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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 |
Final Results Hidefield Gold plc Final Results for the Year Ended 31 December 2007 Chairman's statement I am delighted to be reporting to you on the considerable progress that your Company made during the financial year ended 31 December 2007. The twelve months saw the Group undertake significant exploration in Argentina and we believe we are already seeing the potential for a future mine development. The audited results of our activities and transactions completed during the year ended 31 December 2007 reflect a significant increase in our activities in Argentina which resulted in a loss for the year of £2,256,194. South America 2007 is likely to prove to have been the most important year in the Group's history as we completed our first Resource Statement and a Scoping Study for the possible future development of a gold mine on our extensive licence position in East Santa Cruz Province, Patagonia, Argentina. During the second half of the year under review, we named our flagship gold project in Patagonia, the "Don Nicolas" gold project in respectful recognition of Senor Nicolas Urricelqui, the former owner of the Company's La Paloma Estancia, one of three large ranches totalling approximately 70,000 hectares that the Company now owns as freehold land. Senor Urricelqui is a lifetime resident of the region, a prominent and much respected local citizen and enthusiastic supporter of the Company's activities. The "Don Nicolas" gold project initially comprises the "La Paloma" and "Martinetas" sectors of our extensive property and these areas have been the focus of all of our drilling activity to date which provided us with the basis for the completion of an independently assessed initial Resource Statement for the project which confirmed a mineral resource of 1,214,000 tonnes at 7.7 grammes per tonne ("gpt") gold for 301,600 ounces of gold estimated using a high grade cut of 90 gpt gold (9.82 gpt gold and 383,400 ounces gold if no high grade cut was applied). This mineral resource estimate was prepared by Resource Evaluations Pty. Ltd. of Perth, Australia, an independent consultant engaged for the purpose of completing the report, and was prepared in compliance with the Australasian Code for Reporting of Mineral Resources by the Joint Ore Reserves Committee ("JORC"). During the second half of the year and into the early part of 2008, the Group continued an active field programme on the extensive vein systems in both the La Paloma and Martinetas sectors of the Don Nicolas project area including a Phase III drill programme which commenced in October with encouraging initial drilling results being published just prior to the year end. The Phase III drill programme continued into the first half of 2008 and has now been completed with drill results published during the first half of 2008 providing encouragement for the further expansion of the initial resource estimate on the Don Nicolas gold project. Just prior to the year end, the Group published the results of our much anticipated Scoping Study designed to assess the economic viability of the development of a mine on the Sulfuro deposit, representing the most advanced of the gold deposits and currently represents approximately 65% of the resource identified on the Sulfuro and Martinetas sectors of the Don Nicolas gold project. The Scoping Study confirmed that mining of the Sulfuro deposit, whilst involving suboptimal operating parameters, would prove modestly profitable for the development of an initial three year mining operation producing 50,000 ounces of gold per year at an estimated capital cost of approximately US$27.7 million for a mine development using a 250,000 tonnes per annum processing plant. The conceptual design for this mine development confirmed that initial production would be from an open pit followed by underground development and processing in a conventional leaching plant. Metallurgical test work carried out as a part of the Scoping Study indicates excellent gravity plus leach recoveries for oxidised ores and acceptable leach recoveries for sulphide ores with reagent consumption for all ore types confirmed as entirely satisfactory. The Scoping Study confirmed the excellent progress made by the Group in the period of less than two years since we acquired our project areas in Patagonia, Argentina. These efforts have enabled us to identify at least one gold deposit capable of supporting the development of a profitable gold mine and provided the Group with the encouragement to press ahead as quickly as possible to add additional gold resources at both the Sulfuro and Martinetas sectors of the Don Nicolas gold project. While continuing to focus our exploration activities on these sectors of the Don Nicolas gold project, during the year we increased our licence position in the East Santa Cruz Province by more than 10% to approximately 230,000 hectares. We have now begun evaluating other high priority exploration target areas across our extensive land position which now occupies a significant and central position in what has become the focus of increasing exploration attention from a large number of international gold exploration and mining companies. While our focus during 2007 and early 2008 has been on our activities in Argentina we have progressed discussions on a joint venture for the Cata Preta project in Brazil and expect to be in a position to announce the successful completion of those discussions in the third quarter of 2008. The Group's Sumidouro Dome project just north of the Cata Preta project remains under the management of our joint venture partner who continues to evaluate the exploration potential of that property. North America With the concentration of our exploration activities in Argentina, the Group concluded a joint venture on the South Estelle project in Alaska with International Tower Hill Mines Ltd, a Canadian listed company, and our joint venture partners carried out a summer exploration programme which provided considerable encouragement for further exploration on this well located property. The Group is actively pursuing discussions with regard to a joint venture at the Golden Zone project in Alaska and we remain optimistic that we can successfully conclude a joint venture to continue exploration on the exploration targets we have identified on this promising property. Associate Companies Columbus Gold Corporation (currently approximately 19.6% owned) continued to expand its portfolio of well located exploration projects in Nevada, Arizona and Utah, increasing the portfolio to 31 projects as of the date of this report. In addition, during 2007 and continuing into 2008, Columbus Gold Corp has continued its record of concluding significant joint ventures on its exploration properties with a number of the worlds most important gold mining companies. Joint ventures have also been concluded with a number of other public companies and as of the date of this report, Columbus Gold Corporation has established 14 joint ventures for further significant exploration on its properties, a remarkable effort in only the two years since the Company completed its Initial Public Offering on the TSX Venture Exchange in Canada. During 2007 most of the activity by Alto Ventures Limited, the Company's other significant associate company investment (now 14.9% owned following a Can$2.65 million capital raising and the sale of a portion of the Group's shareholding), was focused on the now 100% owned Despinassy gold project in the Abitibi greenstone belt, near Val d'Or, Quebec and the Mud Lake, Cote-Archie Lake and Coldstream projects in Ontario, Canada. Ongoing exploration on these projects confirmed the excellent exploration potential within Alto Ventures' extensive exploration portfolio including within the Beardmore-Geradlton camp which attracted significant exploration and joint venture interest during 2007 resulting in the establishment of joint ventures on several of Alto's properties. Corporate The Board is very pleased with the progress made with our exploration activities in Argentina and the business development of our associate companies. This progress has created significant value in our own projects, especially in Patagonia and in the investments we hold in associate companies. While this value appears not to be well recognised by the general investment community as reflected in our market capitalisation, it is nevertheless well recognised by our peers in the industry, resulting in frequent approaches for joint venturing on our projects. We have achieved this industry recognition and progress with our own exploration efforts through the significant contribution of my colleagues on the Board, our talented associates in North and South America and of course the continued support of our shareholders who have provided us with the resources to undertake this activity. This support included the approximately £2 million in new equity which we raised from existing and new shareholders in the first quarter of 2007. This was supplemented during the course of 2007 with the receipts generated by our joint venturing of several properties and the timely and profitable sale of a portion of our investment in Alto Ventures Ltd which resulted in the receipt of £665,364 representing a meaningful profit on our initial investment. During 2007 our long serving Finance Director, Ken Bone finally took retirement from the Board and his role has been admirably filled with the appointment of Sean McGrath who was named as Chief Financial Officer in July. We wish Ken the very best for his retirement and appreciate his part time assistance while welcoming Sean to our team. Sean deserves a special mention and thanks for his professionalism and tireless efforts in completing the Group's Financial Statements under the new IFRS regulations. On behalf of the Board I wish to thank my colleagues for their continuing efforts and our shareholders for their support and while the outlook for the junior resources sector remains difficult, we continue to look forward with optimism to progressing all of our activities during 2008. Kenneth P Judge Chairman 25 June 2008 Hidefield Gold Plc Ken Judge, Chairman + 44 773 300 1002 Investor Relations + 44 20 7976 2889 Paul Ensor Hanson Westhouse Limited (Nomad) + 44 113 246 2610 Tim Feather / Matthew Johnson Landsbanki Securities (UK) Ltd (Broker) + 44 20 7426 9000 Tom Hulme Consolidated Income Statement For the year ended 31 December 2007 2007 2006 Note £ £ Expenses Administrative expenses 1,249,745 1,086,119 Provision for diminution in value of mineral rights 1,304,851 955,602 Total expenses (2,554,596) (2,041,721) Loss from operations (2,554,596) (2,041,721) Finance income 58,177 42,768 Gain on disposal and deemed disposal of associates 507,640 73,436 Share of operating loss in associates (267,415) (301,509) Loss for the year before taxation (2,256,194) (2,227,026) Tax expense - - Loss for the year attributable to equity holders of the parent (2,256,194) (2,227,026) Loss per ordinary share - - Basic & Diluted 1 (0.84p) (1.06p) Consolidated Statement of Recognised Income and Expense For the year ended 31 December 2007 2007 2006 £ £ Gain on deemed disposal of investments - 49,913 Exchange adjustments on foreign currency net investments (234,191) (368,581) Net income recognised directly in equity (234,191) (318,668) Loss for the year attributable to equity holders of the parent (2,256,194) (2,227,026) Total recognised income and expense for the year attributable to the equity holders of the parent (2,490,385) (2,545,694) All amounts relate to continuing activities. Consolidated Balance Sheet As at 31 December 2007 2007 2006 £ £ ASSETS Non-current assets Mineral rights 6,015,571 6,532,761 Property, plant and equipment 302,687 268,805 Investments in associates 1,835,666 2,235,035 Financial asset - fair value through profit or loss - 182,510 Financial asset - available-for-sale investment 14,006 12,073 8,167,930 9,231,184 Current assets Trade and other receivables 979,368 1,077,485 Cash and cash equivalents 1,170,822 344,164 2,150,190 1,421,649 TOTAL ASSETS 10,318,120 10,652,833 LIABILITIES Current liabilities Trade and other payables 385,570 375,219 Corporate tax payable 287,951 281,969 673,521 657,188 SHAREHOLDERS' EQUITY Share capital 2,752,527 2,447,121 Share premium 12,351,711 10,675,940 Other reserves 3,576,492 3,420,263 Foreign currency translation reserve (987,167) (752,975) Available-for-sale reserve 8,556 6,622 Retained deficit (8,057,520) (5,801,326) 9,644,599 9,995,645 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 10,318,120 10,652,833 Consolidated Cash Flow Statement For the year ended 31 December 2007 2007 2006 £ £ Cash flow from operating activities Loss for the year (2,256,194) (2,227,026) Adjustments for: Depreciation 3,584 10,062 Interest receivable (31,865) (48,453) Share of operating loss in associates 267,415 301,509 Gain on deemed disposal of associates (195,535) (73,436) Gain on disposal of associate (312,105) - (Gain) / loss on revaluation of financial assets - fair value through profit or loss (26,312) 5,685 Provision for impairment 1,304,851 955,602 Share based payment costs 85,728 63,400 Directors remuneration paid by issue of shares 7,140 2,813 Foreign exchange differences (3,844) 128,981 Net cash flow from operating activities before changes in working capital (1,157,137) (880,863) Increase in payables 402 183,586 Decrease/(increase) in receivables 122,655 (672,763) Net cash flow from operating activities (1,034,080) (1,370,040) Investing activities Payments for property, plant and equipment (86,274) (205,267) Proceeds from the disposal of financial assets 208,823 211,170 Interest receivable 31,865 48,453 Proceeds from the disposal of associate investments 665,364 - Exploration costs capitalised (915,116) (2,040,415) Acquisition of subsidiary (net of cash acquired) - (581,879) Acquisition of associate investment (112,742) (407,416) Acquisition of available-for-sale investments - (13,499) Net cash flow from investing activities (208,080) (2,988,853) Financing activities Issue of ordinary shares 2,130,000 4,051,250 Cost of share issue (85,463) (201,352) Net cash flow from financing activities 2,044,537 3,849,898 Net decrease in cash and cash equivalents in the year 802,377 (508,995) Cash and cash equivalents at the beginning of the year 344,164 980,445 Effect of foreign exchange rate changes on cash and cash equivalents 24,281 (127,286) Cash and cash equivalents at the end of the year 1,170,822 344,164 Notes to the Consolidated Financial Statements For the year ended 31 December 2007 The financial information set out above does not constitute the Company's statutory accounts for the period ended 31 December 2007 or 2006. The statutory accounts for 2007 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. 1. Loss per ordinary share The basic loss per share of 0.84 pence (2006 - 1.06 pence) is calculated, on the loss on ordinary activities after taxation of £2,256,194 (2006 - £2,227,026) and on 269,851,015 (2006 - 210,637,270) ordinary shares, being the weighted average number of ordinary shares in issue during the year ended 31 December 2007. 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. 2. Post balance sheet events a) on 2 January 2008, the company issued and allotted 35,000 ordinary shares of 1p each ("Ordinary Shares") at a price of 5.38p per share to each of Robert Ashley and Francis Johnstone, in lieu of cash for directors' fees. b) the Company granted incentive stock options to employees and consultants to acquire 1,450,000 shares at a price of 4p per share on 28 February 2008. The options will vest over a two year period and expire on February 28, 2016. c) a total of 4,000,000 share warrants expired unexercised on 28 February 2008. d) on 13 March 2008, Hamilton Capital Partners Limited acquired 2,000,000 ordinary shares of 1p each in the Company at a price of 4.75p per share from BSG Investments Inc. ("BSG"), a wholly owned subsidiary of Brazilian Diamonds Limited. e) the Company entered into a credit facility on 21 May 2008 with Hamilton Capital Partners Limited wherein the Company can borrow up to US$500,000. The credit facility is unsecured, bears simple interest at the LIBOR rate plus 3% and is repayable on or before 31 December 2008. f) the Company sold its remaining 5% carried interest in the Groundhog/Trefi coal licences located in British Columbia for gross proceeds of CDN$250,000. Other information The Annual General Meeting of the Company will be held at the offices of Sprecher Grier Halberstam LLP, 5th Floor, One America Square, Crosswall, London EC3N 2SG at 2.00 p.m. on Friday 25 July 2008. Copies of the annual report and accounts will be posted to all shareholders by 30 June 2008 and will be available from the Company's website at www.hidefieldgold.com shortly. Further copies will be available from the Company's registered offices at One America Square, Crosswall, London, United Kingdom EC3N 2SG, from the date of posting. - ---END OF MESSAGE---
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