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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hidefield Gld | LSE:HIF | London | Ordinary Share | GB0003644506 | 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% | 1.475 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
HIDEFIELD GOLD PLC PRELIMINARY AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006 Chairman's statement I am delighted to be reporting to you on the considerable progress that your Company has made during the financial year which ended on 31 December 2006. With the change in the Company's fiscal accounting period to 31 December in the prior period, these audited accounts are the first time we are reporting in respect of a full calendar financial year. The past twelve months have seen the Group undertake significant exploration and drilling programmes in Argentina and Alaska following the conclusion of transactions completed during the first half of the year under review. The assets acquired in these transactions are expected to provide the Company with excellent exploration opportunities and in Argentina we already foresee the potential of a near term mine development. The audited results of our activities and transactions completed during the year ended 31 December 2006 reflect a significant increase in our activities in Argentina and Alaska and resulted in a loss on ordinary activities of £ 2,038,108. South America Argentina is now the principal focus of the Group's direct exploration activity. Following the completion of the acquisition of the East Santa Cruz gold projects from Yamana Gold Inc., there was significant activity throughout the year with field work and two substantial drill programmes which totalled approximately 15,000 metres. This exploration work was designed to increase gold resources and prepare for pre-development activities on the East Santa Cruz projects. Assay results received to date, and for the most part now published in recent stock exchange releases, have given us considerable encouragement that this activity will allow us to add substantially to the previously estimated resources on these properties. The assay results of these drill programmes have already confirmed that this has been an excellent acquisition for the Group and as a consequence we have now moved to commence a pre-feasibility study for the development of our first gold mine at this project. We expect that this pre-feasibility study should be completed during the third quarter of 2007 at which time we should be in a position to publish an updated resource estimate for these properties. In light of the excellent progress made in Argentina and the focus this will bring to our near term activity in South America, we have been evaluating how best to manage and maximise the potential value of our Cata Preta and Sumidouro Dome projects in Brazil. The acquisition of strategic licenses in and around our original license holdings has already enabled us to complete a joint venture on the Sumidouro Dome project and opened up a number of possible alternatives for taking forward the Cata Preta project where we are entertaining joint venture proposals as well. North America Following the May 2006 conclusion of the transaction with Piper Capital which provided the Group with the right to earn up to a 100% interest in the Golden Zone and South Estelle projects in Alaska, a significant exploration programme was undertaken at both projects. Drilling conditions on the Golden Zone breccia deposit were particularly challenging and much of our activity focused on exploration programmes outside of the initial breccia deposit as we have been encouraged by field reports of the discovery of several promising indications of mineralisation on both of these properties. We continue to evaluate this work and are planning follow up work in the coming northern summer. Associate Companies In May 2006, Columbus Gold Corporation (currently approximately 21% owned) successfully completed its IPO on the TSX Venture Exchange in Canada following an offering of new shares which raised approximately Cdn$5 million. This funding provided Columbus with the resources to undertake exploration on its promising portfolio which had expanded to 26 gold and silver projects by the end of 2006. Drill results from Columbus's first drilling programme on its Golden Mile property, completed during the first half of the year, were very encouraging and were followed up with another substantial drilling programme which was completed late in the third quarter. Since completing its IPO, Columbus has negotiated and concluded a number of joint ventures on gold projects it holds in Nevada, including on and around the Utah Clipper project, where Agnico Eagle agreed to spend up to US$6.5 million in exploration expenditures to earn a 51% interest in the Utah Clipper, Crestview and Laura properties that will form the basis of an important new joint venture. Located directly on the prolific northwest Battle Mountain Trend which is host to a number of world-class gold deposits in the Cortez-Pipeline area, these properties are located immediately adjacent to the Pipeline-Gold Acres mine complex and Agnico Eagle recently announced it was commencing its first drilling programme on the properties. During 2006, most of the activity by Alto Ventures Limited, the Company's other significant associate company investment (29% owned following a private placing completed by Alto in January 2007) was focused on the Despinassy gold project in the Abitibi greenstone belt, near Val d'Or, Quebec and the Coldstream project in northern Ontario, Canada. Drilling on Despinassy and at Coldstream during the first half of the year confirmed the continuity of mineralization on both properties and indicates the excellent potential to significantly expand the mineralisation already identified. Corporate The Board is very encouraged by the progress we have made in building shareholder value through our acquisitions and recent exploration activities. As can be imagined, all of this activity has required a significant effort by my colleagues on the Board, our talented associates in North and South America and none of this would have been possible without the continued support of our shareholders who have provided us with the resources to undertake this activity. This support included the approximately £4 million in new equity which we raised from existing and new shareholders in the first quarter of 2006. This has recently been supplemented by a further capital raising of approximately £2 million in the first quarter of 2007. We have also managed to supplement the support of our shareholders through the timely and profitable sale of our investment in Forum Uranium which resulted in the receipt of £ 196,798 representing a profit of £123,671 on our modest initial investment. In addition, the Board is pleased to welcome BDO Stoy Hayward LLP as our new auditors. The choice of BDO was influenced by the extensive experience of their natural resources team. I would also like to draw your attention to note 23 to the accounts, which highlights changes that have been made to various disclosures in the previous accounting period and in particular in relation to the adoption of the provisions of FRS20 (share based payments). On behalf of the Board I wish to thank all of our people and our shareholders for their continued efforts and support and look forward with optimism to continued good results to come from all of our activities during 2007. Kenneth P Judge Chairman 25 June 2007 For further information on this release, please contact: Hidefield Gold Plc Ken Judge, Chairman + 44 773 300 1002 Investor Relations Paul Ensor + 44 20 7590 5503 Hanson Westhouse Limited (Nomad) + 44 113 246 2610 Tim Feather / Matthew Johnson Teather & Greenwood: Landsbanki (Broker) + 44 20 7426 9000 Tom Hulme Consolidated profit and loss account for the year ended 31 December 2006 Continuing operations Continuing Acquisitions Total Total Year to Year to Year to 15 months to Note 31/12/06 31/12/06 31/12/06 31/12/05 (as restated) £ £ £ £ Provision for (955,602) - (955,602) (592,454) diminution in value of mineral rights Exploration - (48,329) (48,329) (49,217) expenditure written off Administrative (739,772) (244,018) (1,037,790) (437,626) expenses Other operating - - - 2,417 income Operating loss (1,749,374) (292,347) (2,041,721) (1,076,880) Share of operating (301,509) (294,130) loss in Associates Gain on deemed 73,436 - disposal re. Associates Gain on deemed 49,913 - disposal re. investments Profit on sale of - 769,567 investments Other interest 48,453 33,851 receivable and similar income - Group Loss on ordinary (2,038,108) (567,592) activities before taxation Taxation - (244,226) Loss for the period (2,038,108) (811,818) Loss per ordinary 3 (0.97p) (0.53p) share - basic and diluted Consolidated statement of total recognised gains and losses for the year ended 31 December 2006 Year to 15 months to 31/12/06 31/12/05 (as restated) £ £ Loss for the financial period - group (1,736,599) (517,688) - associated undertakings (301,509) (294,130) (2,038,108) (811,818) Revaluation reserve written back - 62,317 Currency translation differences on foreign (368,581) 16,473 currency net investments Total recognised gains and losses relating to (2,406,689) (733,028) that period Prior year adjustments (52,153) Total gains and losses recognised since last (2,458,842) annual report Consolidated balance sheet as at 31 December 2006 2006 2006 2005 2005 (as (as restated) restated) Note £ £ £ £ Fixed assets Tangible assets 268,805 - Mineral rights 6,523,761 1,368,780 Investments in 2,235,035 2,055,720 associates Other investments 63,698 353,108 Total fixed assets 9,100,299 3,777,608 Current assets Debtors 1,077,485 250,014 Cash at bank 344,164 980,445 1,421,649 1,230,459 Creditors: amounts 657,188 378,154 falling due within one year Net current assets 764,461 852,305 Net assets 9,864,760 4,629,913 Capital and reserves Issued share 2,447,121 1,524,488 capital Shares to be issued - 150,000 Share premium 10,675,940 7,175,147 account Other reserves 3,420,263 52,153 Profit and loss (6,678,564) (4,271,875) account Shareholders' funds 9,864,760 4,629,913 Consolidated cash flow statement for the year ended 31 December 2006 Year to Year to 15 months to 15 months to 31/12/06 31/12/06 31/12/05 31/12/05 (as restated) (as restated) £ £ £ £ Cash flows from operating activities Operating loss (2,041,721) (1,076,880) (Increase)/decrease in (672,763) 44,087 debtors Increase/(decrease) in 183,586 54,499 creditors Depreciation and 10,062 (149,513) amortisation Provision for 955,602 592,454 impairment Share based payment 63,400 46,018 costs Directors remuneration 2,813 5,450 paid by issue of shares Exchange differences (61,830) (57,636) Net cash outflow from (1,560,851) (541,521) operating activities Returns on investments and servicing of finance Bank interest received 48,453 33,851 Capital expenditure and financial investment Payments to acquire (407,416) (236,325) associates Payments to acquire (13,499) (345,474) other investments Payments to acquire and (1,849,604) (907,013) develop mineral rights Payments to acquire (205,643) - tangible fixed assets Sale of investments 211,170 - Sale of mineral rights - 199,597 Sale of tangible fixed 376 - assets (2,264,616) (1,289,215) Acquisitions and disposals Payments for (581,879) - subsidiaries (net of cash acquired) Financing Capital raising costs (201,352) - Issue of ordinary share 4,051,250 5,000 capital for cash 3,849,898 5,000 Net cash outflow (508,995) (1,791,885) Effect of foreign (127,286) 60,519 exchange on cash balances held Decrease in cash in the (636,281) 1,731,366 period Notes * The financial information set out above does not constitute the Company's statutory accounts for the period ended 31 December 2006 or 2005. The statutory accounts for 2006 will be delivered to the Registrar of Companies, following the Company's annual general meeting. The auditors have reported on those accounts: their report was unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. * No dividend is proposed. 3 Loss per ordinary share The basic loss per share of 0.97 pence (2005 - 0.53 pence) is calculated, on the loss on ordinary activities after taxation of £2,038,108 (2005 - £811,818) and on 210,637,270 (2005 - 152,310,720) ordinary shares, being the weighted average number of ordinary shares in issue during the year ended 31 December 2006. Due to the losses incurred during the year a diluted loss per share has not been calculated as this would serve to reduce the basic loss per share. There are options and warrants outstanding at the end of the year that could potentially dilute basic earnings per share in the future. These are detailed in Note 14 to the accounts. In addition, in 2007, a further 30,428,571 shares were issued in February and March 2007 which would further dilute the loss per share in the future. 4 Reconciliation of movement in net funds Year to 15 months to 31/12/06 31/12/05 (as restated) Cash at the beginning of the period 980,445 2,711,811 Decrease in cash in the period per cash flow (636,281) (1,713,366) statement Cash at the end of the period 344,164 980,445 5 Post balance sheet events On 23 February 2007, the Company issued 24,428,571 ordinary shares for cash at 7 pence per share to raise £1.71 million before expenses. On 27 March 2007, the Company issued 6,000,000 ordinary shares for cash at 7 pence per share to raise £0.42 million before expenses. Both of these issues were accompanied with an issue of warrants on the basis of 1 warrant for each 2 shares issued. The warrants are exercisable within 18 months of the admission to AIM of the placing shares, at an exercise price of 8.5p. 6 Adjustments to the prior period The following adjustments have been made to the figures previously reported for the prior period: Adjustments to the profit and loss account a) The provision for diminution in the value of mining assets has now been included in the operating loss, rather than after operating loss and before the loss on ordinary activities as previously reported. This has had nil effect on the loss reported for current and prior period. b) The movement on the revaluation reserve has been included in the Consolidated Statement of Total Recognised Gains and Losses. c. An amount of £2,417 has been reclassified from interest income to other operating income. This has had nil effect on the loss reported for current and prior period. d) Following the adoption of FRS 20 - share based payments, the Group loss for the period ended 31 December 2005 has been amended (for the balance sheet effect see 6g below). Adjustments to the Group balance sheet e) The interests of the Group in Minera Sud Argentina SA (£26,334) and Golden Zone (£13,499) which were shown as investments in joint ventures in the previous period have been reclassified and are now included in intangible assets - mineral rights. f) Two adjustments have been made to the unlisted investments balance reported in the prior period of £69,229. Firstly, an amount of £63,778 shown as an investment in the previous period was initial expenditure relating to the acquisition of mineral properties in Argentina and has therefore been reclassified and is now included in intangible assets - mineral rights. Secondly, an investment at a cost of £5,451 has been reclassified from unlisted to listed as it was incorrectly classified as unlisted in the prior period. g) Following the adoption of FRS 20 - share based payments, the Group capital and reserves at 30 September 2004 has been amended. h) During 2005, an amount of £244,266, equivalent to Cdn$500,000 was withheld by the purchaser of the Group's mineral properties at Groundhog and Trefi, in relation to potential tax on the sale. This amount was written off as taxation in the 2005 accounts. In addition, however, the balance sheet should have shown a debtor for the amount due to be received and a creditor for the taxation payable. The debtor and creditor have now been included in the restated prior period. The following tables show the effect of these adjustments on the prior period Group balance sheet and Group profit and loss account: Group: Balance sheet As 6e 6f 6g 6h As restated previously reported £ £ £ £ £ £ Fixed assets Mineral 1,265,169 39,833 63,778 - - 1,368,780 rights Fixed asset 416,886 - (63,778) - - 353,108 investments Investments 39,833 (39,833) - - - in joint ventures Investments 2,055,720 - - - - 2,055,720 in associates Total fixed 3,777,608 - - - - 3,777,608 assets Current assets Debtors 5,788 - - - 244,226 250,014 Cash at bank 980,445 - - - - 980,445 986,445 244,226 1,230,459 Creditors: (133,928) - - - (244,226) 378,154 amounts falling due within one year Net current 852,305 - - - - 852,305 assets Net assets 4,629,913 - - - - 4,629,913 Capital and reserves Issued share 1,524,488 1,524,488 capital Shares to be 150,000 150,000 issued Share premium 7,175,147 7,175,147 account Other - 52,153 52,153 reserves Profit and (4,219,722) (52,153) (4,271,875) loss account Shareholders' 4,629,913 4,629,913 funds Profit and loss account As 6a 6c 6d As restated previously reported £ £ £ £ Operating loss (440,825) (592,454) 2,417 (46,018) (1,076,880) Share of operating loss (294,130) - - - of Associates Provision for diminution (592,454) 592,454 - - - in value of mineral rights Profit on sale mineral 769,567 - - - 769,567 rights Other interest 36,268 - (2,417) - 33,851 receivable and similar income - Loss on ordinary (521,574) - - (46,018) (567,592) activities before taxation 7 Copies of the annual report and accounts will be posted to all shareholders by 29 June 2007. Further copies will be available from the Company's registered offices at 30 Farringdon Street, London, EC4A 4HJ, from the date of posting. END
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