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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oriel Res. | LSE:ORI | London | Ordinary Share | GB0034246743 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 121.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:7424J
Oriel Resources PLC
29 September 2006
PRESS RELEASE
29 September 2006 AIM: ORI
TSX: ORL
Oriel Resources Plc
Interim Results for the period ended 30 June 2006
A period of substantial progress
Oriel Resources Plc ('Oriel', or the 'Company') (AIM:ORI, TSX:ORL), the
dual-listed mining and exploration company developing chromium and nickel
deposits in Kazakhstan, announces its interim results for the period ended 30
June 2006. All amounts are presented in US dollars.
Highlights:
*Construction commences on the development of the box cut and decline
access ramp at the Voskhod chrome project, Kazakhstan
*Voskhod feasibility study shows 100% increase in mine output
*Life of mine operating cashflow projected at US$1.2 billion; annual
average US$85million
*Shevchenko nickel project feasibility study gives 47 year operating life
*Cash reserves of US$26 million; loss in line with expectations
Post period:
*Completion of the transfer and sale of Oriel's Kyrgyzstan-based gold
related assets
Executive Chairman, Dr Sergey V Kurzin commented:
"The first half of 2006 saw considerable advances in the sustained development
of the Voskhod chrome project and the continued consideration of various options
to progress the Shevchenko nickel project.
"We have made excellent progress in a short space of time and expect to bring
the Voskhod mine into production in early 2008, only three years from
acquisition. In line with that, work has recently commenced on the development
of the box cut and construction is soon due to begin on the decline access ramp.
The development and upgrading of Voskhod's road, rail and power-supply
infrastructure is on-going and will give us the additional security of
independent and long-term production.
"Oriel is considering various options to progress the Shevchenko project,
including conventional financing and the forming of joint venture partnerships.
Developing a sustainable long term source of nickel supply to the growing
stainless steel markets of China, Russia and Western Europe is the main
objective of the Shevchenko nickel project.
"The outlook for the global stainless steel market remains encouraging, with
leading indicators showing signs of strong growth in demand for our nickel and
chrome products".
For further information please contact:
Dr Sergey V Kurzin, Executive Chairman, Oriel Resources plc
Tel: +44 (0) 20 7514 0590
Nick Clarke, Managing Director, Oriel Resources plc
Tel: +44 (0) 20 7514 0590
Gavin Dallas, Marketing and PR, Oriel Resources plc
Tel: +44 (0) 20 7514 0590
Michael Padley / Michael Spriggs, Bankside Consultants
Tel: +44 (0) 20 7367 8888
Keith Schaefer, Vanguard Shareholder Solutions
Tel: + 1-604-608-0824
www.orielresources.com
-------------------------------------------------------------------------------
Notes to Editors:
Oriel Resources plc is a London-based exploration and mining company which
listed on the Alternative Investment Market (AIM: ORI) of the London Stock
Exchange in March 2004 and the Toronto Stock Exchange (TSX:ORL) in February
2005. The Admission was at that time the largest funded mining IPO in the
history of AIM and provided the company with a solid financial foundation.
Formed by Dr Sergey V Kurzin as Executive Chairman in July 2003, Oriel's primary
focus is the acquisition, exploration and development of advanced and high
quality chrome, nickel and other alloying commodities in the countries of the
Former Soviet Union (FSU) including Kazakhstan, Kyrgyzstan and the Russian
Federation.
The Company's aim is to become a recognised chrome and nickel exploration and
development company in this region.
-------------------------------------------------------------------------------
Oriel Resources plc
Interim Report for the six months ended 30 June 2006
__________________________________________________________________________________________
Highlights
*Completion of the transfer and sale of Oriel's Kyrgyzstan-based gold
related assets into Lero Gold Corporation of Canada, a 63% owned subsidiary
*Construction commences on the development of the box cut and decline
access ramp at the Voskhod chrome project, Kazakhstan
*Advancement of off-take agreements for the Voskhod chrome project
Executive Chairman's Statement
The first half of 2006 saw considerable advances in the sustained development of
the Voskhod chrome project and the continued consideration of various options to
progress the Shevchenko nickel project. More recently the Company concluded the
completion of the transfer and sale of Oriel's Kyrgyzstan-based gold related
assets into Lero Gold Corporation of Canada (TSX-V:LER).
The team's decision to fast-track Voskhod into production has been led by the
project's extremely positive 2006 feasibility results, the exceedingly strong
demand demand from potential off-takers and our financial advisers' confidence
that the project's economics are sufficiently robust to support over US$100
million of debt funding.
In addition, discussions with our financial advisers to advance the Shevchenko
project through joint-venture partnerships have been on-going, as have advanced
discussions as regards off-take.
Voskhod Chrome Project, Kazakhstan
Results from the June 2006 feasibility study were extremely encouraging,
projecting an almost 100% increase in the mine's output from initial studies. In
response to Asia's rapid growth in stainless steel output and that the project's
extremely positive off-take demands of 1.7mt have exceeded our initial
expectations; the Company took the decision to increase the output of annual
saleable chrome ore product to 900,000 tonnes - a level that considerably
enhances the project's economics in relation to the original plan.
Total capital expenditure for this project is estimated at US$131 million,
including 10% contingency, VAT (recoverable) and import duties. The Company is
also in advanced negotiations with a number of leading international banks on
debt financing options. Endeavour Financial has been advising the Company and
has expressed confidence that the project's economics are sufficiently robust to
support over US$100 million of debt funding which, together with Oriel's cash
reserves of over US$26 million, provides the security required for the project
financing. Life-of-mine operating cash flow is projected at US$1.2 billion, with
average annual cash flow of US$85million.
We have made excellent progress in a short space of time and expect to bring the
mine into production in early 2008, only three years from acquisition. In line
with that, work has recently commenced on the development of the box cut and
construction is soon due to begin on the decline access ramp. The development
and upgrading of Voskhod's road, rail and power-supply infrastructure is
on-going and will give us the additional security of independent and long-term
production. According to SRK Consulting (UK) Ltd's feasibility study, once
Voskhod is in full production, it will occupy a position as one of the top three
global suppliers of high-grade chrome ore.
Shevchenko Nickel Project, Kazakhstan
The December 2005 feasibility study indicated a 47 year project operating life
with NI 43-101 compliant Proven and Probable nickel laterite ore reserves of
104.4 million tonnes at 0.79% nickel.
Since receiving the positive feasibility study, the Company has been working
with its financial advisers to advance the project in order to unlock the
maximum value for the shareholders. Oriel is considering various options to
progress the Shevchenko project, including conventional financing and the
forming of joint venture partnerships. Developing a sustainable long term source
of nickel supply to the growing stainless steel markets of China, Russia and
Western Europe is the main objective of the Shevchenko nickel project and we
have reached the stage where this goal is now much closer to reality. In
addition to holding discussions with potential joint venture partners, Oriel has
also held advanced negotiations with ThyssenKrupp Metallurgie, Germany, for an
exclusive off-take agreement covering global sales of the ferronickel product.
Sale of Oriel's Gold Related Assets
Completed in July 2006, the transfer and sale of Oriel's Kyrgyzstan-based gold
related assets into Lero Gold Corporation (formerly ELE Capital Corporation) and
Lero's resumption of trading on TSX Venture Exchange (TSX:LER) concludes the
stated objective of divesting Oriel Resources of its non-core assets in order to
provide additional focus on the on-going chrome and nickel projects.
The transaction represented a reverse takeover of ELE Capital Corporation. Oriel
currently continues to hold 63.1% of the issued capital of Lero. Prior to the
completion of the transaction, the shares in ELE have traded at C$0.60 valuing
the Oriel investment at C$18.0m or US$15.66m.
Financial Results
The loss after taxation for the six months ended 30 June 2006 of US$1.1 million
was after exploration expenditure of US$0.4 million and administrative
expenditure of US$3.7 million. Additionally, the Group incurred exploration
costs of US$4.9 million relating to the Voskhod Chrome Project and the
Shevchenko Nickel Project, which have been deferred in line with the Group's
accounting policy on exploration and evaluation expenditure. The loss per share
of 0.6 cents compared to earnings per share of 1.7 cents in the six months ended
30 June 2005.
Outlook
The outlook for the global stainless steel market remains encouraging, with
leading indicators showing signs of strong growth in demand for our nickel and
chrome products. World crude stainless steel output expanded by 5.5% per year
between 1995 and 2004, the year in which crude stainless steel output rose to a
record of 25.3 million tonnes. Production then declined slightly to 24.8 million
tonnes in 2005, when major de-stocking in the industry was necessary to bring
the market back into balance.
For the current year, output is expected to rise to 26.7 million tonnes, a level
which would lift the stainless steel market back to its previous growth path.
With our aggressive approach to the development of both Voskhod and Shevchenko,
we expect to be well positioned to deliver strong returns for our shareholders.
Management firmly believes that the Company will be able to bring the Voskhod
project on-line as one of the world's lowest cost high quality chrome operations
and in record time. For a company the size of Oriel, the transition from
feasibility study through to production in just two years is indeed significant.
Over the next 12 months, our objectives are to:
*continue with the design and construction of Voskhod's mining operation
and chrome ore beneficiation plant;
*complete off-take agreements for Voskhod chrome ore and concentrate and;
*progress with the development of the Shevchenko Nickel project.
Subsequent Event
On 14 September 2006, trading in the Company's shares was suspended on the
London Stock exchange - AIM. The shares continue to trade on the Toronto Stock
Exchange. The reason for the suspension was a result of market rumour and an
announcement by the Company that it was in a advanced stage of discussions
relating to a transaction that if completed would result in a Reverse Takeover
of the Company. Management is currently working very hard to conclude these
discussions at which point an announcement will be made which will clarify the
position.
Dr Sergey V Kurzin
Executive Chairman
29 September, 2006
Review of Operations
Voskhod Chrome Project, Kazakhstan
Central to the development and success of Oriel Resources plc is the sustained
and aggressive development of the Voskhod chrome project in north-western
Kazakhstan. Oriel purchased Voskhod in February 2005 for the equivalent of
US$15.0 million in cash and the allotment of 9,181,352 shares, at the time
valuing Voskhod at US$25.0 million.
The June 2006 feasibility study completed by SRK Consulting (UK) Ltd indicated a
mine life of 14 years with potential to extend life to over 20 years, with an
average annual saleable chrome ore to 900,000t. Voskhod chromite ore is of a
very high grade; typically up to 48% Cr2O3 with up to 57% Cr2O3 grade
concentrate anticipated to be readily produced.
Since these extremely positive results, the Company has engaged Central Asian
Mines, a joint venture between Byrncut Mining of Australia and a local Kazakh
contractor to commence the development of the box cut. We are extremely pleased
with the progress made to date and are looking forward to the initiation of work
on the decline access ramp.
With the creation of an Information Memorandum, Endeavour Financial, which has
been advising the Company on debt financing options, has received a number of
offers of debt finance for the project and, with the project's positive
feasibility results, is confident that the project economics are sufficiently
robust to support a debt facility of more than US$100 million. Oriel will
continue to work with Endeavour to secure the required debt financing by Q4
2006.
Extremely positive interest in off-take agreements are currently being developed
and the Company is confident that these too will be completed by Q4 2006.
Oriel was awarded an extension to the Voskhod licence to include the Karaagash
deposit, which has additional Russian C2 and P1 classified resources of some 7.8
million tonnes. These results have not been independently verified by a
competent person.
It is anticipated that Voskhod's first ore is to be mined in early 2008 and then
trucked to a beneficiation plant on site. The intention is then to ship high
grade chromite ore to the nearby burgeoning stainless steel markets of China,
Russia and Western Europe.
According to SRK's feasibility study, once the Voskhod project is in full
production, it will occupy a position as one of the top three global suppliers
of high-grade chrome ore. The Company has been awarded an extension to the
Voskhod contract licence area to include the Karaagash deposit, which has
additional Russian C2 and P1 classified resources of some 7.8 million tonnes.
These results have not been independently verified by a competent person. The
Voskhod deposit can support a mine life of 14 years, with the potential to
extend this life to over 20 years. In addition, the ore grade in this deposit is
very high, containing typically up to 48% Cr2O3, and it is anticipated that the
project will be easily capable of producing a concentrate grading up to 57%
Cr2O3.
2006 Voskhod Programme
*Development of the mine's box cut and access ramp
*Completion of off-take agreements for chrome ore and concentrate
*Completion of debt-financing
Shevchenko Nickel Project, Kazakhstan
The December 2005 feasibility study indicated a 47 year project operating life
with NI 43-101 compliant Proven and Probable nickel laterite ore reserves of
104.4 million tonnes at 0.79% nickel.
Since receiving the positive feasibility study from internationally recognised
engineering consultants, Bateman Minerals and Metals Ltd, South Africa
(Bateman), we have been working with our financial advisers to advance the
project in order to unlock the maximum value for the shareholders.
Oriel is considering various options to progress the Shevchenko project,
including conventional financing and forming joint venture partnerships.
Developing a sustainable long term source of nickel supply to the growing
stainless steel markets in China, Russia and Western Europe is the main
objective of the Shevchenko nickel project, and we have reached the stage where
this goal is now much closer to reality. In addition to holding advanced
discussions with potential joint venture partnerships, we have also had
negotiations with ThyssenKrupp Metallurgie of Germany, for an exclusive off-take
agreement covering global sales of the ferronickel product.
The project is extremely well served by infrastructure, with main utilities such
as power and gas from the nearby town of Zhitiqara and, in addition, a main line
rail link to the extensive rail system throughout the CIS, Russia and China.
2006 Shevchenko Programme
*Pursuit of development opportunities
*Seeking of interest in off-take agreements
Sale of Gold Related Assets
The completion of the transfer and sale of Oriel's Kyrgyzstan-based gold related
assets into Lero Gold Corporation of Canada (formerly ELE Capital Corporation)
and its resumption of trading on TSX Venture Exchange (TSX-V:LER) concludes our
stated objective of divesting the Company of its non-core assets in order to
provide additional focus on our chrome and nickel projects.
The transaction represented a Reverse Takeover of ELE Capital Corporation. Oriel
currently holds 63.1% of the issued capital of Lero. Prior to the completion of
the transaction, the shares in ELE have traded at C$0.60 valuing the Oriel
investment at C$18.0m or US$15.66m.
Oriel Resources plc
Consolidated income statement for the six months ended 30 June 2006
________________________________________________________________________________
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2006 2005 2005
(Unaudited) (Unaudited) (Unaudited)
Note $'000 $'000 $'000
Exploration expenses (365) (1,122) (2,672)
Exchange differences 2,187 2,362 5,085
Profit on disposal of
subsidiary undertaking - 5,992 6,348
Other administrative
expenses (3,709) (4,774) (8,562)
--------- --------- ---------
Operating (loss)/profit (1,887) 2,458 199
Finance income 792 774 1,785
Finance expense (50) - -
------ --- ---
(Loss)/profit before
taxation (1,145) 3,232 1,984
Tax expense - - -
--- --- ---
Net (loss)/profit for the
financial period (1,l45) 3,232 1,984
Attributable to:
Equity shareholders of the
parent (1,128) 3,289 2,047
Minority interest (17) (57) (63)
------ ------ ------
(1,145) 3,232 1,984
(Loss)/earnings per share
Basic and diluted earnings
/(loss) per share on profit 2 (0.6)c 1.7c 1.0c
/(loss) for the period
All amounts included above relate to continued operations.
Oriel Resources plc
Consolidated balance sheet at 30 June 2006
________________________________________________________________________________
At 30 June At 30 June At 31 December
2006 2005 2005
(Unaudited) (Unaudited) (Unaudited)
Note $'000 $'000 $'000
Non-current assets
Property, plant and equipment 1,749 1,424 1,301
Intangible assets 64,381 49,997 59,094
Financial assets 1,339 1,381 1,339
--------------- ---------- --------------
67,469 52,802 61,734
Current assets
Trade and other receivables 5,728 2,728 3,757
Cash and cash equivalents 30,454 46,385 38,793
--------------- ---------- --------------
36,182 49,113 42,550
--------------- ---------- --------------
Total Assets 103,651 101,915 104,284
=============== ========== ==============
Non-current liabilities
Trade and other payables (3,755) (2,330) (3,705)
---------------- ------------ --------------
(3,755) (2,330) (3,705)
Current liabilities
Trade and other payables (2,639) (1,004) (2,743)
---------------- ------------ --------------
Total Liabilities (6,394) (3,334) (6,448)
================= ========== ==============
Net assets 97,257 98,581 97,836
================= ========= ==============
Capital and reserves
Called up share capital 3,479 3,453 3,470
Share premium account 90,377 90,049 90,254
Merger reserve 16,692 16,691 16,692
Other reserves (24) 475 13
Retained earnings (14,540) (13,392) (13,883)
--------------- ---------- -------------
Equity attributable to
shareholders of the parent 95,984 97,276 96,546
Minority interests 1,273 1,305 1,290
--------------- ---------- -------------
Total Equity 97,257 98,581 97,836
=============== ========== =============
Oriel Resources plc
Consolidated cash flow statement for the six months ended 30 June 2006
________________________________________________________________________________
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2006 2005 2005
Note (Unaudited) (Unaudited) (Unaudited)
$'000 $'000 $'000
Net cash outflow from
operating activities (5,535) (4,109) (9,534)
Cash flows from investing
activities
Interest received 792 774 1,785
Purchase of property, plant
and equipment (680) (169) (268)
Sale of property, plant and
equipment 91 - 657
Purchase of intangible assets (5,287) (4,906) (11,403)
Purchase of subsidiary
undertakings - (14,800) (16,770)
Sale of subsidiary
undertaking - 4,392 4,612
Purchase of other financial
assets - (1,381) (1,339)
--- --------- --------
Net cash outflow used in
investing activities (5,084) (16,090) (22,726)
--------- ---------- --------
Cash flows from financing
activities
Issue of ordinary shares - 20,686 20,660
Exercise of share options and
warrants 131 86 336
----- ---- -----
Net cash inflow from
financing activities 131 20,772 20,996
----- -------- --------
Net (decrease/increase in
cash and cash equivalents (10,488) 573 (11,264)
Cash and cash equivalents at
start of period 38,793 44,901 44,901
Effect of exchange rate
changes on cash and cash
equivalents 2,149 911 5,156
------- ----- -------
Cash and cash equivalents at
end of period 30,454 46,385 38,793
======== ======== ========
Oriel Resources plc
Consolidated statement of recognised income and expense for the six months ended
30 June 2006
________________________________________________________________________________
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2006 2005 2005
Note (Unaudited) (Unaudited) (Unaudited)
$'000 $'000 $'000
Income and expense recognised
directly in equity
Exchange translation
differences on consolidation
of Group entities (37) 85 (386)
------ ---- -------
(37) 85 (386)
(Loss)/profit for the
financial period (1,145) 3,232 1,984
--------- ------- -------
Total recognised income and
expense for the financial
period (1,182) 3,317 1,598
Attributable to:
Equity shareholders of the
parent (1,165) 3,409 1,705
Minority interest (17) (92) (107)
------ ------ -------
(1,182) 3,317 1,598
Oriel Resources plc
Consolidated statement of changes in equity for the six months ended 30 June
2006
________________________________________________________________________________
Attributable to Minority 6 months ended 6 months ended Year ended
shareholders of interests
Oriel Resources 30 June 30 June 31 December
Plc 2006 2005 2005
(Unaudited) (Unaudited) (Unaudited)
$'000 $'000 $'000 $'000 $'000
Opening
balance as
restated 96,546 1,290 97,836 65,034 65,034
Total
recognised
income for
the period (1,165) (17) (1,182) 3,317 1,598
Issue of
shares 131 - 131 30,829 30,837
Share
issue - - - (2,011) (2,046)
costs
Employee
share options
charged to income 472 - 472 1,326 2,077
statement
Issue of share
options - - - 86 336
--- --- --- --- ---
Closing
balance 95,984 1,273 97,257 98,581 97,836
======== ======= ======== ======== ========
Oriel Resources plc
Notes forming part of the interim report for the six months ended 30 June 2006
________________________________________________________________________________
1. Accounting policies
Accounting policies adopted under IFRS
These interim financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the European Union
('IFRS').
The basis of preparation and accounting policies used in preparing the interim
accounts for the six months ended 30 June 2006 are set out below. The basis of
preparation describes how IFRS has been applied under IFRS 1, the assumptions
made by the Group about the Standards and Interpretations expected to be
effective, and the policies expected to be adopted, when the Group issues its
first complete set of IFRS financial statements for the year ending 31 December
2006.
Basis of preparation
The financial information for the six months ended 30 June 2006, six months
ended 30 June 2005 and the year ended 31 December 2005 is unaudited and within
the meaning of section 240 of the Companies Act 1985, such accounts do not
constitute full statutory accounts of the Group.
The accounting policies which follow set out those policies which are expected
to apply in preparing the financial statements for the year ended 31 December
2006. These policies have been followed in producing these interim statements.
The Group financial statements are presented in United States Dollars ('USD')
and all values are rounded to the nearest thousand dollars ($000) except when
otherwise indicated.
The financial statements have been prepared under the historical cost
convention, except for financial assets, which are carried at fair value.
The comparative figures for the financial year ended 31 December 2005 are not
the statutory financial statements of Oriel Resources Plc for that financial
year. Those financial statements, which were prepared under UK Generally
Accepted Accounting Principles, have been reported on the Company's auditors and
delivered to the registrar of companies. The report of the auditors was
unqualified and did not contain statements under section 237(2) or (3) of the
Companies Act 1985.
Significant accounting judgements and estimates
The preparation of these financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and reported amounts of
revenues and expenses during the reporting period. These judgements and
estimates are based on managements' best knowledge of the relevant facts and
circumstances, having regard to prior experience, but actual results may differ
from the amounts included in the financial statements. Information about such
judgements and estimations is contained in the accounting policies and
accompanying notes to the financial statements.
Basis of consolidation
The consolidated financial statements incorporate the results of Oriel Resources
plc and its subsidiaries as at 30 June 2006.
Subsidiaries are consolidated from the date of their acquisition, being the date
on which the Group obtains control, and continue to be consolidated until the
date that such control ceases.
Control comprises the power to govern the financial and operating policies of
the investee so as to obtain benefit from its activities and is achieved through
direct or indirect ownership of voting rights; currently exercisable or
convertible potential voting rights; or by way of contractual agreement. The
financial statements of subsidiaries are prepared for the same reporting year as
the parent company, using consistent accounting policies. All inter-company
balances and transactions, including unrealised profits arising from them, are
eliminated.
Minority interests represent the portion of profit or loss and net assets in
subsidiaries that is not held by the Group and is presented within equity in the
consolidated balance sheet, separately from parent shareholders' equity.
2 Earnings per share
The basic earnings/loss per share is calculated on a profit / (loss)
attributable to equity shareholders of the parent and on ordinary shares being
the weighted average number of ordinary shares on issue during the period. The
diluted earnings per share is calculated on profit / (loss) attributable to
equity shareholders and on the weighted average diluted number of ordinary
shares during the period.
Six months to Six months to Year to 31
30 June 30 June December
2006 2005 2005
(Loss)/earnings
per share -
basic and
diluted $(0.006) $0.017 $0.010
$'000 $'000 $'000
(Loss)/earnings
attributable
to equity
shareholders
of the parent (1,128) 3,289 2,047
Number Number Number
Weighted
average number
of ordinary
shares at
period end 202,733,928 193,004,841 197,532,214
Dilutive
potential
shares at
period end 1,477,984 2,391,290 1,913,922
---------- ---------- ----------
204,211,912 195,396,131 199,446,136
========== ========== ==========
3 Reconciliation of operating profit/loss to net cash outflow from operating
activities
Six months to Six months to Year to 31
30 June 30 June December
2006 2005 2005
$'000 $'000 $'000
Operating
(loss)/profit (1,887) 2,458 199
Depreciation 183 70 319
Profit on
disposal of
subsidiary
undertaking - (5,992) (6,348)
Finance
expense (50) - -
Share-based
payments 472 1,326 2,077
Gain on sale
of property,
plant and
equipment (43) - (620)
Foreign
exchange
differences (2,187) (2,362) (5,085)
(Increase) /
decrease in
trade and
other
receivables (1,970) 125 (766)
Increase /
(decrease) in
trade and
other payables (53) 266 690
---------------- ---------------- -----------------
Net cash
outflow from
operating
activities (5,535) (4,109) (9,534)
=============== =============== ===============
4 Transition to IFRS
The consolidated financial information for the six months ended 30 June 2005, 30
June 2006 and the year ended 31 December 2005 and the opening balance sheet at 1
January 2005 have been prepared in accordance with International Financial
Reporting Standards (IFRS) for the first time.
The Group's transition date to IFRS is 1 January 2005. The rules for first-time
adoption of IFRS are set out in IFRS 1 'First time adoption of international
reporting standards'. In preparing the IFRS financial information, these
transition rules have been applied to the amounts reported previously under
generally accepted accounting principles in the United Kingdom ('UK GAAP'). IFRS
1 generally requires full retrospective application of the Standards and
Interpretations in force at the first reporting date. However, IFRS 1 allows
certain exemptions in the application of particular Standards to prior periods
in order to assist companies with the transition process.
The transition from UK GAAP to IFRS has no effect upon reported the cash flows
generated by the Group. The IFRS cash flow statement is presented in a different
format from that required under
UK GAAP with cash flows split into three categories of activities - operating
activities, investing activities and financing activities.
Disclosures required pursuant to Toronto Stock Exchange listing:
National Instrument 71-102 ("NI 71-102")
Continuous Disclosure and Other Exemptions Relating to Foreign Issuers
Section 5.2
Oriel Resources plc is:
(a) a designated foreign issuer as defined in NI 71-102;
(b) incorporated under the laws of England and Wales; and
(c) subject to the regulatory requirements of the Alternative Investment Market
of the London Stock Exchange (AIM).
Toronto Stock Exchange Company Manual
Minimum Listing Requirements for Foreign Companies
Section 3.24(h)
The conversion rate from United States Dollars to Canadian Dollars for the
financial information contained within these interim financial statements is
1.12010 as of the effective date of the financial information, being 30 June,
2006.
DATED this 29 day of September, 2006.
A full version of these accounts, which has been reviewed by the Group's
auditors is available at www.orielresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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