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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
African Eagle | LSE:AFE | London | Ordinary Share | GB0003394813 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.275 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3635Q African Eagle Resources PLC 30 September 2003 News Release 30 September 2003 AFRICAN EAGLE RESOURCES plc REVIEW OF PROGRESS AND RESULTS FOR THE HALF YEAR ENDING 3O JUNE 2003 CHAIRMAN'S STATEMENT The highlight of the first half of 2003 was African Eagle's admission to AIM on 25th June, coupled with a #1.5 million financing, which was a great success in view of the markets at the time. These funds together with an additional #800,000 raised in a subsequent placing of the Company's shares in early September will enable the Company to accelerate its exploration programmes in Zambia, Tanzania, and Mozambique. Preliminary exploration at the Eagle Eye copper-gold-silver prospect in Zambia gave some highly encouraging results which have now been followed up with an extensive exploration programme on the ground to establish targets for a drilling programme scheduled to start in November 2003. Exploration continued over the Company's expanded land holdings at our Miyabi gold project, Tanzania, and on 4 September 2003 we announced some excellent drilling results. A further drilling programme is scheduled to begin during October 2003. Gold Fields, with whom we are evaluating the Miyabi project, made an additional #320,000 equity investment in the Company to obtain an exclusive option over the new Miyabi holdings. Zambia Exploration of our five Zambian projects is progressing well. Two targets have already yielded very positive results. In February, we discovered the Eagle Eye deposit on our Sasare licence in southeast Zambia, as announced on 7 March 2003. The discovery samples gave impressive results, with high values of copper, silver, gold, palladium, platinum, and uranium. After our AIM admission, the Company accelerated its exploration of Eagle Eye, and geological, geochemical and geophysical surveys have been conducted by GeoQuest Limited ahead of a drilling programme planned for November. Eagle Eye has many of the characteristics of iron-oxide-copper-gold deposits (IOCG), like Olympic Dam and Ernest Henry in Australia, Candelaria in Chile and Salobo in Brazil. IOCG deposits can be very profitable, with high grades and large tonnages. At African Eagle's Lunga exploration licence in central Zambia, Avmin has been exploring under an option agreement with the Company. Avmin completed five diamond drill holes and numerous air core holes which yielded promising results. The base metal mineralisation at Lunga shows similarities to a new discovery made by First Quantum at Lufua on the Copperbelt. The Company now proposes to commission a geophysical survey at Lunga. Tanzania At our Miyabi gold project, African Eagle recently completed a programme of diamond and RC drilling which yielded some very good gold intersections, as announced on 4 September 2003. The Company has also made good progress on the general exploration programme at Miyabi. Our principal target is the 7 x 2 km Miyabi Gold Corridor, where we have carried out high resolution geophysical surveys and a programme of deep geochemical sampling using RAB drilling. The data from all these surveys is being used to plan a major drilling programme due to begin in October. In addition to the work on the Miyabi Corridor, we have been exploring the rest of our 626 sq km holdings in the area, using airborne geophysical and multi-element soil geochemical surveys to identify other mineralised targets. We are exploring Miyabi in partnership with Gold Fields Limited, which increased its equity investment in African Eagle by making a #320,000 placing during May, prior to the company's admission to AIM. Work has also progressed on our other Tanzanian holdings: our shear zone gold discoveries at Kakumbi and Msasa, and the nickel / platinum target at Zanzui. However, we found no evidence of gold mineralisation in the Lubaika licence, and did not exercise our option on that property. Mozambique This year saw the introduction of Mozambique's new mining law, and our two licences have been converted to new style 5-year holdings. We plan to carry out geochemical soil sampling over the Muazua nickel and Majele gold and base metals targets before the end of 2003, with trenching and magnetic surveys to follow. Corporate & Financial On 25 June, African Eagle's shares were admitted to trading on AIM, in conjunction with an equity placing of #1.46 million. This achievement represents the successful culmination of a great deal of hard work by your Board, particularly the executives, and I consider it a great success, especially in view of the state of equity markets over the last 12 months. Our admission to AIM has generated a good deal of interest in the City, from institutions, brokers and private investors and with the recent resurgence of interest in the minerals exploration sector due to the increase in the gold price we are now well positioned to take advantage of these better markets and the opportunities they present. Including the placing made on AIM admission, a total of 28,931,733 shares were placed during the half year, raising #1,875,394 for the Group's activities. Subsequently, a further 10,000,000 shares were placed, raising an additional #800,000. The Company currently has #1.8M in the bank, sufficient to conduct well-designed exploration programmes at all of African Eagle's priority projects. For a review of all our projects and to see our previous news releases, visit our web site www.africaneagle.co.uk John Park Chairman ------------------------------------------------------ The African Eagle Group consists of African Eagle Resources plc (formerly Twigg Minerals plc) and its wholly-owned subsidiaries Twigg Resources Limited in the UK, Twigg Gold Ltd in Tanzania and Katanga Resources Limited in Zambia. The Group's consolidated balance sheet at 30 June 2003 and profit and loss account for the six months ending 30 June 2003 are set out below. These financial statements have been prepared with the assistance of our independent accountants but have not been reviewed by our auditors. THE AFRICAN EAGLE GROUP - CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS FROM 1 JANUARY 2003 TO 30 JUNE 2003 (UNAUDITED) PROFIT AND LOSS ACCOUNT Half year to Half year to 30 June 2003 30 June 2002 # # Turnover - - Administrative expenses (144,301) (175,080) Operating loss (144,301) (175,080) Interest receivable and similar income 1,023 240 Loss on ordinary activities before taxation (143,278) (174,840) Tax on loss on ordinary activities - - Loss for the financial period (143,278) (174,840) Loss per share (pence) (0.5p) (0.8p) STATEMENT OF RECOGNISED GAINS AND LOSSES Half year to Half year to 30 June 2003 30 June 2002 # # Loss for the financial period (143,278) (174,840) Currency differences on foreign currency net investments (24,555) (34,280) Total recognised gains and losses (167,833) (209,120) BALANCE SHEET At 30 Jun 2003 At 30 Jun 2002 # # Fixed assets Intangible assets 1,584,875 1,019,738 Tangible assets 7,520 7,098 Investments 13,592 13,591 1,605,987 1,040,427 Current assets Debtors 1,450,541 11,813 Cash at bank and in hand 240,769 552,812 Creditors - amounts falling due within one year (75,554) (78,579) Net current assets / liabilities 1,615,756 486,046 Total assets less current liabilities 3,221,743 1,526,473 Capital and reserves Called up share capital 585,635 268,318 Share premium account 3,065,668 1,440,020 Other reserves 705,723 405,723 Profit and loss account (1,135,283) (587,588) Shareholders' funds 3,221,743 1,526,473 For further information Tel Fax John Park (Chairman) African Eagle 00 61 7 5528 6750 00 61 7 5528 6750 Mark Parker (MD) African Eagle 01590 679 420 020 7691 7745 John Robertson Nabarro Wells 020 7710 7400 020 7710 7401 This information is provided by RNS The company news service from the London Stock Exchange END IR WUUUWBUPWGAU
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