Final Results

RNS Number:3339L
Simmer & Jack Mines Ld
9 October 2001


                   PRELIMINARY ANNOUNCEMENT OF RESULTS
                 FOR FINANCIAL YEAR ENDED 31 MARCH 2001                      


ABRIDGED CONSOLIDATED INCOME STATEMENTS
                                                                   Nine months
                                                      Year ended         ended
                                                        31 March      31 March
                                                      (Unaudited)     (Audited)
                                                            2001          2000
                                                           R'000         R'000

Turnover                                                  29 751        10 348
Operating costs                                           30 163        14 684

Operating loss                                              (412)       (4 336)
Net finance charges                                       (3 109)       (1 291)

Loss for the period before taxation                       (3 521)       (5 627)
Taxation                                                       -             -

Loss for the year/period                                  (3 521)       (5 627)

ABRIDGED CONSOLIDATED BALANCE SHEETS
ASSETS
Non-current assets                                       109 103       106 454

 Mining assets                                           107 646       106 101
 Land and buildings                                          257           353
 Share Incentive Trust Loan account                        1 200             -

Current assets                                             4 158         3 127
 Other current assets                                      3 687         2 557

 Funds on call,
  bank balances and cash                                     471           570

                                                         113 261       109 581

EQUITY AND LIABILITIES                                 
Equity capital and reserves                               87 211        57 529
 Shareholders' interest - interest bearing                87 210        57 528
 Minority shareholders' interest                               1             1

Long-term liabilities                                     21 890        14 458
 Shareholders' loan                                       21 890        14 355
 Other long-term liabilities                                   -           103

Current liabilities                                        4 160        37 594

 Current liabilities - non-interest bearing                3 907         4 421
 Current portion of long-term liability - 
  interest bearing                                            90           421
Vendor liability to be settled
 by issue of shares                                            -        32 500
Bank overdraft                                               163           252

                                                         113 261       109 581

Shares in issue at period-end ('000)                     215 432       123 432
Net asset value per share (cents)                             40            47
Headline earnings per share (cents)*                          (2)           (5)

*Based on weighted average number
 of shares in issue.

ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Net cash flow (absorbed) generated by:
Operating activities                                        (419)        (2 346)
Working capital activities                               (34 475)            19
Investment activities                                     (2 649)       (13 813)
Financing activities                                      37 526         14 830

Net movement in cash and cash equivalents                    (10)        (1 310)


NOTES:
The Lily open pit mine continues to perform at better than expected levels of 
contribution and the problems with metallurgical recovery at the TGME 
underground mine were largely resolved in the last quarter of the financial 
year. Losses for the year have, for the second consecutive year, been reduced 
and profitability was restored in the last quarter of the year in line with 
expectations. Despite these improvements, the company remains dependant upon the
financial support of its controlling shareholder.

These results have been reviewed by the company's auditors and have been 
prepared applying accounting policies consistent with the previous year which 
comply with South African Statements of Generally Accepted Accounting Practice.

By order of the Board

Consolidated Mining Management Services Limited
Secretaries