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Name | Symbol | Market | Type |
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21Shares AG | EU:MANA | Euronext | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.0051 | 0.29% | 1.7456 | 1.8977 | 1.8164 | 1.9217 | 1.7267 | 1.7649 | 4,510 | 16:35:02 |
RNS Number:3487Q Mano River Resources Inc 30 September 2003 MANO RIVER RESOURCES INC. INTERIM RESULTS The Board of Mano River Resources Inc. is pleased to release the Accounts of the Company for the second quarter ended July 31 2003, together with the Management Discussion and Analysis. Schedule 'C' Management Discussion and Analysis for the Quarter Ending July 31, 2003 The Consolidated Financial Statements for Mano River Resources Inc. ("Mano" or the "Company") covering the quarter ending July 31, 2003 are provided herein for your review. Description of Business Mano is engaged in the acquisition, exploration and development of gold and diamond properties. Through its subsidiaries, it holds interests in properties located in Guinea, Liberia and Sierra Leone. Operations and Financial Condition The Company completed the second quarter ending July 31st, 2003 with a net loss of $290,126 as compared to a net loss of $225,230 for the corresponding quarter in 2002. This is a $64,896 increase in net loss compared to 2002. This increase was due to a write-off of resource property of $90,090 in the current quarter. The operating expenses excluding the write-off of resource property amounted to $202,242 for Q2 2003, compared with $229,737 for Q2 2002. The decrease of $27,495 over 2002 was due to a decrease in management fees, professional fees and other administrative cost savings. Some administrative expense categories experienced higher costs: bank and interest charges increased mainly due to interest payable on convertible debenture. Investor communications increased significantly during the quarter as the Company focused its effort on expanding investor awareness of the Company's exploration projects. Revenue for the quarter, consisting of interest income, was $2,206 as compared to $4,507 in 2002, a decrease of $2,301. Total assets on July 31, 2003, were $12,741,546 as compared to $12,253,662 at year ended January 31, 2003. As at July 31, 2003, the Company had total current liabilities of $373,630 as compared to $402,859 at year ended January 31, 2003. Current liabilities include $253,278 due to related parties for management fees, bridging loan and reimbursable expenses. As at July 31, 2003, the Company had cash and cash equivalents of $418,928 as compared to $203,243 at July 31st 2002. The Company had as at July 31, 2003 working capital of $54,192 as compared to deficiency of $168,073 at July 31st 2002. The Company's ability to continue its operations is dependent on its capacity to secure additional financing in the near term and, while it has been successful in doing so in the past, there can be no assurance it will be able to do so in the future. In order to continue developing its mineral properties, management is actively pursuing such additional sources of financing. Exploration and Project Development Exploration activity during the quarter under review was focused on gold and diamonds in Sierra Leone. a. *Diamond Exploration - Sierra Leone The field teams completed the collection of five one tonne samples of kimberlite from dykes Lion-1, -2, -3 and -5 in the Yengema-Kono district, together with 200 loam samples. The samples were shipped to South Africa for analysis and the results announced during August. See below under Exploration - Subsequent Events for the details. b. *Gold Exploration - Sierra Leone In June 2003, Mano announced the acquisition of the 'North Pampana' Exclusive Prospecting Licence (EPL), which hosts the high grade Yirisen gold deposit and strategically adjoins Mano's 'South Pampana' EPL. The North Pampana EPL, in addition to the well known Yirisen gold deposit, contains several further gold anomalies as defined by a 1980s United Nations Development Program (UNDP) funded geochemical programme. Mineralisation was first noted at Yirisen by the Geological Survey of Sierra Leone in 1958. Seven north easterly trending sub-vertical lodes of quartz veining returned gold values of between 5.5 and 48 g/t over widths of between 0.7 and 6.4 metres. The host rocks are predominantly talc schists with extensive pervasive sulphide mineralization. Artisanal miners are currently working the Yirisen deposit to depths of up to 15 m, defining a strike length of over 1km to the known mineralization, which remains open in both directions. The North Pampana licence acquisition completes Mano's portfolio of gold targets in Sierra Leone, comprising: i. *The Joint Venture (JV) with Golden Prospect Plc (AIM:GOL) over contiguous exploration licences in the Sonfon area, at the northern end of the Sula Mountains greenstone gold belt. The JV has defined a 3km long gold in soil anomaly, below which trenching has revealed a gold-bearing stockwork vein system with a best trench intersection of 7.3m @ 7.4g/t. (see www.manoriver.com/mano/projects/gold_sl_sonfon.shtml). ii. *The two strategically located Nimini Central and Nimini South EPLs within the Nimini Hills greenstone gold belt (see www.manoriver.com/mano/projects/ gold_sl_nimini.shtml) which host parts of known lode gold deposits shared with two EPLs held by AfCan Mining (TSX-V:AFK), namely Nimini East and Nimini West and over which AfCan recently announced the signature of a Heads of Agreement for a Joint Venture with Ashanti Goldfields iii. *The North and South Pampana EPLs containing the Yirisen gold deposit within the Yirisen-Massamank mineralised trend, 30km north of the Baomahun gold deposit, where a joint venture was recently announced between Mr Ronald Winston and Caldera Resources (TSX:CDR) LIBERIA AND GUINEA There was no exploration activity during the period under review. Programmes in Liberia will recommence as soon as an improving security situation allows. CANADA Towards the end of the quarter, it was agreed with our partner, International Taurus Resources, that Mano would withdraw from the ManoTaur diamonds JV in Ontario/Quebec. This decision was taken on the grounds that the results from the Company's diamond exploration in Sierra Leone are proving so encouraging, and cost effective, as to merit focussing all available financial resources in the Yengema Kono area in the expectation of more rapidly adding value there than in Canada. Investor Relations Press Releases issued during the quarter covered such issues as the change of nominated adviser on AIM, the appointment of Britton PR as investor relations adviser, acquisition of the North Pampana licence in Sierra Leone, the successful completion of a Private Placement and changes to the Mano board. The engagement of Britton Financial PR ("Britton") has seen a marked rise in Mano's profile with increased coverage of the Company's activities in both the specialized and general press, the most recent example being articles in the Financial Times of London which mentioned Mano as a credible participant in the context of the future development of Liberia. Corporate In May 2003, Mano announced that Seymour Pierce Limited has been appointed as the Company's new Nominated Adviser on the London Stock Exchange - AIM market. Seymour Pierce Ltd together with 100% affiliate Seymour Pierce Ellis Ltd, Mano's Nominated Broker since its AIM listing in 1997, are a leading adviser and broker to AIM, with some one hundred retained corporate clients. In June 2003, The Company announced that the board of directors had adopted a stock option plan (the "Plan") which subsequently received TSX Venture Exchange and shareholder approval. The Plan will allow for the reservation of up to 10% of the Company's issued and outstanding shares for the grant of Stock Options (the Company at the time having 133,890,216 (10% = 13,389,021) shares issued and outstanding). Options under the Plan may be granted to the Company's directors, officers, employees, management company employees and consultants. The Plan will govern any outstanding stock options previously granted and any new stock options issued. Also in June 2003, the Company completed a brokered Private Placing to raise gross proceeds of GBP431,250 (approximately US$698,000) from existing and new institutional investors. The brokered Placing was arranged in the UK of 17,250,000 common shares at GBP0.025 per share through Seymour Pierce Ltd. The TSX Venture Exchange approved the placing and the new shares were admitted to trading on AIM. The proceeds of the Placing are being used by Mano to continue the Company's exploration programme over its range of promising gold and diamond targets in the Mano River Union countries, and for general working capital purposes. At its 2003 Annual General Meeting in Vancouver, Jonathan Challis (51) was elected in place of Peter Dwerryhouse, who had previously indicated he would not be continuing as a director. The Board expressed its appreciation to Mr Dwerryhouse for his valuable contribution to the Company. Mr Challis is a mining engineer with over 30 years experience in the operation, management, financing and analysis of mining projects around the world. A past President of Shore Gold Inc., he has a degree in Mineral Exploitation from University College, Cardiff, and an MBA from Cranfield University, England. Subsequent Events - Corporate On 7th August 2003, Mano announced that it had received notice of the conversion of warrants over 1,250,000 fully paid common shares in the Company at 3p per share for total proceeds of #37,500. The Company then made application for the 1,250,000 new common shares to be admitted to trading on AIM and dealings commenced on Tuesday 12 August 2003. As agreed with the parties concerned at the time of the June Placement, the Board announced in August that it had approved arrangements to satisfy accrued amounts totalling GB#70,485 due for payment as of 31 January 2003 with Mano shares at the same price as the placement, i.e. GB#0.025. The debt settlement subsequently received regulatory approval by the Canadian Venture Exchange and the 2,819,397 new shares resulting from the settlement were admitted to trading on AIM. The shares for debt settlement, in combination with the recent private placement, was seen as strengthening Mano's financial position as it aggressively pursues exploration of its promising mineral properties, especially now that it appears Liberia is following Sierra Leone on the way to become a stable and acceptable investment environment. The debt settlement represented amounts mainly incurred up to the end of the 2002-03 financial year and owing directly or indirectly to directors, or companies with which they are associated, and senior officers of Mano for directors' fees, management services, reimbursable expenses and loan advances supporting exploration. The Board considers that the settlement of these amounts in shares helps to preserve the Company's cash as it continues to advance exploration of its properties. On August 14th, 2003, under the Stock Option Plan previously announced on 5th June 2003, the Company granted a total of 905,000 incentive stock options ("Options") to certain employees and directors to purchase common shares in the capital stock of the Company, including 100,000 each to directors Malcolm Burne and Jonathan Challis. The Options are exercisable at a price of Cdn$0.10 per share for a period of five years ending on August 14th 2008 and were subsequently approved by the Canadian Venture Exchange. Subsequent Events - Exploration In August 2003, Mano announced that it had received further very encouraging results from diamond exploration within its two Exclusive Prospecting Licences (EPLs) in the Kono diamond district of Sierra Leone, the highlights of which were as follows: *Five 1 tonne Mini-Bulk Samples collected from Lion-1, 2, 3 and 5 dykes *Macrodiamonds recovered from Lion-1, 2 and 5 samples *Preliminary (diluted) grades of up to 94 cpht (in Lion-5) *Additional 200 loam samples collected over high interest stream anomalies in area of no previously known kimberlites The first mini-bulk sample from the Lion-1 dyke having returned an encouraging grade of 65cpht, Mano then embarked on further mini-bulk sampling of the Lion-1, 2, 3 and 5 kimberlite dykes. These samples, each comprising 1 tonne of kimberlite, were washed and jigged on site to recover diamonds in the +0.71 to -2.0mm and +2.0mm size fractions. The results are set out in Table 1 below: Table 1 - Results of Mini-Bulk Samples Kimberlite Sample No. No. Total Calculated +0.71mm +2.0mm Weight Grade (cpht) Number Diamonds Diamonds (carats) Lion-1 50225 2 1 0.15 15 Lion-2 50223 12 3 0.46 46 Lion-2 50231 35 5 0.45 45 Lion-3 50227 0 0 0 0 Lion-5 50229 15 5 0.94 94 All of the diamonds recovered from these samples were weighed and described by John Gurney's Mineral Services laboratory in Cape Town. A significant grade of 94cpht was obtained for a sample of the Lion-5 dyke, which has been mapped for a distance of approximately 1km. Mano's stream and loam sample results show that this dyke extends in a westerly direction well into Mano's EPL and eastwards into the immediately adjacent DiamondWorks ground, where it links with the latter's Koidu Pipes and Dykes project on which commercial mining is expected to commence soon. In the release, Mano's CEO, Dr Tom Elder commented: "The recovery of macrodiamonds from these mini-bulk samples is very encouraging and suggests that these dykes have economic potential. Mano intends, subject to financing and the acquisition of the required expertise in dyke/fissure mining, to embark on a bigger scale bulk sampling exercise on the Lion dykes in order to obtain a preliminary diamond value for these potential resources, as well as obtain a more confident grade assessment through the processing of larger tonnage samples." Sampling of a further loam block in the Yengema East EPL was completed and the 200 samples exported to South Africa for analysis. During the course of the sampling large blocks of hypabyssal kimberlite float were identified which no doubt represent an undiscovered kimberlite in an area where there are no previous kimberlites identified. Intensive artisanal mining within the block points to these as yet undiscovered kimberlites being diamond bearing. In September 2003, Mano announced that a review of historic data had defined high-grade drill targets at the Yirisen gold project in Pampana and extended its potential strike length. The key highlights were: *Drill targets defined beneath high grade gold zone with best trench intersect of 6.4m@23g/t *Total inferred strike of Yirisen gold system extends over 4km and remains open The Yirisen project is located 150km east of Freetown, within Mano's North Pampana Exclusive Prospecting Licence (EPL) which, together with the Company's contiguous South Pampana EPL targets crustal scale gold mineralised shear zones across 140km2 of the southern end of the Sula Mountains greenstone gold belt. The EPLs include stretches of the Pampana River comprising one of Sierra Leone's richest alluvial gold mining districts. Reconnaissance work undertaken in May 2003 by independent consultants ACA Howe International Ltd, indicates that artisanal mine workings currently extend for 1.5km to the southwest of the project, to depths of up to 15m. The total inferred strike length for the Yirisen gold system is currently estimated to be in excess of 4km and remains open along strike. A targeted follow up programme including drilling, trenching and soil surveying is currently being planned and, subject to financing, will be undertaken to test the vertical continuation of gold mineralization and the strike extension of the mineralized system. Detailed maps are available on the following webpage http://www.manoriver.com/mano/ projects/gold_sl_pampana.shtml. In the release, on the subject of the results from the historic survey data, Mano's CEO, Dr Tom Elder commented: "The availability of such a comprehensive exploration database for a project which exhibits the apparent high potential seen at Yirisen is rare. The extensive gold in soil anomalies, which indicate the gold system is open along strike and which are coincident in places with high grade trench and drill results, means the Yirisen gold project is at the drill ready stage. Mano's benchmark for gold exploration is high grade deposits grading at least 4g/t with potential for greater than one million ounces and amenable to open pit mining. Such deposits typically require large structures in which to form, carry significant surface geochemical signatures and are proximal to extensive primary or secondary artisanal gold workings. Certain parallels in terms of the style and extent of shear zone hosted mineralization at Yirisen can be drawn with Mano's KGL gold deposit, located approximately 350km to the south east, in western Liberia, where an initial indicated and inferred gold resource of 610,000 ounces at an average 4.8 g/t has been defined. The results from the historic database indicate that Yirisen has many of the hallmarks of a significant gold deposit with excellent exploration potential". Three sets of historic data have been integrated into Mano's Geographical Information System (GIS), as detailed below. i. *Geological Survey of Sierra Leone - 1958 Hard rock gold mineralization first noted at Yirisen by the Geological Survey of Sierra Leone in 1958 during mapping and sampling of the country's major hard rock artisanal gold mines. Seven north easterly trending sub-vertical lodes of gold mineralised quartz veining, averaging 150m in length identified. Sampling returned numerous gold intersections in trenches, the significant values being listed in Table 1 below. Table 1. Lode Length metres g/t Gold ----------- ------------ ---------- 3 mid S 2.69 20.97 4N 2.29 44.08 4midN 2.36 15.92 4mid 6.38 22.96 4midS 5.28 24.80 5mid 0.69 83.27 7N 1.37 20.97 7S 0.46 30.61 ----------- ------------ ---------- i. *Northern Province Prospecting Venture (NPPV) - mid 1960s In the mid 1960s, the NPPV undertook mapping, soil geochemical surveying, trenching and drilled three holes at Yirisen giving the results listed in Table 2 below. Table 2. Hole From (m) To (m) Intercept (m) Au (g/t) Ag (g/t) ------- -------- ------ --------- ------ -------- K-1 86.04 86.72 0.67 5.51 74.69 K-1 89.18 89.69 0.51 24.49 277.96 K-1 92.35 92.74 0.38 7.65 42.55 K-1 95.39 95.48 0.09 7.96 94.29 K-2 159.03 159.11 0.08 14.69 22.96 K-3 11.53 11.84 0.30 4.90 46.53 K-3 28.37 28.73 0.36 3.37 102.55 K-3 33.45 33.78 0.33 31.53 221.94 K-3 41.20 41.30 0.10 3.98 7.96 K-3 57.61 57.99 0.38 11.63 7.35 K-3 63.60 63.96 0.36 0.31 0.92 ------- -------- ------ --------- ------ -------- Mano considers it significant that drill hole K-1 shows narrow high grade intercepts occurring over a drilled width of some 20m. The distribution of results from the drill holes suggests that only zones containing visible gold may have been sampled, while the host rock material between these intercepts which contains pervasive sulphide mineralization and possible disseminated gold mineralization appears to have not been sampled. Based on maps prepared by NPPV, it is considered likely by Mano that drill hole K-2 was collared too far east to have intersected the zone of mineralization. ii. *United Nations Revolving Fund (UNRF) - mid 1980s Between December 1984 and May 1987, the United Nations Revolving Fund (UNRF) for Natural Resources Exploration undertook an extensive regional programme of gold exploration in the Pampana district, designed to identify the source rocks of the alluvial gold being mined extensively by artisanal miners. Stream sediment sampling, soil sampling, topographic surveying, mapping, pitting and trenching were undertaken. Two areas namely, Yirisen and Masamank (South Pampana EPL), were targeted for detailed follow up. At Yirisen, soil sampling grids were extended 2.5km north-eastward from the northern limit of known gold mineralization. Two anomalous gold zones were defined by a 50 parts per billion (ppb) gold-in-soil contour. The most southerly anomaly comprised three parallel mineralised trends, one of which continues for 700m from the mapped extent of the Yirisen project. Some 1,200m north-east of the known mineralization, a second 1,500m by 200m gold anomaly extends along the contact between amphibolite and talc schist lithologies. A second grid, 400m east of the main Yirisen grid at Kalmoro, identifies a 750m by 500m northeast trending anomalous gold zone, parallel to the trend of the Yirisen gold system. Management encourages shareholders and other interested parties to contact the following individuals at any time for information about the activities of Mano: Tom Elder President and CEO UK +44 (0)1235 810 740 Guy Pas Co-Chairman Switzerland +41(0)22 758 2151 Anthony Rhatigan Co-Chairman Mobile +44 (0)7785 297 348 Dru Edmonstone Seymour Pierce UK 020 7107 8000 Gary Middleton Britton Financial UK +44 20 7251 2544 Consolidated Balance Sheets (Prepared by Management without audit) (Stated in U.S. Dollars) -------------------------- Six months Year ended ended July 31, January 31, 2003 2003 $ $ (unaudited) (audited) -------------------------- ASSETS Current Cash and cash equivalents 418,928 184,116 Accounts receivable 8,894 2,139 -------------------------- --------- --------- 427,822 186,255 Investments (Note 3) 34,496 34,496 Resource properties (Note 4) 3,955,000 4,045,090 Deferred exploration costs 7,983,618 7,647,211 Reclamation bonds (Note 5) 340,610 340,610 -------------------------- --------- --------- 12,741,546 12,253,662 -------------------------- --------- --------- LIABILITIES Current Liabilities Accounts payable and accrued liabilities 120,352 97,664 Due to related parties (Note 8) 253,278 305,195 -------------------------- --------- --------- 373,630 402,859 Provision for reclamation (Note 5) 340,610 340,610 Convertible debenture (Note 7) 216,973 138,723 SHAREHOLDERS' EQUITY Share capital (Note 6) 16,596,312 15,867,323 Equity component of convertible debenture 96,000 96,000 Cumulative translation difference (21,755) (21,755) Deficit (4,860,224) (4,570,098) -------------------------- --------- --------- 11,810,333 11,371,470 -------------------------- --------- --------- 12,741,546 12,253,662 -------------------------- --------- --------- Consolidated Statements of Loss (Prepared by Management without audit) Stated in U.S. Dollars) ----------------- -------- -------- -------- -------- Three months Three months ended July 31, ended July 31, 2003 2002 $ $ Six months Six months ended July 31, ended July 31, 2003 2002 (unaudited) (unaudited) $ $ (unaudited) (unaudited) ----------------- -------- -------- -------- -------- Revenue Interest income 353 455 2,206 4,507 ----------------- -------- -------- -------- -------- Expenses Administrative 1,394 1,292 2,669 3,662 and office expenses Bank and interest 4,651 129 7,785 321 charges Directors fees - 8,000 2,000 13,000 Foreign exchange (3,068) 3,857 1,281 4,701 loss (gain) Investor 16,279 - 26,968 - communications Loss on sale of - 5,568 - 5,568 investments Management fees 14,500 15,000 35,500 55,500 Mine maintenance 22,629 15,142 31,990 28,920 expenses Nominated broker 20,058 17,371 20,058 22,971 and adviser Professional 35,142 52,589 55,671 64,943 fees, legal, audit and accounting Transfer agent 13,164 19,521 16,473 24,051 and regulatory fees Travel and 647 - 1,847 6,100 promotion -------- -------- -------- -------- ----------------- 125,396 138,469 202,242 229,737 ----------------- -------- -------- -------- -------- -------- -------- Loss before (125,043) (138,014) (200,036) (225,230) undernoted item Write-off of (90,090) - (90,090) - resource -------- -------- -------- -------- property ------- -------- -------- Loss for the (215,133) (138,014) (290,126) (225,230) Period -------- -------- -------- -------- ----------------- Loss per share (0.001) (0.001) (0.001) (0.002) ----------------- -------- -------- -------- -------- Consolidated Statements of Deficit (Prepared by Management without audit) Stated in U.S. Dollars) ------------------- ---------- ---------- Six months Year ended ended July 31, January 31, 2003 2003 $ $ (unaudited) (audited) ------------------- ---------- ---------- Deficit, Beginning of year (4,570,098) (4,217,881) Loss for the Period (290,126) (352,217) ------------------- ---------- ---------- Deficit, End of Period (4,860,224) (4,570,098) ------------------- ---------- ---------- Consolidated Statements of Cash Flows (Prepared by Management without audit) Stated in U.S. Dollars) ----------------- -------- -------- -------- -------- Three months Three months ended ended Six months Six months July 31, July 31, ended ended 2003 2002 July 31, July 31, $ $ 2003 2002 (unaudited) (unaudited) $ $ (unaudited) (unaudited) ----------------- -------- -------- -------- -------- Operating Activities Loss for the (215,133) (138,014) (290,126) (225,230) period -------- -------- -------- -------- ----------------- Changes in non-cash working capital accounts Loss on sale of - 5,568 - 5,568 investments Write-off of 90,090 - 90,090 - resourc property Accounts 9,017 (5,831) (6,755) (5,554) receivable Accounts 17,981 (70,648) 22,688 (56,298) payable -------- -------- -------- -------- ----------------- 117,088 (70,911) 106,023 (56,284) ----------------- -------- -------- -------- -------- Financing Activities Issuance of share 728,989 533,842 728,989 631,412 capital (net of costs) Share - 294,395 - 294,395 subcriptions Proceeds from - 94,432 - 94,432 sale of investments Convertible 78,250 200,000 78,250 200,000 debenture Due to related (259,069) (474,207) (51,917) (421,053) parties -------- -------- -------- -------- ----------------- 548,170 648,462 755,322 799,186 ----------------- -------- -------- -------- -------- Investing Activities Resource properties - Acquisition of - (86,196) - (86,196) resource properties Deferred (160,298) (192,639) (336,407) (353,331) exploration -------- -------- -------- -------- expenditures ----------------- (160,298) (278,835) (336,407) (439,527) ----------------- -------- -------- -------- -------- Increase ( 289,827 160,702 234,812 78,145 Decrease) In Cash Cash, Beginning 129,101 42,541 184,116 125,098 of Period -------- -------- -------- -------- ----------------- Cash, End of 418,928 203,243 418,928 203,243 Period -------- -------- -------- -------- ----------------- Supplemental disclosure of non-cash financing and investing activities During the quarter ended July 31, 2002, the Company: Agreed to issued 5,219,759 shares in settlement of $294,395 due to related parties Consolidated Statements of Deferred Exploration Costs (Prepared by Management without audit) Stated in U.S. Dollars) ---------------- -------- -------- -------- -------- Three months Three months ended July 31, ended July 31, 2003 2002 $ $ Six months Six months ended July 31, ended July 31, 2003 2002 (unaudited) (unaudited) $ $ (unaudited) (unaudited) ---------------- -------- -------- -------- -------- Deferred exploration expenditures Assays and 5,396 5,532 22,241 6,198 geochem Communications 11,957 7,324 16,865 15,910 Consultants 23,678 10,410 42,803 48,944 Data, images, 1,807 363 4,159 2,036 reports and maps Geologists' 1,345 1,185 1,345 3,476 support License, permit 6,866 109,983 57,346 113,735 fees Project/field 16,246 286 37,390 17,515 office costs, other Salaries 46,994 43,109 99,882 96,688 Subsistence 27,402 6,592 29,391 19,145 Transportation 18,607 7,855 24,985 29,684 ---------------- -------- -------- -------- -------- Net expenditures 160,298 192,639 336,407 353,331 during the period Balance, 7,823,320 7,038,796 7,647,211 6,878,104 Beginning of -------- -------- -------- -------- period ------- -------- -------- Balance, End of 7,983,618 7,231,435 7,983,618 7,231,435 period -------- -------- -------- -------- ---------------- 1. NATURE OF OPERATIONS AND CONTINUING OPERATIONS The Company is engaged in the acquisition, exploration and development of gold and diamond properties. The Company is in the development stage and has no source of cash flows other than equity offerings or loans from related parties. These consolidated financial statements are prepared on a going concern basis which assumes that the Company will be able to realize assets and discharge liabilities in the normal course of business. The Company's ability to continue on a going concern basis depends on its ability to successfully raise additional financing. If the Company cannot obtain additional financing the Company may be forced to realize its assets at amounts significantly lower than the current carrying value. 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in accordance with generally accepted accounting principles in Canada and reflect the following significant accounting policies. The United States dollar has been identified as the Company's currency of measurement and is used for external reporting purposes. (a) Principles of consolidation These financial statements include the accounts of Mano River Resources Inc. and its principal subsidiary, Mano River Resources Ltd. and its subsidiaries. (b) Cash and cash equivalents Cash and cash equivalents consists of cash on hand, deposits in banks and highly liquid investments with an original maturity of ninety days or less. (c) Investments Investments are recorded at the lower of cost and net realizable value (d Resource properties and deferred exploration costs The Company follows the method of accounting for its mineral properties whereby all costs related to acquisition, exploration and development are capitalized by property. (e) Loss per share Loss per share is computed using the weighted average number of shares outstanding during the year. 3. *INVESTMENTS July 31, January 31, 2003 2003 --------- --------- St. Andrew Goldfields Ltd. $34,496 $34,496 (formerly Royal Victoria Minerals Ltd.) ------------------------ --------- --------- 34,496 34,496 ------------------------ --------- --------- The St. Andrew Goldfields Ltd. Investment consists of 520,000 common shares with a quoted market value at July 31, 2003 of $67,772 (January 31, 2003 -$75,925) The Royal Victoria Minerals Ltd., St. Andrew Goldfields Ltd. and United Tex-Sol Mines completed a business combination by way of a plan of arrangement with St. Andrew as the surviving entity. Under the terms of the arrangement, Royal Victoria shareholder received two common shares of St. Andrew for each Royal Victoria common share. 4. *RESOURCE PROPERTIES July 31, January 31, 2003 2003 ----------- ----------- Acquisition costs Liberia, West Africa $320,000 $320,000 Guinea, West Africa 1,940,000 1,940,000 Sierra Leone, West Africa 1,695,000 1,695,000 ManoTaur Joint Venture, Canada - 90,090 -- --- ----------- ----------- Closing balance $3,955,000 $4,045,090 -- --- ----------- ----------- During the period, the Company relinquished its interest in ManoTaur Joint Venture, Canada and wrote-off resource property costs of $90,090. 5. RECLAMATION BONDS As at July 31, 2003, term deposits totaling $340,610 (January 31, 2003 - $340,610) have been pledged to the State of Washington as security for reclamation costs on the Van Stone property. A reclamation provision has been accrued in the amount of $340,610. The Company has completed an assessment of the reclamation and closure costs and it is anticipated that costs incurred will not exceed this provision. The Company will continually monitor the costs related to the Van Stone mine and will make further provisions if it is determined necessary. 6. SHARE CAPITAL (a) Authorized - Unlimited common shares without par value a. *Issued Shares Amounts --------- ---------- Balance at January 31, 2002 101,162,671 $14,357,213 Shares issued on private placement (net of 26,300,000 1,094,815 costs) Shares issued for settlement of debt 6,427,545 415,295 -- --------- ---------- Balance at January 31, 2003 133,890,216 15,867,323 -- --------- ---------- Shares issued on private placement (net of 17,250,000 668,094 costs) Shares issued on exercise of warrants 1,250,000 60,895 -- --------- ---------- Balance at July 31, 2003 152,390,216 16,596,312 -- --------- ---------- During the period, the Company concluded a private placement of 17,250,000 common shares at a price of GBP 0.025 per share for the total proceeds of GBP 431,250. As at July 31, 2003, the following stock options were outstanding: ------------- Number of Exercise price Expiry date Common Shares per share (Cdn$) ------------- 2,540,000 $ 0.34 February 12, 2004 100,000 $ 0.34 April 14, 2005 990,000 $ 0.22 May 1, 2006 845,000 $ 0.10 February 21, 2007 5,000,000 $ 0.11 March 21, 2007 --------------- ------------- ------------- 9,475,000 --------------- ------------- ------------- 7. CONVERTIBLE DEBENTURE The Company entered into a convertible debenture agreement with respect to advances from a company controlled by a director. Advances totaling $200,000 are repayable under this debenture on April 30, 2004, together with accumulated interest at 6% per annum. The principal amount is convertible by the holder into common shares of the Company at a price of #0.04 per share at any time prior to maturity. During the period, the Company entered into a convertible debenture agreement with respect to advances from a company controlled by a director. Advances totaling GBP 50,000 ($78,250) are repayable under this debenture on March 25, 2005, together with accumulated interest at 5% per annum. The principal amount is convertible by the holder into common shares of the Company at a price of #0.02 per share at any time prior to maturity. This agreement is subject to regulatory approval. 8. RELATED PARTY TRANSACTIONS During the year to date, the Company incurred billings of $53,560 from related parties for management fees and professional fees. All transactions with related parties have occurred in the normal course of operations. As at July 31, 2003, the amount due to related parties totals $253,278. These balances are payable on demand and have arisen from the provision of services referred to above and provision of short-term bridge financing. The Company was subsequently able to settle approx. $114,300 of this debt by issue of Mano shares. (Subsequent event note 9 (a) 9. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company's financial assets and liabilities are cash and cash equivalents, accounts receivable, investments, accounts payable and accrued liabilities, and due to related parties. The fair values of these financial instruments are estimated to approximate their carrying values due to their immediate or short-term nature except for investments whose fair value is described in Note 3. Due to the nature of the Company's operations, there is no significant credit or interest rate risk. As at July 31, 2003, the Company held approximately $376,663 cash in bank accounts denominated in U.K. pounds. The Company has taken no action to reduce its exposure to foreign currency risk. 10. SUBSEQUENT EVENTS Subsequent to July 31, 2003, the Company: a. *has arranged to settle outstanding debts with directors or companies with which they are associated and officers of the Company in the amount of GBP70,485 ($114,300) with Mano shares at a price of GBP 0.025 per share. A total of 2,819,397 common shares are to be issued and the debt settlement has been approved by the regulatory authorities. (b) granted additional stock options to certain directors, officers, consultants and employees to purchase up to 905,000 common shares of the Company at an exercise price of Cdn.$0.10 per share. This information is provided by RNS The company news service from the London Stock Exchange END IR XBLFXXKBBBBB
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