Savannah Resources release interim HY results

By Tom Frew

PUBLISHED: 01 Oct 2015 @ 23:06 | Comments (0) |

Interim Results

Savannah Resources (LSE:SAV) has announced its interim financial results for the six months ended 30 June 2015.

HIGHLIGHTS:

OPERATIONS

· Focussed on the development of multi-commodity portfolio: copper in Oman, with additional gold upside potential, and heavy mineral sands in Mozambique
· Agreement signed with Rio Tinto for the combination of Rio’s Mutamba and Savannah’s adjacent Jangamo project in a joint venture in this world-class heavy minerals sands province in Mozambique
· Targeting early stage open-pit mining in Mozambique with an initial production rate of +600,000tpa of ilmenite and 40,000tpa of rutile plus zircon concentrate
· Significant potential to expand on current Oman total Indicated and Inferred Mineral Resources of 1.7Mt @ 2.2% copper
· Completed the first ever VTEM survey over Block 4, Oman, which identified a number of high priority brown and greenfield targets for drill testing in Q4 2015
· Trenching and rock chipping programme at Block 4 highlighted high grade oxide gold at surface over multiple areas including 72.2g/t gold
· Completion of drill programmes at Sarami West (Block 5) and Ghayth (Block 4) prospects identified prospective targets for follow up drilling
· Board re-alignment with the successful transformation of Company

FINANCIAL

· Operating loss of £1.01m includes realised loss of £0.28m on the sale of Alecto shares and reflects the high tempo of exploration activities being conducted
· Other comprehensive loss for the period attributable to the equity owners of Savannah Resources Plc loss of £0.62m attributable principally to losses of £0.8m relating to a write down of the value of the Company’s investments primarily in Alecto Minerals Plc that adversely impacted net assets accordingly, and for which the Company divested 18.6% of its holding in the period
· Augmented cash balances with a £0.55m cash share subscription
· Investments in intangible and exploration project assets of £928,591 during the period

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