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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 | |
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0.00 | 0.00% | 1.475 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMHIF Hidefield Gold plc Unaudited Interim Results for the Six Months Ended 30 June 2009 London, 30th September, 2009: Hidefield Gold plc ("Hidefield" or the "Company"), the gold company with advanced projects in Argentina, Brazil and Alaska, including the Don Nicolas gold project in Santa Cruz Province, Argentina announces its unaudited interim results for the six months ended 30 June 2009. HIGHLIGHTS * Updated resource estimate at Don Nicholas gold project * Potential disposal of Golden Zone gold property in Alaska * Sale of Estelle gold project in Alaska * Settlement of loan facility via the issuance of common shares ABOUT HIDEFIELD Hidefield is a gold company with a focus on the exploration and development of gold projects in Argentina including the Don Nicolas gold project in Santa Cruz Province, Argentina. In Argentina Hidefield is actively exploring the advanced stage Don Nicolas gold project where it has reported a mineral resource estimate, prepared in compliance with JORC reporting standards, of 1,078,000 tonnes at 5.8 grammes per tonne ("gpt") gold for 200,700 ounces of gold in the Indicated Category and 1,075,000 tonnes at 4.6 gpt for 158,400 ounces of gold, in the Inferred Category. Both resource calculations were performed using a 90 gpt high grade cut off. In addition, the Company is exploring an extensive portfolio of gold exploration licences in the Patagonian provinces of Santa Cruz and Chubut, Argentina. The Company's other gold projects including the Cata Preta project in Brazil and the Golden Zone project in Alaska are the subject of negotiations to conclude the sales of these projects. These negotiations are part of Hidefield's strategy to consolidate the Company's exploration activities in the southern Patagonian provinces of Argentina For more information on Hidefield go to www.hidefieldgold.com For further information on this release, please contact: Hidefield Gold Plc Ken Judge, Chairman + 44 773 300 1002 Investor Relations Jon Bey: North America + 1 800 689 2599 Hanson Westhouse Limited (Nomad and Broker) Tim Feather / Matthew Johnson + 44 113 246 2610 Executive Chairman's statement I am pleased to report the progress your Company made during 2009 to date and provide the unaudited interim results for the six months ended 30 June 2009, which have neither been audited nor reviewed pursuant to guidelines issued by the Auditing Practices Board. During the half year under review, the Company was particularly active in its efforts to conclude negotiations for the sale or farm out of its projects in Alaska and Brazil. I am pleased to report that during this period an agreement was reached for the sale of Hidefield's interest in the South Estelle gold project in Alaska to Millrock Resources Inc. In addition the Company announced on 19 August 2009 that it had entered into a memorandum of understanding with Fire River Gold Corp for the potential disposal of Hidefield's interest in the Golden Zone gold project also in Alaska. Both disposals would provide important funding to assist the Company to continue exploration on our Argentina projects. Efforts to conclude similar transactions for the Cata Preta gold project in Brazil are continuing and we remain optimistic that the Company should be able to conclude a transaction on this project during the second half of the year. Despite encouraging recent strength in the gold price, the difficult general economic environment and the limited capital market interest in supporting junior exploration companies continues to negatively affect the Company's ability to fund its ongoing activities at the Don Nicolas gold project in Argentina. Encouragingly, other participants in the gold sector seem to share our optimism about the possibility of the Don Nicolas project eventually becoming a mine so we are continuing to evaluate the possibility of third party involvement with this project as a means to ensure the project is able to progress forward. This process has inevitably raised the possibility of Hidefield potentially being acquired and as shareholders will have noted, we recently announced that discussions were underway with a third party which may lead to an offer being made for Hidefield. There is of course no certainty that such an offer will be made and if made, will be successfully concluded but shareholders will be advised as and when there is further news to report. In the meantime, we will continue with our efforts to ensure that the value of our portfolio of gold projects and other investments in listed securities is properly reflected in the market capitalisation of the Company. I also wish to record our gratitude to the lenders and shareholders who provided Hidefield with the financial resources that enabled the Company to continue with relatively uninterrupted activity during the latter part of 2008 and through the first half of 2009. Moreover and equally important, these lenders which included Hamilton Capital Partners Limited, a company with which I am associated, agreed to convert their loans to equity and that agreement was approved by shareholders in late July 2009, substantially reducing the Company's debt as reported in these interim financial statements. Finally, I wish to record the important contribution made by my fellow directors and our senior management in Argentina and Canada in our efforts to continue our exploration and business development activities in Argentina, Brazil and the USA during this period of economic uncertainty. Without this support the Company's affairs would certainly have suffered greatly and we may not have attracted the potential takeover interest to which I have referred in this note and in our recent news release. Interim results and going concern The unaudited results of our activities and transactions completed during the period under review and ended 30 June 2009 reflect a decrease in the level of our exploration activities on our Don Nicolas gold project in southern Argentina. The loss for the period was GBP694,992 (2008: GBP423,214) which included a property impairment of GBP303,104 that was not applicable in the comparable period of 2008. In addition to its ongoing working capital requirements, the Group must secure sufficient funding for ongoing mineral property exploration and development. However, management remains confident that the existing cash and investment securities are sufficient to meet current operating requirements, and that any significant project development costs can be met from the raising of new finance or by attracting an industry partner. However, at the balance sheet date, these development plans were uncommitted. Kenneth P Judge 30 September 2009 Consolidated Condensed Statement of Comprehensive Income For the six months ended 30 June 2009 Year Six months Six months ended ended 30 ended 30 31 December June 2009 June 2008 2008 GBP GBP GBP (unaudited) (unaudited) (audited) Expenses Administrative expenses 378,493 354,727 919,253 Provision for diminution in value of mineral rights 303,104 - 1,122,888 Total administrative expenses (681,597) (354,727) (2,042,141) Other income 81,560 125,590 171,069 Loss from operations (600,037) (229,137) (1,871,072) Finance income 3 31,924 42,290 Finance expense (80,422) - (107,217) Gain on disposal and deemed disposal of associates - 60,053 66,613 Impairment of associate investments - (164,162) (706,690) Share of operating loss in associates - (79,191) (274,476) Loss before taxation (680,456) (380,513) (2,850,552) Tax (expense) credit 4 (14,536) (42,701) 135,541 Loss for the period / year 13 (694,992) (423,214) (2,715,011) Other comprehensive income: Exchange differences on translating foreign 13 operations (1,114,594) (33,054) 1,052,376 Available-for-sale financial investments Valuation losses recognised 13 directly in equity (37,526) - (12,405) Total comprehensive income for the period/year attributable to the equity holders of the parent (1,847,112) (456,268) (1,675,040) Loss per ordinary share - Basic & Diluted 3 (0.25p) (0.15p) (0.98p) The accompanying notes form an integral part of the unaudited interim consolidated financial statements. Consolidated Condensed Statement of Financial Position As at 30 June 2009 At At At 30 June 30 June 31 December 2009 2008 2008 GBP GBP GBP (unaudited) (unaudited) (audited) Assets Non-current assets Intangible assets - 8 Mineral rights 6,177,836 6,981,506 7,147,337 Property, plant and equipment 267,752 299,086 338,486 Investments in associates 6 - 1,613,676 767,680 Available-for-sale 6 investments 774,067 11,210 1,601 7,219,655 8,905,478 8,255,104 Current assets Other receivables 752,648 838,506 871,755 Assets classified as held for sale - - 18,936 Cash and cash equivalents 97,478 256,602 162,145 850,126 1,095,108 1,052,836 Total assets 8,069,781 10,000,586 9,307,940 Liabilities Current liabilities Trade and other payables 9 346,642 437,895 176,079 Loans 10 1,008,295 126,000 588,050 Convertible loans 11 266,233 - 229,529 Corporate tax payable 13,658 144,435 69,525 Total liabilities 1,634,828 708,330 1,063,183 Total net assets 6,434,953 9,292,256 8,244,757 Shareholders' equity Share capital 5,13 2,780,996 2,753,227 2,780,996 Share premium 5,13 12,417,546 12,354,776 12,417,546 Other reserves 13 3,794,694 3,613,340 3,757,386 Foreign currency 13 translation reserve (1,049,385) (954,113) 65,209 Available-for-sale reserve 13 (41,375) 5,759 (3,849) Retained deficit 13 (11,467,523) (8,480,733) (10,772,531) Total shareholders' equity 13 6,434,953 9,292,256 8,244,757 The unaudited interim consolidated financial statements were approved by the Board of Directors and authorised for issue on 30 September 2009 Ken Judge Director Consolidated Condensed Cash Flow Statement For the six months ended 30 June 2009 Six months Six months Year ended ended 30 ended 30 31December June 2009 June 2008 2008 GBP GBP GBP (unaudited) (unaudited) (audited) Cash flow from operating activities Loss for the period (694,992) (423,214) (2,715,011) Adjustments for: Depreciation 1,260 1,383 6,179 Taxation - - (135,541) Interest expense - - 107,217 Interest receivable (3) (31,924) (42,290) Share of operating loss in associates - 79,191 274,476 Gain on deemed disposal of associate - (32,263) (38,823) Gain on disposal of associate - (27,790) (27,790) Gain on disposal of mineral property interest (81,560) (125,590) (171,069) Provision for impairment 303,104 164,162 1,829,578 Share based payment costs 37,308 36,848 76,056 Directors' remuneration paid by issue of shares - 3,766 19,305 Foreign exchange differences 418 (79,248) (17,476) Net cash outflow from operating activities before changes in working capital (434,465) (434,679) (835,189) Increase (decrease) in payables 218,068 125,709 (327,215) (Increase) decrease in receivables (49,621) 80,178 347,091 Income taxes paid (47,958) (143,555) (126,361) Net cash flow used in operating activities (313,976) (372,347) (941,674) Investing activities Payments for property, plant and equipment - (4,573) (6,017) Proceeds from the disposal of mineral rights - 125,590 171,069 Proceeds from disposal of assets held for sale 60,795 - - Interest receivable 3 31,923 42,290 Proceeds from the disposal of associate investments - 60,421 60,421 Exploration costs capitalised (226,841) (890,018) (1,376,761) Net cash flow used in investing activities (166,043) (676,657) (1,108,998) Financing activities Interest paid - - 65,007 Loans 420,245 126,000 896,855 Net cash flow from financing activities 420,245 126,000 961,862 Net decrease in cash and cash equivalents (59,774) (923,004) (1,088,810) Cash and cash equivalents at beginning of period 162,145 1,170,822 1,170,822 Exchange (losses) gains on cash and cash equivalents (4,893) 8,784 80,133 Cash and cash equivalents at end of period / year 97,478 256,602 162,145 The accompanying notes form an integral part of these unaudited interim consolidated financial statements. 1. Accounting policies Basis of preparation The consolidated condensed interim financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board (IASB) as adopted for use in the EU. The condensed interim financial information has been prepared in accordance with the requirements of International Accounting Standard 34 ('Interim Financial Reporting') and with those accounting policies that are envisaged to be effective for the year ended 31 December 2009. The only changes to accounting policies as set out in the Report and Accounts of Hidefield Gold Plc for the year ended 31 December 2008 relate to the adoption of the revision to IAS 1; this revision prohibits the presentation of items of income and expenses (that is, "non-owner changes in equity") in the statement of changes in equity, requiring "non-owner changes in equity" to be presented separately from owner changes in equity. All non-owner changes in equity will be required to be shown in a performance statement. The condensed interim financial statements also include the disclosure requirements of IFRS 8, which is effective for accounting periods beginning 1 January 2009. These revisions and new effective standards have been applied throughout these condensed interim financial statements. Presentational currency The group's presentational currency is Great British Pounds ('GBP'). 2. Financial reporting period The consolidated condensed interim financial information for the period 1 January 2009 to 30 June 2009 is neither audited nor reviewed by the auditors of Hidefield Gold plc. In the opinion of the Directors the condensed interim financial information for the period presents fairly the financial position, and the results from operations and cash flows for the period are in conformity with generally accepted accounting principles consistently applied. The financial statements incorporate comparative figures for the interim period 1 January 2008 to 30 June 2008 and the audited financial year to 31 December 2008. The financial information contained in this interim report does not constitute statutory accounts as defined by section 435 of the Companies Act 2006. The comparatives for the full year ended 31 December 2008 are not the Group's full statutory accounts for that year. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified; however it did include references to matters to which the auditors drew attention by way of emphasis without qualifying their report. The auditors' report did not contain a statement under section 237(2)-(3) of the Companies Act 1985. 3. Loss per share The calculation of basic and diluted loss per share has been based on the loss for the period of GBP694,992 (2008 - GBP423,214) and the weighted average number of shares being 278,099,611 ordinary shares issued for the period ended 30 June 2009 (31 December 2008 - 276,526,567 and 30 June 2008 -275,333,255). 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. 4. Taxation Due to an operating loss for the period, no taxation has been provided for in respect of the current period. There have not been any significant taxation movements during the period and the remaining tax movements relate to the group settling its prior year tax assets and obligations. 5. Share capital Ordinary shares of 1p each: 30 June 31 Dec 30 June 30 June 31 Dec 30 June 2009 2008 2008 2009 2008 2008 GBP GBP GBP GBP GBP GBP Opening 2,780,996 2,752,527 2,752,527 5,000,000 5,000,000 5,000,000 balance Issued - 27,769 700 - - - during the year Closing 2,780,996 2,780,996 2,753,227 5,000,000 5,000,000 5,000,000 balance Share issues during the period are detailed below: Exercise/ issue Share Share Merger Warrant price Capital Premium Reserve Reserve No. (pence) GBP GBP GBP GBP At 31 275,252,651 2,752,527 12,351,711 3,155,366 219,845 December 2007 Directors 70,000 5.38 700 3,065 - - fees paid in shares At 30 275,322,651 2,773,227 12,354,776 3,155,366 219,845 June 2008 Mineral 2,000,000 3.75 20,000 55,000 - - property payment Directors 776,960 2.00 7,769 7,770 - - fees paid in shares At 31 December 278,099,611 2,780,996 12,417,546 3,155,366 219,845 2008 And 30 June 2009 6. Available-For-Sale Investments 30 June 30 June 31 December 2009 2008 2008 GBP GBP GBP Kentor Gold Ltd. 3,262 11,210 1,601 Alto Ventures Ltd. (1) 174,063 - - Columbus Gold Corp. (1) 497,380 - - Millrock Resources Inc. (2) 99,362 - - Total 774,067 11,210 1,601 (1) The Company has reclassified all of its associated investments in Alto Ventures Ltd. and Columbus Gold Corp. from associate investments to available-for-sale as the Company no longer exercises significant influence over the investment company. (2) On January 30, 2009, the South Estelle mineral property was disposed of for proceeds of US$100,000 cash and 1,000,000 common shares of Millrock Resources Inc. The 1,000,000 shares are reflected in the available-for-sale investments above. 7. Segmental analysis The Group is engaged in mining exploration and production activities only. As the operating businesses are organised and managed separately on a country-by-country basis, segment information is reported geographically only. Geographic segments Period ended 30 June South North 2009 UK America America Group Depreciation - - (1,260) (1,260) Impairment charges - - (303,104) (303,104) Finance income 3 - - 3 Finance expense (80,422) - - (80,422) Loss after taxation (310,769) (49,848) (334,375) (694,992) Other segment information: Segment assets: Total assets 104,240 6,555,104 1,410,437 8,069,781 Capital expenditure: Intangible assets - 226,841 - 226,841 Total capital expenditure - 226,841 - 226,841 Total liabilities 1,508,841 112,443 13,544 1,634,828 7. Segmental analysis (continued) Period ended 30 June South North 2008 UK America America Group Depreciation (1,383) - - (1,383) Share of loss of associates - - (79,191) (79,191) Impairment of associate investments - - (164,162) (164,162) Finance income 31,924 - - 31,924 Finance expense - - - - Loss after taxation (350,948) 29,528 (101,794) (423,214) Other segment information: Segment assets: Total assets 351,402 6,595,422 3,053,762 10,000,586 Capital expenditure: Intangible assets - 875,545 14,473 890,018 Property, plant and equipment - 4,573 - 4,573 Total capital expenditure - 880,118 14,473 894,591 Total liabilities 266,892 297,582 143,856 708,330 Year ended 31 December South North 2008 UK America America Group Depreciation - (2,633) (3,547) (6,180) Impairment charges - (403,573) (719,315) (1,122,888) Share of loss of associates - - (274,476) (274,476) Impairment of associate investments - - (706,690) (706,690) Finance income 42,290 - - 42,290 Finance expense (42,210) - (65,007) (107,217) Loss after taxation (625,332) (662,275) (1,427,404) (2,715,011) Other segment information: Segment assets: Total assets 162,108 7,307,289 1,838,543 9,307,940 Capital expenditure: Intangible assets - 1,257,494 225,265 1,482,759 Property, plant and equipment - 6,016 - 6,016 Total capital expenditure - 1,263,510 225,265 1,488,775 Total liabilities 930,845 65,088 67,250 1,063,183 8. Intangibles assets - mineral rights The value of mineral rights decreased during the period primarily due to foreign exchange revaluation reducing the value by GBP893,238 associated with the Company's Alaskan and Argentinean properties and a property impairment of GBP303,104 on the Golden Zone property in Alaska. The balance of the movement in mineral rights reflects property expenditures of GBP226,841 incurred in Argentina during the period. The option and sale arrangements discussed in the Executive Chairman's statement relate principally to option agreements wherein the optionee can earn a stake of the Golden Zone mineral property and a stake of the Cata Preta mineral property. Both of the options are based on the third party meeting certain minimum spending commitments. As at the interim date there have been no significant developments in this respect. 9. Trade and other payables 30 June 30 June 31 December 2009 2008 2008 GBP GBP GBP Trade payables 210,796 379,218 101,095 Other taxation and social security 25,790 21,766 19,145 Accruals 110,056 36,911 55,839 346,642 437,895 176,079 Trade and other payables are measured at amortised cost and their book value approximates to fair value at both balance sheet dates. 10. Loans 30 June 30 June 31 December 2009 2008 2008 GBP GBP GBP Loans 1,008,295 126,000 588,050 Loans held on the balance sheet are advances payable on demand by the lender and bear simple interest at LIBOR +3% until 30 April 2009, thereafter at 14%. Due to their short term nature, the fair value of the loans equate to their carrying value. Subsequent to the end of the period, after the agreement of both parties, a portion of these loans and their accrued interest were settled via the issuance of ordinary common shares of the Company at a price of 1p per share. (Note 14) 11. Convertible loans In 2008, the Company issued a convertible loan at LIBOR + 3% at a par value of GBP308,805. The loan was either repayable at this par value plus accrued interest or was convertible on demand by the lender at a subscription price of 3p per share. The convertible loans were not secured against any assets of any Group company. The value of the liability component and the equity conversion component was determined at the date the instrument was issued. The fair value of the liability component, included in current borrowings, at inception was calculated using a market interest rate of an equivalent instrument without a conversion option. The discount rate applied was 35%. The residual amount is as follows: 30 June 30 June 31 December 2009 2008 2008 GBP GBP GBP Fair value of convertible bond 308,805 - 308,805 Less: Equity component (104,838) - (104,838) Liability component on initial 203,967 - 203,967 recognition Interest expense 62,266 - 25,562 Liability Component at period / year 266,233 - 229,529 end The fair value of the liability component of the convertible bond at 30 June 2009 and 31 December 2008 approximates to its carrying value. Subsequent to the end of the period, after the agreement of both parties, a portion of these convertible loans and their accrued interest was settled via the issuance of ordinary common shares of the Company at a price of 1p per share. (Note 14) 12. Related party transactions IAS 24, 'Related Party Transactions', requires the disclosure of the details of material transactions between the reporting entity and related parties. Details of related party transactions are: a) Hamilton Capital Partners Limited ("HCP") K P Judge has a material interest in HCP. During the period, the Company accrued consulting fees of GBP40,000 (2008 - GBP40,950) and paid GBP12,000 (2008 - GBP12,000) to HCP in respect of contributions towards office rental, other office costs and reimbursed expenses. Furthermore, during the period HCP advanced GBP71,545 (2008 - GBP126,000) to the Company for working capital under loans due 31 December, 2009. The loans bear interest at LIBOR + 3% until 30 April 2009, thereafter at 14%, which resulted in accrued interest of GBP21,124 at 30 June, 2009 (2008 - GBP593). b) SCM Consulting Corp. ("SCM") S C McGrath has a material interest in SCM. During the period, the Company paid consulting fees of GBP7,336 (2008 - GBP6,952) to SCM. 13. Movement on reserves Convertible Share Share debt Foreign Available- option warrant Merger option currency for- Share Share reserve reserve reserve reserve translation sale Retained capital premium * * * * reserve reserve Deficit Total Group GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP At 1 January 2008 (audited) 2,752,527 12,351,711 201,281 219,845 3,155,366 - (987,167) 8,556 (8,057,520) 9,644,599 Loss for the period - - - - - - - - (423,213) (423,213) Re- value AFS investments - - - - - - - (2,797) - (2,797) Foreign exchange - - - - - - 33,054 - - 33,054 Share based payment - - 36,848 - - - - - - 36,848 Issue of shares 700 3,065 - - - - - - - 3,765 At 30 June 2008 (un- audited) 2,753,227 12,354,776 238,129 219,845 3,155,366 - (954,113) 5,759 (8,480,733) 9,292,256 Loss for the period - - - - - - - - (2,291,798) (2,291,798) Foreign exchange - - - - - - 1,019,322 - - 1,019,322 Re- value AFS invest- ments - - - - - - - (9,608) - (9,608) Share based payment - - 39,208 - - - - - - 39,208 Issue of convertible debt - - - - - 104,838 - - - 104,838 Issue of shares 27,769 62,770 - - - - - - - 90,539 At 31 December 2008 (audited) 2,780,996 12,417,546 277,337 219,845 3,155,366 104,838 65,209 (3,849) (10,772,531) 8,244,757 Loss for the period - - - - - - - - (694,992) (694,992) Re- value AFS investments - - - - - - - (37,526) - (37,526) Foreign exchange - - - - - - (1,114,594) - - (1,114,594) Share based payment - - 37,308 - - - - - - 37,308 At 30 June 2009 (un- audited) 2,780,996 12,417,546 314,645 219,845 3,155,366 104,838 (1,049,385) (41,375) (11,467,523) 6,434,953 * Other reserves consist of Merger reserve, Share option reserve and Share warrant reserve and Convertible debt option reserve 14. Post balance sheet events Subsequent to the end of the period, the Company completed a debt settlement totalling GBP1,321,359 with its three largest creditors through the issuance of 132,135,900 ordinary common shares at 1p per share resulting in an expansion of the Company's issued capital to 410,235,511 shares as of the date of these interim financial statements. =--END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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