Savannah Resources issue 2014 final results

PUBLISHED: 25 Feb 2015 @ 21:06 | Comments (0) |

Financial Results for the Year Ended 31 December 2014

Savannah Resources plc (LSE:SAV) announces its audited financial results for the year ended 31 December 2014.

· Transformational move into mineral rich Oman, diversifying commodity and geographic reach – acquired interests in Blocks 4, 5 and 6 copper projects in the Sultanate of Oman, which includes an Indicated and Inferred Mineral Resource Estimate of 1.7Mt at 2.2% copper with significant opportunity to supplement this
· Maiden Inferred Mineral Resource Estimate of 65Mt at 4.2% Total Heavy Minerals defined from Jangamo Heavy Mineral Sands Project, Mozambique with considerable further upside potential
· Operating loss of £1,917,190 reflects the increased tempo of operational activities around the Company’s prospective copper and heavy mineral sands projects in Oman and Mozambique and finance expenses of £491,851 principally attributable to movements in the valuation of derivatives
· Other comprehensive loss for the period attributable to the equity owners of Savannah Resources Plc loss of £2,191,872 attributable principally to losses of £2,223,222 relating to a write down of the value of the Company’s investment in Alecto Minerals Plc
· Solid cash position and listed company shareholdings totalling £2,907,940 as at 31 December 2014
· Raised £3.8 million funds in 2014

Savannah’s CEO, David Archer said, “Savannah continues to distinguish itself within the junior exploration arena by a high level of activity. This was rewarded with the announcement of a maiden Inferred Mineral Resource Estimate of 65Mt at 4.2% THM from a modest initial round of resource drilling over part of the eastern arm of the Jangamo tenement in Mozambique. The mineralisation remains open along strike. Importantly, the deposit we have identified is part of the very large Mutamba heavy mineral sands system with excellent potential to further expand the Mineral Resource in Savannah’s tenement area. Consequently, we have established a very solid resource base, which we plan to build upon with further drilling.

“In addition, our acquisition of rights to three highly prospective copper projects in Oman marked a transformational move into a highly prospective copper producing region. We intend to leverage our in-country advantage to ultimately become a mid-sized copper producer. In line with this, we are increasing the tempo of the exploration programme, with drilling already started.”

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