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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 | 0.15 | 0.16 | 0.00 | 16:29:49 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9544M Ormonde Mining PLC 30 June 2003 ORMONDE MINING PLC ("Ormonde" or "the Company") Results for the YEAR Ended 31 DECEMBER 2002 CHAIRMAN'S STATEMENT I am pleased to present your Company's Consolidated Profit and Loss Account and Balance Sheet for the year ended 31 December 2002. In my last Chairman's statement I reported that the Company had been re-listed, re-financed, had recruited a new management team and staff and had commenced the acquisition of prospective exploration properties. The emphasis of this acquisition exercise has been on gold in Spain, and to acquire at least one advanced project. I am therefore very pleased to be able to include the Salamon gold deposit as a key asset of the Company. The high gold grades and affinities with Carlin-style mineralization make this a very exciting project, which strongly enhances the Company's strategic position in Spain. The Salamon deposit shows considerable potential and we look forward to a resumption of drilling on the deposit in October of this year. Through two share placements in 2002, the Company raised a total of Euro530,000 net of expenses in a difficult market, which were used to carry out initial work programmes in Spain and Morocco. These works are summarised in the Review of Activities of the Ormonde Annual Report. The Company has completed exploration programmes on its properties, although limited in places, through careful husbandry of its cash resources and a cost-consciousness of all of its activities. In June of this year Ormonde signed a joint venture agreement with a Spanish geological company, SIEMCALSA, over the Salamon gold deposit and surrounding 120 square kilometres of highly prospective exploration ground. The Salamon licences are located in northern Spain some 100 kilometres from Rio Narcea's El Valle gold mine, which produced around 180,000 ounces of gold in 2002. Ormonde has the right to earn a 51% interest in the Salamon deposit by funding and managing the next phase of drilling. SIEMCALSA's current resource estimate for Salamon is 640,000 tonnes grading 9.1 g/t gold and the deposit is open down dip and partially along strike. This resource equates to approximately 187,000 contained troy ounces of gold in the first 100 to 120 metres of depth covered by the drilling. Particularly attractive features of this deposit are its high grade and significant intersection widths of up to 22 metres. The Company believes that at these grades and widths, if the resource can be proven to extend in size, Salamon has the potential to become a profitable underground mine. The many old workings and gold showings in the surrounding ground demonstrate the potential for further occurrences of this type of gold mineralization within the large exploration licence area. Trenching on one of these gold occurrences, located 1.8 kilometres west of Salamon, returned 11.5 metres grading 4.1 g/t gold, and Ormonde plans to extend this trenching with a view to defining drilling targets. I am also pleased to note that our exploration endeavours have also advanced the Trives property in Galicia, Spain, to the point where it is now ready for drilling. Sampling across steeply dipping gold-bearing zones within a prominent 20 metre wide shear zone exposed in Roman workings, returned encouraging mineralized intervals, such as 2.0m at 7.3 g/t gold (within 8.0m @ 2.6 g/t gold), and 4.0m at 4.9 g/t gold. Separate sampling of multiple, narrow, sub-horizontal veins, which cut across the steeply dipping zones, returned values of 7.1, 17.2, 19.6 and 28.6 g/t gold. Drilling is now scheduled for later this year to establish the true thickness of this 800 metre long mineralized zone and the weighted average gold grade of the two styles of mineralization. Exploration on the Tracia permit, also in Galicia, has yielded encouraging results, with the location of several zones exhibiting gold mineralization and returning best results of 22.7 and 58.0 g/t gold. It is intended to conduct soil sampling and trenching in these areas with a view to advancing them to the drilling stage in 2004. In Morocco activities were carried out in joint venture with the BRPM, the state company responsible for minerals development, on the Tamlalt project in the northeast of the country. Drilling by the BRPM in 2002 returned intervals including 19.0m grading 2.7 g/t gold (including 4.0m grading 9.9 g/t gold) and 16.0m grading 2.5 g/t gold (including 6.0m grading 4.5 g/t gold). A detailed structural interpretation and elucidation of the alteration associated with the mineralization was carried out towards the end of 2002, which identified several further target areas for follow-up work. However, as the Company focuses its efforts on northern Spain and the Salamon deposit, it is assessing the direction of its work programmes in Morocco. I believe that the market is starting to turn for the better for junior exploration companies and a number of recent fundings have been completed by the sector. With the acquisition of the Salamon high-grade gold deposit and the advancement of the Trives project your Company is well placed for a most interesting year. The Company's activities will be consolidated around Spain and the Salamon project, with the bulk of exploration being focussed on drilling programmes. I believe that we now have exciting assets and sufficient direction to successfully seek funding and to look to move the Company's listing to a larger market. The Board has examined a number of funding alternatives at this stage and is progressing on putting the necessary funding structure in place. I would like to most sincerely thank our shareholders for their patience and for their support whilst the Company conducted its activities during the year. Your Board remains dedicated to returning this trust and patience by sustained capital growth through acquisition, exploration and mine development. The recent completion of the joint venture over the Salamon gold deposit demonstrates that your Company has the ability to advance and add to shareholder value. I would also like to thank Dr. Kerr Anderson and his team for their efforts over the past year, as, without their dedication, the Company would not have progressed to the advantageous position it now holds. Colin J. Andrew Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2002 12 months ended 18 months ended 31 December 31 December 2002 2001 Euro Euro Administrative expenses (150,402) (104,539) Other operating income 12,697 - Write-down of exploration costs - (704,778) Exceptional item (cost of re-listing) - (68,225) OPERATING LOSS (137,705) (877,512) Interest income 750 1,568 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (136,955) (875,944) Taxation - 3,204 LOSS ON ORDINARY ACTIVITIES (136,955) (872,740) AFTER TAXATION Profit and loss account brought forward - (deficit) (8,589,712) (7,716,972) Profit and loss account carried forward - (deficit) (8,726,667) (8,589,712) CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2002 12 months ended 18 months ended 31 December 31 December 2002 2001 Euro Euro FIXED ASSETS Tangible assets 35,603 8,227 Intangible assets 716,332 381,237 389,464 751,935 CURRENT ASSETS Debtors 82,747 18,603 Cash at bank and on hand 119,498 152,287 202,245 170,890 CREDITORS : (Amounts falling due (118,876) (138,202) within one year) NET CURRENT ASSETS / (LIABILITIES) 83,369 32,688 CREDITORS : (Amounts falling due (24,558) - after one year) NET ASSETS 810,746 422,152 CAPITAL AND RESERVES Called-up share capital 3,635,418 3,404,355 Share premium account 5,865,820 5,600,262 Capital conversion reserve fund 28,928 - Capital reserve 7,247 7,247 Profit and loss account - (deficit) (8,726,667) (8,589,712) EQUITY SHAREHOLDERS' FUNDS 810,746 422,152 Enquiries to: Kerr Anderson - Managing Director John Carroll - Director Ormonde Mining plc Ormonde Mining plc Tel: 00 353 46 73623 Tel: 00 353 1 492 2936 kanderson@ormondemining.com offacc@iol.ie 30 June 2003 This information is provided by RNS The company news service from the London Stock Exchange END FR WUUQWQUPWGCU
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