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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ormonde Mining Plc | AQSE:ORM | Aquis Stock Exchange | Ordinary Share | IE00BF0MZF04 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.16 | 0.10 | 0.20 | 0.16 | 0.12 | 0.16 | 45,000 | 15:29:46 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2474R Ormonde Mining PLC 23 October 2003 ORMONDE MINING PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE, 2003 Chairman's Statement Over the past six months we have seen a number of positive developments in the gold mining and exploration sector. The recent increase in the gold price above US$375 per ounce has been most encouraging. Furthermore, much talk in the industry suggests higher gold prices in real terms over the next year and this is positive news for Ormonde. This increase in interest in the gold mining and exploration sector facilitated your Company in recently placing 29.4 million new shares, principally with London-based financial institutions, to raise approximately Euro1 million before expenses. These funds will enable Ormonde to continue its focus on advanced gold projects in its area of geographical focus, Spain, with the exercise of its earn-in rights on the Salamon project being the first step in implementing this strategy. In June 2003 Ormonde entered into a heads of terms with SIEMCALSA, a Spanish geological company, whereby it acquired an earn-in right to 51% in the Salamon gold deposit and surrounding 120 square kilometres of exploration ground. The Salamon deposit is located in the Leon Region of northern Spain, some 110 kilometres ESE of Rio Narcea Gold Mines Ltd's El Valle gold mine, which produced approximately 180,000 ounces of gold in 2002. Drilling and trenching to-date at Salamon have identified a total resource of 640,000 tonnes at an average grade of 9 g/t gold, for a total of approximately 190,000 ounces of contained gold. This resource is contained within the uppermost 100-120 metres of the presently known deposit, over a strike length of some 350 metres. The particularly attractive features of this deposit are its high grade and significant width of up to 22 metres. The present resource estimate is based on 29 drill holes which include the following mineralised intersections: S-31: 29.0m @ 20.5g/t gold from 70.5m S-17: 16.0m @ 7.6g/t gold from 64.0m S-6: 14.0m @ 5.7g/t gold from 24.0m The deposit is steeply dipping and open at depth and along strike to the northeast, where recent trenching has returned intervals including 26.5m @ 13.4 g/t gold and 13.2m @ 25.8 g/t gold. The surrounding exploration ground includes numerous historic gold-arsenic-antimony and mercury workings and other occurrences. Recent trenching on one prospect some 1.8 kilometres to the west of Salamon returned an intersection of 11.5m @ 4.1 g/t gold, and further work on this prospect is considered to be a priority by your Company. This may represent the upper part of a second deposit similar to Salamon. The gold resource at Salamon has the potential to increase significantly in size. If a sufficiently large resource can be established, the project also has the potential to provide an early cash flow through development, which is one of Ormonde's near-term objectives. Ormonde commenced drilling at Salamon in October and the results of the first phase of this drilling programme should be available by December. Upon completion of this first phase drilling programme at Salamon, initial drilling is planned on Ormonde's Portas prospect on the Trives licence area, also located in northwest Spain, approximately 180 km from Salamon. This programme of two to three drill holes, is designed to test the shallow depth extension of high-grade mineralizaton exposed in the Roman workings. I am also very pleased to welcome Mr. Andrew R. McM. Bell, MA, LLB, to the Board as a Non-Executive Director. Andrew has been involved with the mining industry since the 1970s, as an investment analyst specialising in the industry, a unit trust manager, an investment banker, and as an investor and financier, and provided considerable assistance to Ormonde during the recent fund raising in London. The Directors consider that the addition to the Board of Andrew's extensive financial and mining experience and, in particular, his knowledge of the London market, will add considerably to the Company's ability to expand its acquisition and development activities. I would like to assure shareholders that the Directors and Staff of Ormonde remain dedicated to achieving success and I believe that we have further enhanced the Company's potential in the first six months of this year. Colin J. Andrew CHAIRMAN Consolidated Profit & Loss Account 6 months ended 30 June 2003 6 months ended 6 months ended 30 June, 2003 30 June, 2002 Euro Euro Unaudited Unaudited Administrative expenses (55,984) (77,651) Other operating incomes - - OPERATING LOSS (55,984) (77,651) Interest receivable and similar income - - LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (55,984) (77,651) Taxation - - LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (55,984) (77,651) Profit & Loss a/c brought forward - (deficit) (8,726,667) (8,589,712) Profit & Loss a/c carried forward - (deficit) (8,782,651) (8,667,363) Loss per Share (Euro0.0007) (Euro0.0011) Notes: 1. This interim statement for the 6 months ended 30 June 2003 is unaudited and was approved by the Directors on 23 October 2003. 2. This interim statement is being sent by post to all registered shareholders. Additional copies are available from the Company's offices at Metges Lane, Navan, Co. Meath, Ireland. Enquiries to: Kerr Anderson - Managing Director Ormonde Mining plc Tel: 00 353 46 9073623 kanderson@ormondemining.com Colin Andrew - Chairman Ormonde Mining plc Tel: 00 353 46 9073623 candrew@iol.ie John Carroll - Director Ormonde Mining plc Tel: 00 353 1 492 2936 offacc@iol.ie Eugenee Mulhern Davy Corporate Finance Limited Tel: 00 353 1 679 6363 23 October, 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR FEFFIDSDSEFS
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