On 1 October 2008 Peter Hambro Mining Plc was proud to receive the MINEX Annual Industry Award for "Developer of the Year" in recognition of its successful exploration, development and launch the Pioneer mine.

Commenting on the Award, Executive Chairman Peter Hambro stated that: "It is encouraging that our fellow mining industry practitioners recognise the great achievement by the Peter Hambro Mining team in bringing in the Pioneer mine in September 2007. This success is yet another milestone in the remarkable development history of the Group and I would like to use this opportunity to thank all our technicians, scientists, specialist engineers and mechanics who contributed to this achievement".

The MINEX Annual Industry Awards was established at the MINEX (Russian Mining & Exploration) Business Forum in 2007 with the aim of promoting best practices in the Russian Mining Industry. The 2008 Awards Ceremony took place on the eve of the first day of the IV MINEX Business Forum.

Further information on the Forum and the Awards can be found at www.minexforum.com/en.