2 – Q4, 2011 • Accelerate the current programme of sourcing targets for future growth • Enable use of professional advisors to progress due diligence

21. Placing • Placing and Shares Net Proceeds: $10M Book Close: 10th March 2011 Use of funds: Capital OpEx Cost savings • Plant Waste management system $4.2M $55/oz • High Voltage Electrical Infrastructure $1.8M $15/oz • Mineral process plant gold recovery $2.1M $35/oz • Expansion of engineering workshops $0.9M $15/oz • Corporate development $1.0M - Open offer : up to 2.5M Euro Secondary : up to $3M

22. Growth opportunities • Management experience in review and development • Kazakhstan • Supportive environment • Good local source of opportunities • ‘Local’ reputation of Hambledon • Good relationship with authorities • Ability to get things done • Attracts opportunities • Criteria • Kazakhstan • Gold based, • 0.75M oz to 5M oz,

23. Hambledon – key factors • Sekisovskoye • Large gold resource 1.8m oz JORC, expansion to 2.5m ounces underway • Production now at 25,000 oz per year, rising to 100,000 oz in 2016 • CAGR = 31% pa • Advantageous location • Free milling, environmentally benign • Experienced, predominantly local management • Good underground mining conditions

24. Contacts Registered office Hambledon Mining Plc Daws House33-35 Daws LaneLondonNW7 4SD Investor relations: Charles Zorab Telephone: +44 207 233 1462 e-mail: c.zorab@gmail.com