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Interim report
25 September 2008
The Company is pleased to announce the interim results for the 6 months to 30 June 2008. A further announcement containing a discussion of current project activity is due to be released shortly.
Consolidated unaudited results for the Group have been prepared using the same accounting policies and principles as the financial statements as at 31 December 2007.
The Group showed an increased loss of $3.558 million up from $3.079 million mainly due to increased levels of exploration, which increased from $1.905 million in the same period in 2007 to $2.292 million. Following a decrease in finance income of $0.189 million to $0.154 million the loss per share increased by 20.21% to 3.39 cents per share.
The significant change in the balance sheet is the reduction in cash in hand $9.602 million at 30 June 2008 from $12 392 million at the end of the December 2007, due to exploration activities undertaken by the group. The directors have prepared the interim financial statements on a going concern basis. In view of current market conditions and the need to continue the exploration activities the Board continues to review its operations in particular the need for future finance to continue its activities. In this regard the Board awaits the results from current exploration activities to assess the requirements and finalise future direction.
| Notes | 6 months to 30 June 2008 US$000 | 6 months to 30 June 2007 US$000 | Year ended 31 December 2007 US$000 |
|---|---|---|---|
| Revenue | - | - | - |
| Cost of sales | - | - | - |
| Gross profit | - | - | - |
| Other operating income | - | - | - |
| Administration expenses | (1 266) | (1 174) | (2 028) |
| Exploration costs | (2 292) | (1 905) | (3 568) |
| Operating loss | (3 558) | (3 079) | (5 596) |
| Finance income | 154 | 343 | 660 |
| Loss before taxation | (3 404) | (2 736) | (4 936) |
| Taxation | - | - | - |
| Loss for the period / year | (3 404) | (2 736) | (4 936) |
| Loss per share basic (US cents) 1 | 3.39 | 2.82 | 5.02 |
Notes
- Based on 100 318 798 weighted average shares in issue (2007 -98 633 224)
| At 30 June 2008 US$000 | At 30 June 2007 US$000 | At 31 December 2007 US$000 | |
|---|---|---|---|
| Assets | |||
| Non current assets | |||
| Goodwill | 3 318 | 3 318 | 3 318 |
| Intangible assets | 1 160 | 1 530 | 1 446 |
| Plant and equipment | 397 | 509 | 444 |
| 4 875 | 5 357 | 5 208 | |
| Current assets | |||
| Trade and other receivables | 175 | 221 | 315 |
| Cash and cash equivalents | 9 602 | 13 607 | 12 392 |
| 9 777 | 13 828 | 12 707 | |
| Total assets | 14 652 | 19 185 | 17 915 |
| Equity and liabilities | |||
| Equity | |||
| Share capital | 18 | 18 | 18 |
| Share premium | 31 722 | 30 918 | 31 715 |
| Share option reserve | 1 226 | 1 407 | 1 384 |
| Warrant reserve | 306 | 306 | 306 |
| Translation reserve | 400 | 492 | 400 |
| Retained earnings | (19 972) | (14 534) | (16 568) |
| 13 700 | 18 607 | 17 255 | |
| Non current liabilities | |||
| Loans payable to related parties | - | 340 | - |
| Current liabilities | |||
| Trade and other payables | 616 | 238 | 324 |
| Loans payable to related parties | 336 | - | 336 |
| Total Liabilities | 952 | 578 | 660 |
| Total equity and liabilities | 14 652 | 19 185 | 17 915 |
| 6 months to 30 June 2008 US$000 | 6 months to 30 June 2007 US$000 | Year ended 31 December 2007 US$000 | |
|---|---|---|---|
| Net cash flows from operating activities | (2 644) | (3 060) | (4 912) |
| Investing activities | |||
| Purchase of plant and equipment | (46) | (228) | (249) |
| Purchase of intangible assets | (100) | (9) | (159) |
| Net cash flows from investing activities | (146) | (237) | (408) |
| Financing activities | |||
| Proceed from the issue of ordinary share capital | - | 1 362 | 2 159 |
| Loans repaid | - | - | (5) |
| Net cash flows from financing activities | - | 1 362 | 2 154 |
| Net decrease in cash and cash equivalents | (2 790) | (1 935) | (3 166) |
| Cash and cash equivalents at the beginning of period / year | 12 392 | 15 546 | 15 546 |
| Foreign exchange adjustment | - | (4) | 12 |
| Cash and cash equivalents at the end of period / year | 9 602 | 13 607 | 12 392 |
| Share Capital | Share Premium | Share Options Reserve | Warrant Reserve | Translation Reserve | Accumulated Loss | TOTAL | |
|---|---|---|---|---|---|---|---|
| Total equity as at 31 December 2006 | 17 | 29 557 | 1 148 | 306 | 400 | (11 798) | 19 630 |
| Exchange difference on translating foreign operations | 92 | 92 | |||||
| Net income recognised directly in equity | 92 | 92 | |||||
| Loss for the period | (2 736) | (2 736) | |||||
| Total recognised income and expenses | 92 | (2 736) | (2 644) | ||||
| Shares issued | 1 | 1361 | 1362 | ||||
| Share Option costs | 259 | 259 | |||||
| Total equity as at 30 June 2007 | 18 | 30 918 | 1 407 | 306 | 492 | (14 534) | 18 607 |
| Exchange difference on translating foreign operations | (92) | (92) | |||||
| Net income recognised directly in equity | (92) | (92) | |||||
| Loss for the period | (2 200) | (2 200) | |||||
| Total recognised income and expenses | (92) | (2 200) | (2 292) | ||||
| Shares issued | 797 | 797 | |||||
| Share Option costs | 143 | 143 | |||||
| Share Option expired | (166) | 166 | - | ||||
| Total equity as at 31 December 2007 | 18 | 31 715 | 1 384 | 306 | 400 | (16 568) | 17 255 |
| Loss for the period | (3 404) | (3 404) | |||||
| Total recognised income and expenses | (3 404) | (3 404) | |||||
| Shares issued | 7 | 7 | |||||
| Share Option costs | (158) | (158) | |||||
| Total equity as at 30 June 2008 | 18 | 31 722 | 1 226 | 306 | 400 | (19 972) | 13 700 |
