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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Archipelago Res | LSE:AR. | London | Ordinary Share | GB0033551721 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAR. RNS Number : 4364M Archipelago Resources PLC 24 May 2010 ARCHIPELAGO RESOURCES PLC (AIM: AR .) 24 May, 2010 FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009 The Company today announces its annual results for the year ended 31 December 2009. C H I E F E X E C U T I V E O F F I C E R' S R E P O R T Overview I am pleased to report that "the good start to 2009" referred to in last year's Annual Report continued for the remainder of the year. To recap the major events were: - 24th February 2009 - An equity investment amounting to US$13.7m by major shareholder and specialist gold funds manager Baker Steel Capital Managers LLP ("Baker Steel"), that allowed the Company to retire its loan facility with Singaporean investor Aurum Fund (a wholly owned subsidiary of Abacus Capital International Limited ("Abacus"). Since that time the Company has remained debt free and made great progress towards financing and developing its 85% owned Toka Tindung Gold Project in North Sulawesi ("Project"). At the time of writing the Company's share price has increased of the order of 10 times since the Aurum loan was repaid. 11th - 15th May 2009 - Completion of the World Ocean Conference in Manado, North Sulawesi, an event that had previously been cited as an impediment to the gaining of Provincial Government support for the Project. 28th May 2009 - Announcement of assay results from the first part of a grade control drilling program indicating substantial widths and high grades of near surface gold mineralisation at the Toka Tindung deposit. 10th August 2009 - The acquisition of a major stake in the Company by Indonesian conglomerate and until that time minor shareholder, Rajawali Corpora ("Rajawali") by way of the purchase of shares and options in the Company from Baker Steel. The shares comprised a major part of Baker Steel's shareholding and all of its options in the Company, which options Rajawali subsequently exercised at a cost of GBP16.7m and converted to fully paid shares, becoming in the process the largest shareholder in the Company (initially 30% currently 51%). Baker Steel remains the second largest shareholder (initially 25% currently 9.5%). 10th August 2009 - The Company elected to re-commence Project pre-construction activities. 6th October 2009 - The Company reported that as a result of discussions that had taken place between representatives of the Provincial Government of North Sulawasi and the Central Government Departments of Energy and Mineral Resources and Environment, a Letter of Support for development of the Project had been provided by the Provincial Government of North Sulawesi. Furthermore the Environment Minister formally issued Decrees confirming his Department's endorsement of the AMDAL's (environmental impact statements) previously reviewed and found acceptable by the Department's AMDAL Assessment Commission. The Director General of the Ministry of Energy and Mineral Resources (ESDM) had previously issued Decrees in March 2008 advising that the project's revised AMDAL's have been approved in accordance with Regulation 27 1999 Articles 19 & 20. 11th November 2009 - The Company announced the issue of Letters of Intent to PT McConnell Dowell Indonesia ("McConnell Dowell") to enter into contracts to complete mechanical refurbishment of second hand processing equipment acquired from Barrick's El Tambo gold project in Chile, as well as concrete, structural, mechanical and piping; and electrical and instrumentation construction activities, together with construction management. Consistent with the achievements of 2009, good progress has continued in early 2010. Specifically: - 5th January 2010 - The granting of an exclusive mandate to a syndicate of banks regarding the provision of project finance for development of the Project. 26th February 2010 - The completion of a successful GBP30.26m capital raising towards development of the Project by way of a placement to shareholders and institutional investors. 1st March 2010 - An announcement notifying expiry of the bank mandate and advising that it would not be renewed as a result of the uncommercial aspects of the hedging facility proposed by the bank syndicate. 2nd March 2010 - Reactivation of the mining contract with Leighton Asia with the first equipment arriving on site on 18th April 2010. 14th April 2010 - The acquisition of a further major stake in the Company by Rajawali by way of the purchase of additional shares from Baker Steel. 28th April 2010 - The Ministry of Energy, Minerals & Resources approved an extenstion of the MSM Construction Phase until 5 March 2011. Toka Tindung Gold Project Development Status The Company holds an 85% interest in the Toka Tindung Gold Project via its 85% ownership of Indonesian operating companies PT Meares Soputan Mining ("MSM") and PT Tambang Tondano Nusajaya ("TTN"), the holders of the Project Contracts of Work (CoW's). During 2006 the Project's AMDAL's (environmental impact assessment, monitoring and reporting obligations) were assessed by the Environment Department's AMDAL Assessment Commission comprised of Central and Provincial technical teams and found to be acceptable. In March 2008 the Director General of the Ministry of Energy and Mineral Resources (ESDM) issued Decrees advising that the Project's revised AMDAL's had been approved in accordance with Regulation 27 1999 Articles 19 and 20. In addition the Decrees approved the CoW's respectively entering (TTN) and re-entering (MSM) the Construction Phase necessary to complete development of the Project. On 28th April 2010 ESDM approved an extension of the MSM Construction Phase until 5th March 2011. The Construction Phase approval for PT Tambang Tondano Nusajaya is still current. In October 2009 the Environment Minister formally issued Decrees confirming his Department's endorsement of the AMDAL's. The Project is able to comply with World Bank Equator principles and the Company has gone to great lengths in relation to water management to ensure that it will have minimal environmental impact in the most extreme weather conditions. However the Company is also confident that its Project will have a major and very positive impact on employment and training opportunities for local people and the education, welfare and economic circumstances of their families and children. The Company welcomes the opportunity to be able to assist local people to achieve these goals in this rural area of currently high unemployment and limited opportunity. Corporate Funding In an attempt to find a major shareholder to pay out a bridging loan facility with RMB and provide working capital, the Company reached an agreement in September 2008 with influential Indonesian group Rajawali whereby Rajawali would become a major shareholder in the Company. Unfortunately this investment did not proceed as intended and so on the 23rd October 2008 the Company entered into an agreement with Singaporean investment fund Abacus, whereby via its managed fund Aurum, it provided a loan to pay out the RMB loan facility and provide working capital. The agreement granted Aurum the right to convert its loan into equity and also options to acquire shares in the Company at a price of 12 pence per share. In late February 2009, based on communications with Aurum, the Company's directors formed the view that Aurum did not intend to proceed with the equity investment on the agreed terms and furthermore the Company was denied access to the remaining undrawn portion of the Aurum working capital loan facility. Accordingly, the Company negotiated with major shareholder and supporter Baker Steel, to place 104m shares at 9 pence per share approximately with Baker Steel, thereby giving Baker Steel a 40% interest in the Company. These funds were used to repay the Aurum loan facility and provide working capital for the Company. In addition, Baker Steel was also granted options to acquire shares in the Company at a price of 12 pence per share. On the 10th August 2009, Rajawali agreed to purchase a major part of the shares and all of the options held by Baker Steel in the Company, which options Rajawali subsequently exercised and converted to fully paid shares at a cost of GBP16.7m, becoming in the process the largest shareholder in the Company (initially 1.9% subsequently 30%). Baker Steel Funds remains the second largest shareholder (initially 40% subsequently 25%). The directors were delighted by these major investments in the Company's securities and demonstrations of support for the Company and its Project, firstly by Baker Steel and subsequently by Rajawali. Since the end of the year the Company has completed a GBP30.26m capital raising towards development of the Project. Construction Status Prior to construction activities being placed on hold in 2007, a considerable amount of construction activity had been completed, including the construction of three water storage and sediment control dams, roads, drains and a jetty for delivery of machinery and bulk consumables during the life of the Project. At the plant site, extensive concrete foundations, including those required for the SAG and ball mills had been completed together with two thickeners, three leach and two fuel tanks as well as a workshop and warehouse. Most of the electrical refurbishment required for the second hand processing equipment acquired from Barrick's El Tambo gold project in Chile was also completed including the mill motors and much of the equipment assessed for mechanical refurbishment in due course. The majority of steel fabrication was also completed. On 11th November 2009 the Company announced the issue of Letters of Intent to McConnell Dowell to enter into contracts to complete mechanical refurbishment of the El Tambo processing equipment, as well as concrete, structural, mechanical and piping; and electrical and instrumentation construction activities, together with construction management. Development Schedule & Production In August 2009, the Company commenced pre-construction activities, leading initially to the commencement of mechanical refurbishment by McConnell Dowell in November 2009 and subsequently full scale construction in April 2010 by way of concrete, structural, mechanical and piping and electrical and instrumentation contracts, together with construction management also by McConnell Dowell. Assuming continued unanimous political support and the raising of the balance of project development costs on or before the third quarter of 2010, the Company is targeting commencement of production by the end of 2010. The Project will produce at an average annualised rate of 160,000 ounces of gold equivalent for the first 6 years of the initial 8½ year Project life, however given the Project's excellent exploration potential the Company is confident of substantially extending that initial mine life. Impact of the Project on local people While the time taken to develop the Project has been disappointing both to the Company and other stakeholders, the eventual benefits for all parties remain strong. Firstly the Nation of Indonesia will derive substantial revenue by way of direct and indirect taxation. Secondly the Province, whose economy is currently reliant on the limited activities of agriculture, tourism, fishing and Central Government financial assistance, by way of royalty share and the indirect benefit of major employment and economic activity within its boundary. Thirdly the Regencies, again by way of royalty share and the indirect benefit of major employment and economic activity within their boundaries. Lastly and most importantly, the local community who live in a rural area of currently low income and high unemployment with limited opportunity for training and betterment. The local community will be the direct beneficiaries of employment and training and their families and children of the anticipated benefits flowing to education, welfare and improved economic circumstances generally. The Company and its employees take professional pride in achieving world's best practice in all aspects of Project construction and operations and look forward to developing and operating a Project that will be a major stimulant to the economy of local communities and the Province. The Company is committed to ensuring that the Project has minimal impact on the environment and in particular to expanding its efforts to enhance the welfare of local people, who number about 11,000 in 11 surrounding villages, by way of projects that to date include :- Health Support Provision of clean water Communal cooking and washing facilities Free medicines for all villages Family health seminars Health information notice boards Anti-malaria and dengue fever activities Social and Cultural Repair and maintenance of local churches and mosques Donations towards annual religious events Transport for weekly prayer services for employees Promotion of local cultural events Provision of a 'cheap market' for all villages each December Close working relationship with local government Close working relationship with community via a 'village leaders' committee Education and Training Materials for the construction of a new primary school New fencing and street access Books and other materials for schools School uniforms Scholarships for secondary school and Bitung Technical College Business Development Fishing enterprise groups Farming enterprise groups inc. coconuts, corn, chickens and pigs Micro credit groups Employment A commitment to ensuring that local people comprise at least 70% of Project employees. In addition the Company actively supports local business by way of the use of local contractors and the purchase of fish and other produce from local suppliers. Impact of Project delay on the Company The Company acknowledges that the time taken to develop the Project has been frustrating and that additional holding costs have added to the overall development cost. However, during the period of the delay there has been a strong rise in the gold price and importantly no commitments have been entered into by way of gold hedging arrangements. Resignation & Appointment of Director As mentioned in last year's report, as a result of entering into a working capital loan facility and equity entitlement agreement with Aurum, Aurum exercised its right to nominate a non executive director in place of a current non-executive director. Accordingly, on 12th January 2009 Mr Barry Casson tendered his resignation and Mr Patrick Alexander was appointed a director of the Company. Mr Alexander brings with him considerable Indonesian corporate experience and has exhibited great professionalism during the period of his appointment. As a result of Baker Steel's increased holding in the Company following its acquisition of Aurum's entitlement to shares and options, Baker Steel elected to nominate Mr. Jeremy Ayre to the Company's Board of Directors, whose appointment was accepted and announced by the Company on the 10th August 2009. Mr Ayre brings with him extensive experience in the mining industry as a professional engineer, corporate executive and advisor on M&A and strategic issues and the Company takes this opportunity to welcome Mr Ayre to the Board. Toka Tindung Gold Project The Project has a JORC compliant resource of 1.75m oz gold equivalent of which 1.1m oz will initially be mineable by means of five open pits. Approximately US$150m has been expended on the Project to date by Archipelago and previous owners. The Project was acquired in February 2002 when the gold price was US$280/oz and the feasibility study documents subsequently updated to reflect current costs and the purchase of a processing plant from Barrick Gold's El Tambo project in Chile. The Project, including resources, process flow-sheet and legal status, has been extensively reviewed by consultants as a pre-requisite for a previously proposed Project finance facility. The status of Project development is reported in 'Construction Status'. The Project is unhedged and retains full exposure to the gold price. Mining at Toka Tindung will be by way of five open pits with ore processed through a centralised carbon in leach (CIL) plant. The mineralogy of the Toka Tindung deposits is simple with indicated gold recoveries of approximately 94%. Production is now targeted to commence in the last quarter of 2010 at an initial rate of 140,000 oz gold equivalent per annum rising to 160,000 oz in the second year of production. Initial production for the first 6 years of the Project life will average 160,000 oz gold equivalent per annum. The Company is confident that the excellent exploration potential already demonstrated to exist at Toka Tindung will lead to a project life well in excess of the current 8½ years. The first exploration at Toka Tindung since 1998 was that undertaken by the Company in late 2006 and reported in January 2007. Five holes were drilled beneath the southern end of the proposed Toka Tindung open pit from where first production is scheduled to commence. Two of these holes intersected ore grade gold mineralisation, namely 12m @ 9.7g/t and 20m @ 3g/t, These exploration holes confirmed the Company's view that there is great potential for discovery of much more gold at Toka Tindung. In preparation for mining this year the Company undertook a programme of shallow, close spaced reverse circulation drilling over a portion of the Toka Tindung deposit where mining will first commence. The drilling was planned to confirm the near surface distribution of ore and waste in undulating ground that will have to be excavated to develop broad level mining benches. As reported in May 2009 a total of 361 holes were drilled to an average depth of 14m for a total of 4,956m with the following results:- · 32% of the holes encountered mineralized intersections with greater than 10 gram*meters of gold, mostly starting within a few meters of surface. · The 116 mineralized intersections have an average down hole width of 6.0m and an average grade of 8.7g/t gold. · 16% of the intersections have widths greater than 10m. · 29% of the intersections have average grades in excess of 10g/t gold. · The best intersection is 14m @ 39g/t gold starting from surface, however several other intersections have higher grades or widths. · 42% of the intersections, including the best intersection, finish in mineralization. The Company is very encouraged by these intersections, all of which are within 15m of the surface, as they demonstrate firstly that high grade gold mineralization previously defined in deeper drilling extends to surface, but most importantly they also confirm a strong 67% correlation of quartz with gold mineralization compared to 10% with waste. It is this last important observation that the Company is confident will contribute to good in-pit grade control practices and outcomes, the key to good mining and process plant management and production results. The best intersections are as follow: - +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | | Drill | | | | | | | | | Intersection | | | | | | | +------------+-------------------------+--------+--+----------+--+--------+-----+ | Hole | From | To | | True | | | | Silver | | | No. | (m) | (m) | Length | Width | | Gold | | (g/t) | | | | | | | | | | | | | +------------+-------+------+----------+--------+--+----------+--+--------+-----+ | TRC145_115 | 1 | 14 | 13 | m| 6.5 | @| 9.94 | g/t| <0.02 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_116 | 3 | 16 | 13 | m| 6.5 | @| 8.05 | g/t| 2.69 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_117 | 1 | 7 | 6 | m| 3.0 | @| 13.41 | g/t| 3.83 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_140 | 4 | 18 | 14 | m| 9.9 | @| 10.15 | g/t| 12.86 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_141 | 0 | 11 | 11 | m| 7.8 | @| 10.45 | g/t| 8.64 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_151 | 0 | 14 | 14 | m| 7.0 | @| 39.22 | g/t| 14.00 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_152 | 1 | 14 | 13 | m| 6.5 | @| 11.81 | g/t| 5.54 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_162 | 1 | 12 | 11 | m| 5.5 | @| 28.54 | g/t| <0.02 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_168 | 2 | 14 | 12 | m| 6.0 | @| 9.66 | g/t| 7.00 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_170 | 4 | 14 | 10 | m| 5.0 | @| 13.40 | g/t| 6.80 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_172 | 4 | 13 | 9 | m| 4.5 | @| 9.96 | g/t| 2.22 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_175 | 6 | 14 | 8 | m| 4.0 | @| 14.23 | g/t| 3.50 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_176 | 8 | 12 | 4 | m| 2.0 | @| 19.17 | g/t| 4.75 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_177 | 6 | 14 | 8 | m| 4.0 | @| 11.41 | g/t| 12.50 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_190 | 1 | 15 | 14 | m| 7.0 | @| 23.43 | g/t| 4.72 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_207 | 2 | 6 | 4 | m| 2.0 | @| 20.16 | g/t| 6.50 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_208 | 0 | 3 | 3 | m| 1.5 | @| 40.34 | g/t| 11.00 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_212 | 12 | 18 | 6 | m| 3.0 | @| 10.57 | g/t| 2.34 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_214 | 0 | 7 | 7 | m| 3.5 | @| 10.59 | g/t| 3.14 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC145_215 | 1 | 16 | 15 | m| 7.5 | @| 26.47 | g/t| 13.53 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC155_77 | 3 | 6 | 3 | m| 1.5 | @| 15.52 | g/t| <0.02 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC155_88 | 1 | 9 | 8 | m| 4.0 | @| 10.97 | g/t| <0.02 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC155_107 | 2 | 9 | 7 | m| 3.5 | @| 13.66 | g/t| <0.02 | EOH | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC155_113 | 4 | 8 | 4 | m| 2.0 | @| 13.73 | g/t| <0.02 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC155_120 | 4 | 8 | 4 | m| 2.0 | @| 13.13 | g/t| <0.02 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ | TRC155_122 | 1 | 7 | 6 | m| 3.0 | @| 11.49 | g/t| <0.02 | | +------------+-------+------+-------+--+--------+--+----------+--+--------+-----+ EOH - Hole finished in mineralisation. For further information on these intersections, refer Announcement 28 May 2009 available on the Company's website. The information in this Annual Report that relates to drilling results has been approved for release by Mr John Colin Loosemore, B.Sc. (Hons). M.SC., D.I.C., FAusAIMM, who has consented to the inclusion of the material in the form and context in which it appears. Mr Loosemore is the Managing Director of Archipelago Resources Plc and has over 30 years experience in the mineral industry including the evaluation of exploration data, mineral resources and ore reserves. Indicative Base Case Financial Model The Company's indicative base case financial model for the Toka Tindung Gold Project is as follows:- +--------------------------------------------+--------------------+ | Resource * | 1.7m oz Au | +--------------------------------------------+--------------------+ | Initial Mine Life | 8.5 years | +--------------------------------------------+--------------------+ | Throughput (year 2 onwards) | 1.7m t/yr | +--------------------------------------------+--------------------+ | Production (year 1) | 140,000 oz AuEq | +--------------------------------------------+--------------------+ | Production (average years 1 - 6 inc) | 160,000 oz AuEq/yr | +--------------------------------------------+--------------------+ | Total ounces recovered (inc low grade) | 1,060,000 oz AuEq | +--------------------------------------------+--------------------+ | Net Present Value (7.5% discount before | US$376m ** | | tax) | | +--------------------------------------------+--------------------+ | Cash Operating Cost | US$425/oz | +--------------------------------------------+--------------------+ | Annual EBITDA (average over first 6 years) | US$90m | +--------------------------------------------+--------------------+ | at a Gold Price of | US$1,000/oz | +--------------------------------------------+--------------------+ | And an Oil Price of | US$75/barrel | +--------------------------------------------+--------------------+ | | | +--------------------------------------------+--------------------+ | * (Refer Summary of Mineral Inventory and | | | Resources Table p.15) | | | ** Includes Company cash to be invested by | | | 3rd qtr. 2010. | | +--------------------------------------------+--------------------+ This base case financial model assumes: - 1. An initial processing rate of 1.5m tonnes per annum increasing to 1.7m tonnes per annum in year 2 onwards. 2. Electricity will initially be sourced from an on-site diesel power station. However subject to price differentials applicable at the time, the Company's intermediate objective is to convert from diesel to heavy fuel oil, while its longer term objective is to utilise electricity from a combination of diesel, hydro and geothermal sources via the Provincial power grid which passes within a few kilometres of the mine site, if reliable power of appropriate quantity is eventually available. Development Team The Company has a small team of qualified and highly experienced professionals with a track record of developing gold projects similar to Toka Tindung in South East Asia. Currently the team includes:- Mr David Morrison - Chief Operating Officer, Mr Danny Braham - Owners Representative Construction, Mr Dean Pontin - Operations Manager, Mr Chris Stevenson - Commercial Manager, Mr Terkelin Purba - External Relations Manager, Mr Peter Johnson - Asset Protection and Community Manager, Mrs Debra Watson - Occupational Health Safety & Environment Manager, Mr Dallas Cox - Mining Manager. Mr Morrison, Mr Braham and Mr Pontin will lead Archipelago's small but experienced construction and operations development teams. Vietnam Pac Lang Gold Project The Company holds a 65% interest in this joint venture project with the remaining interest held by 2 Vietnamese partners; Minerals Corporation ("VIMICO") - an affiliate of national minerals company Vietnam National Coal - Minerals Industries Group and provincial mining company Bac Kan Mineral Joint - Stock Company. An exploration licence was granted to the parties in September 2007 for a two year period, and a 2 year extension applied for in July 2009. The Pac Lang gold mineralized system is located about 160km north of Hanoi in Bac Kan province. Quartz veins have developed in sheared Triassic metasediments with gold mineralization present in both veins and shears. Gold has been exploited by French and then Vietnamese miners since discovery of high grade bedrock mineralization in the early 1900's. Building on knowledge gained in 2007 and 2008, work programs completed in 2009 within the license area have included additional mapping, trenching, and underground sampling of numerous previously known gold zones. This work includes the exploration of some 40km of underground tunnels. Exploration has provided a good understanding of the controls of this large mineralised system and resulted in the location of several new zones of gold mineralization, with results from continuous chip samples in the Cobra Creek area returning up to 32.8g/t gold over 1.5m. A revised geological interpretation has lead to the identification of numerous shallow (10-150m) drill targets and plans for 2010 include continued detailed geological mapping, surface trenching and an initial 1,500m diamond drill program of 12 holes in 5 areas to test depth continuity of grades returned from chip samples collected at surface and in local underground workings. Subject to positive results from this first phase of drilling, a second phase of follow up drilling is contemplated. Cam Thuy - Ba Thuoc Gold Project In 2006, the Company together with VIMICO prepared and lodged two applications for gold exploration licenses (ELA) in the Cam Thuy - Ba Thuoc gold district in Thanh Hoa province in northern Vietnam. The project areas are located along the Ma River fault system, located south of, and parallel to, the Red River suture (fault) zone which hosts several significant area of gold-copper mineralization in northern Vietnam and southern China. The main target covered by the two ELAs is a package of clastic and calcareous sediments folded into two large anticline structures which are considered prospective for structurally-controlled "Carlin" style replacement deposits and also possible stratigraphically-controlled "Tefler" style gold mineralization. Known bedrock gold mineralization and substantial unsourced occurrences of alluvial gold are present in the Company's application areas. Commencement of exploration is subject to approval of the applications. Philippines The Company has the right to acquire not less than an 80% interest in Corplex Resources Inc ("Corplex"), a Philippine registered company. Corplex holds a number of applications for Exploration Permits (EP) and Mineral Production and Sharing Agreements (MPSA) within the copper and gold rich Surigao peninsular and southern extensions in north east Mindanao, which host the Boyongan copper gold porphyry and the Sienna and CoO gold deposits. The tenement applications together with some approved tenements, cover a number of areas of historic gold workings and copper mineralisation. A number of these tenements and tenement applications in the vicinity of Medusa Mining's CoO gold mine that are the subject of Memoranda of Agreement with Medusa giving Medusa the right to acquire a 100% interest in the tenements subject to a gross royalty and/or buy-back rights. One of these tenements is APSA X11-0077 in which Corplex is entitled to a 4% gross royalty on ore production and in the event of a major discovery and completion of a Scoping Study demonstrating a 5 year mine life, can elect to buy-back a 30% contributing interest with the right to elect that such interest can dilute to a 15% interest free carried to commencement of production, at which time Medusa will provide a loan to Corplex to fund its 15% interest. On the 5th May 2010 Medusa announced that it had discovered outcropping porphyry gold copper mineralisation at a prospect called Usa within APSA XIII-0077, which reconnaissance outcrop sampling had demonstrated to extend over an area of not less than approximately 500m x 500m. Usa is located adjacent to the west side of the Barobo Fault corridor, a structure known to contain a number of gold prospects which Medusa considers prospective for intrusion and structurally controlled styles of copper and gold mineralisation. Limestone and calcareous sediments are locally intruded by multiple phases by dacite, diorite, andesite and porphyry. Rock chip samples at Usa range up to 0.59% copper and 0.42 g/t gold. Both Medusa and Archipelago are very encouraged by this discovery and the potential for it to be of economic significance. A large grid based soil sampling program designed to delineate the extent of the gold and copper mineralisation commenced in May. Disposal of Archipelago Metals Ltd Shares Following a decision to maintain a corporate focus on exploring for and developing precious metals resources in South East Asia, including primarily the Toka Tindung Gold Project in Indonesia, the Company decided to form Archipelago Metals Ltd ("Metals") to pursue non precious metals resources within the same regional area. In January 2008 the Company offered to sell to shareholders registered in the Company on 14th January 2008, all of the shares and options that the Company holds in Metals. Shareholders were offered shares on the basis of 1 share and half an option in Metals for each 4 shares held in the Company. Shareholders were also invited to apply for entitlement shares and options not taken up under the offer. In accordance with the terms of the offer, the Company's Directors allotted oversubscription shares on a similar pro-rata basis or 30,000 shares whichever was the greater. Archipelago Metals Ltd is an Australian public company, currently unlisted but intended to be listed on the Australian Stock Exchange and possibly the UK market in due course. Metals has the right to elect to acquire non precious metals assets from the Company in exchange for a royalty when such non precious metals assets are identified by the Company. In accordance with a management contract entered into by the Company and Metals, the Company will for a fee manage project activities for and at the expense of Metals. Corporate Since admission to AIM at a price of 20p/share in September 2003, the Company's shares have traded as high as 50.5p/share. The Company has 493,019,334 shares in issue at the date of this Report. Appreciation The Board acknowledges the hard work of our small group of dedicated staff and their persistence in achieving the progress reported above during 2009 and 2010. Lastly we wish to thank all shareholders for their support and ongoing participation as the Company strives to develop the Toka Tindung Gold Project and achieve its objective of gold producer status. J.C. Loosemore Managing Director 21st May 2010 Further info: Colin Loosemore, Managing Director, Archipelago Resources Plc Tel: 00 618 9364 8301 Gerry Beaney / Fiona Kindness, Grant Thornton UK LLP, Nominated Adviser Tel: 020 7383 5100 ARCHIPELAGO RESOURCES PLC GROUP STATEMENT OF COMPREHNSIVE INCOME +----------------------------------+---------------+---------------+ | | Year ended | Year ended | +----------------------------------+---------------+---------------+ | | 31 December | 31 December | +----------------------------------+---------------+---------------+ | | 2009 | 2008 | +----------------------------------+---------------+---------------+ | | US$ | US$ | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | REVENUE | | | | | - | - | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | Cost of sales | | | | | - | - | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | GROSS PROFIT | | | | | - | - | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | Administrative expenses | (2,606,101) | (9,917,448) | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | OPERATING LOSS | (2,606,101) | (9,917,448) | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | Gain on sale of assets | 67 | 12,410 | +----------------------------------+---------------+---------------+ | Gain on financial instruments | 102,803 | | | | | - | +----------------------------------+---------------+---------------+ | Finance costs | (52,709) | (355,094) | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | LOSS ON ORDINARY ACTIVITIES | (2,555,940) | (10,260,132) | | BEFORE TAXATION | | | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | Taxation | | | | | - | - | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | LOSS ON ORDINARY ACTIVITIES | (2,555,940) | (10,260,132) | | AFTER TAXATION | | | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | Minority interests | | | | | - | - | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | LOSS FOR THE FINANCIAL YEAR | | | | ATTRIBUTABLE TO MEMBERS OF THE | | | | PARENT COMPANY | | | + +---------------+---------------+ | | (2,555,940) | (10,260,132) | +----------------------------------+----------------------------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | TOTAL COMPREHENSIVE INCOME FOR | (2,555,940) | (10,260,132) | | THE YEAR | | | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ | Loss per share | (0.008) | (0.053) | +----------------------------------+---------------+---------------+ | | | | +----------------------------------+---------------+---------------+ There were no recognised gains or losses other than those shown above. All the Group's activities consist of continuing operations. ARCHIPELAGO RESOURCES PLC BALANCE SHEETS +------------+--+--+--+--+------+--+--+--+--+--+--------+--+--+--+--+---+--+--+--+--+--+--+--+--+--+--+----------+ | | | | | Company | | | | | Group | | | | +------------+-----+------------------------------------+-----+------------------------------+-------------------+ | | | 31 December | 31 December | | 31 December | 31 | | | | | 2009 | 2008 | | 2009 | December | | | | | | | | | 2008 | | +---------------+-----+---------------+-----------------------+-----+---------------+-----------+----------------+ | | Notes | US$ | US$ | | US$ | US$ | | +---------------+--------+---------------+-----------------------+------+--------------+--------------+----------+ | NON- CURRENT | | | | | | | | | ASSETS | | | | | | | | +------------------+-----+---------+-----------------------+--------+---------+--------------+-------------------+ | Property, plant | | 55,270,717 | 52,435,386 | | - | - | | | and equipment | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | Development, | | 33,356,361 | 27,635,874 | | - | - | | | exploration and | | | | | | | | | evaluation | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | Prepaid | | 196,219 | 207,635 | | 82,050 | 207,635 | | | borrowing costs | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | Investments | | 476,350 | 373,355 | | 738,208 | 605,447 | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | | | 89,299,647 | 80,652,250 | | 820,258 | 813,082 | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | CURRENT ASSETS | | | | | | | | +------------------+-----+------+-----------------------------+-----+---------------+-----------------+----------+ | Inventories | | 434,221 | 253,003 | | - | - | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | Trade and other | | 1,324,418 | 490,765 | | 975,328 | 27,613 | | | receivables | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | Cash and cash | | 12,556,121 | 1,663,909 | | 11,368,966 | 874,221 | | | equivalents | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | | | 14,314,760 | 2,407,677 | | 12,344,294 | 901,834 | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | TOTAL ASSETS | | 103,614,407 | 83,059,927 | | 13,164,552 | 1,714,916 | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | EQUITY AND | | | | | | | | | LIABILITIES | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | Share capital | | 6,576,877 | 3,697,515 | | 6,576,877 | 3,697,515 | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | Share premium | | 118,692,796 | 91,419,762 | | 118,692,796 | 91,419,762 | | | account | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | Other reserves | | 3,824,631 | 3,617,572 | | 4,029,145 | 4,144,848 | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | Retained | | (28,133,942) | (25,578,002) | | (116,317,483) | (104,581,013) | | | earnings | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | | | 100,960,362 | 73,156,847 | | 12,981,335 | (5,318,888) | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | NON-CURRENT | | | | | | | | | LIABILITIES | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | Payables | | - | - | | - | - | | +------------------+-----+------+-----------------------------+-----+---------------+-----------------+----------+ | | | - | - | | - | - | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | CURRENT | | | | | | | | | LIABILITIES | | | | | | | | +------------------+-----+---------------------+--------------+-----+---------------+-----------------+----------+ | Trade and other | | 1,937,485 | 9,302,398 | | 183,217 | 7,033,804 | | | payables | | | | | | | | +------------------+-----+------------------+-----------------+------------+--------------+-----------+----------+ | Provisions | | 716,560 | 600,682 | | - | - | | +------------------+-----+------------------+-----------------+-----+------------+-----------------+-------------+ | | | 2,654,045 | 9,903,080 | | 183,217 | 7,033,804 | +------------------+-----+---------------------+--------------+-----+------------------+-------------------------+ | | | | | | | | +------------------+-----+---------------------+--------------+-----+------------------+-------------------------+ | TOTAL EQUITY AND | | 103,614,407 | 83,059,927 | | 13,164,552 | 1,714,916 | | LIABILITIES | | | | | | | +------------------+-----+---------------------+--------------+-----+------------------+-------------------------+ | | | | | | | | +------------+--+--+--+--+------+--+--+--+--+--+--------+--+--+--+--+---+--+--+--+--+--+--+--+--+--+--+----------+ ARCHIPELAGO RESOURCES PLC STATEMENTS OF CHANGES IN SHAREHOLDERS +--------------------+-----------+-------------+-----------+---------------+--------------+ | | Share | Share | Other | Retained | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | | capital | premium | reserves | earnings | Total | +--------------------+-----------+-------------+-----------+---------------+--------------+ | | US$ | US$ | US$ | US$ | US$ | +--------------------+-----------+-------------+-----------+---------------+--------------+ | | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | GROUP | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Balance at 31 | 3,334,800 | 82,975,590 | 1,655,242 | (15,317,870) | 72,647,762 | | December 2007 | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Changes in equity | | | | | | | for 2008 | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Total | - | - | - | (10,260,132) | (10,260,132) | | comprehensive | | | | | | | income for the | | | | | | | year | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Shares issued | 362,715 | 8,705,134 | - | - | 9,067,849 | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Share issue costs | - | (260,962) | - | - | (260,962) | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Share based | - | - | 1,962,330 | - | 1,962,330 | | payments | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Balance at 31 | 3,697,515 | 91,419,762 | 3,617,572 | (25,578,002) | 73,156,847 | | December 2008 | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Changes in equity | | | | | | | for 2009 | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Total | - | - | - | (2,555,940) | (2,555,940) | | comprehensive | | | | | | | income for the | | | | | | | year | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Shares issued | 2,879,362 | 27,332,534 | - | - | 30,211,896 | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Share issue costs | - | (59,500) | - | - | (59,500) | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Share based | - | - | 207,059 | - | 207,059 | | payments | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Balance at 31 | 6,576,877 | 118,692,796 | 3,824,631 | (28,133,942) | 100,960,362 | | December 2009 | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | COMPANY | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Balance at 31 | 3,334,800 | 82,975,590 | 2,182,518 | (87,155,380) | 1,337,528 | | December 2007 | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Changes in equity | | | | | | | for 2008 | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Total | - | - | - | (17,425,633) | (17,425,633) | | comprehensive | | | | | | | income for the | | | | | | | year | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Shares issued | 362,715 | 8,705,134 | - | - | 9,067,849 | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Share issue costs | - | (260,962) | - | - | (260,962) | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Share based | - | - | 1,962,330 | - | 1,962,330 | | payments | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Balance at 31 | 3,697,515 | 91,419,762 | 4,144,848 | (104,581,013) | (5,318,888) | | December 2008 | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Changes in equity | | | | | | | for 2009 | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Total | - | - | - | (11,736,470) | (11,736,470) | | comprehensive | | | | | | | income for the | | | | | | | year | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Shares issued | 2,879,362 | 27,332,534 | - | - | 30,211,896 | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Share issue costs | - | (59,500) | - | - | (59,500) | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Share based | - | - | (115,703) | - | (115,703) | | payments | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ | Balance at 31 | 6,576,877 | 118,692,796 | 4,029,145 | (116,317,483) | 12,981,335 | | December 2009 | | | | | | +--------------------+-----------+-------------+-----------+---------------+--------------+ ARCHIPELAGO RESOURCES PLC CASH FLOW STATEMENTS +------------+----+-------+----+--------------+------------------+--------------+--------------+ | | | Group | Company | +------------+------------+--------------------------------------+-----------------------------+ | | | 31 | 31 December | 31 | 31 December | | | | December | | December | | +------------+-----------------+--------------+------------------+--------------+--------------+ | | | 2009 | 2008 | 2009 | 2008 | +------------+-----------------+--------------+------------------+--------------+--------------+ | | Notes | US$ | US$ | US$ | US$ | +------------+-----------------+--------------+------------------+--------------+--------------+ | | | | | | | +-----------------+------------+--------------+------------------+--------------+--------------+ | NET CASH OUTFLOW FROM |22 | (2,831,986) | (2,282,144) | (2,422,442) | (1,131,757) | | OPERATING ACTIVITIES | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | CASH FLOWS FROM | | | | | | | INVESTING ACTIVITIES | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | Payments to acquire | | (2,842,579) | (4,135,709) | - | - | | property, plant and | | | | | | | equipment | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | Proceeds from sale of | | 67 | 12,410 | - | - | | property, plant and | | | | | | | equipment | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | Payments for | | (6,521,297) | (6,974,356) | (800,810) | (1,071,110) | | development, | | | | | | | exploration and | | | | | | | evaluation expenditure | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | Consideration on sale | | (302,455) | 828,712 | (302,455) | 828,712 | | of Archipelago Metals | | | | | | | Ltd | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | Loans to Archipelago | | - | (145,092) | - | (145,282) | | Metals Ltd | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | NET CASH USED IN | | (9,666,264) | (10,414,035) | (1,103,265) | (387,680) | | INVESTING ACTIVITIES | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | CASH FLOWS FROM | | | | | | | FINANCING ACTIVITIES | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | Proceeds from | | - | 6,500,000 | - | 6,500,000 | | borrowings | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | Issue of ordinary share | | 30,211,896 | 9,329,817 | 30,211,896 | 9,329,817 | | capital | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | Repayment of borrowings | | (6,500,000) | (8,000,000) | (6,500,000) | (8,000,000) | +-------------------------+----+--------------+------------------+--------------+--------------+ | Capital raising costs | | (59,500) | (522,929) | (59,500) | (522,929) | +-------------------------+----+--------------+------------------+--------------+--------------+ | Prepaid borrowing costs | | (433,128) | (558,512) | 549,802 | (458,306) | +-------------------------+----+--------------+------------------+--------------+--------------+ | Share options expense | | 308,780 | - | - | - | | capitalised | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | Loans to subsidiaries | | - | - | (10,180,521) | (11,631,602) | +-------------------------+----+--------------+------------------+--------------+--------------+ | NET CASH FROM/ (USED | | 23,528,048 | 6,748,376 | 14,021,677 | (4,783,020) | | IN) FINANCING ACTVITIES | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | Effect of change in | | (137,586) | (768,037) | (1,225) | (590,096) | | exchange rates on cash | | | | | | | and cash equivalents | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | NET INCREASE/ | | 10,892,212 | (6,715,840) | 10,494,745 | (6,892,553) | | (DECREASE) IN CASH AND | | | | | | | CASH EQUIVALENTS | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | CASH AND CASH | | 1,663,909 | 8,379,749 | 874,221 | 7,766,774 | | EQUIVALENTS AT START OF | | | | | | | PERIOD | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | | | 12,556,121 | 1,663,909 | 11,368,966 | 874,221 | | CASH AND CASH | | | | | | | EQUIVALENTS AT END OF | | | | | | | PERIOD | | | | | | +-------------------------+----+--------------+------------------+--------------+--------------+ | | | | | | | | | +------------+----+-------+----+--------------+------------------+--------------+--------------+ This information is provided by RNS The company news service from the London Stock Exchange END FR LLFEVELISFII
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