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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mining Minerals & Metals Plc | LSE:GEX | London | Ordinary Share | GB00BSMN5L80 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.38 | 17.12% | 16.25 | 16.00 | 16.50 | 17.25 | 13.875 | 13.88 | 11,498,461 | 16:20:03 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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29/5/2007 11:45 | Everybody speaks well of the Managing Director & his carefully chosen words, legal backgound etc. Well here is the gist of his outlook summary: "Glencar is in a very strong position to grow rapidly in terms of market capitalisation and gold ounces per share." You can all draw your own conclusions, but to me thats a very black /white opinion. You could not wish to hear a more positive comment, on this company, & it's quite clear the path that they are going along, apart from the j/v,which obviously has to be reviewed as it proceeds. | ![]() haydock | |
29/5/2007 11:29 | The AGM is likely to reveal further news in relation to the continuing (or otherwise) prospectivity of the Sankarini Project and the Solona license area. | ![]() bongo bwana | |
29/5/2007 11:07 | All sounds very promising, not surprisingly at a loss currently, but with tremendous potential. No new causes for excitement that I could see, but steady as she goes in true GEX fashion. | ![]() spaceparallax | |
29/5/2007 10:53 | No, it was how he "sounded" in his comments in the results. | cwake1 | |
29/5/2007 10:51 | cwake - I saw that earlier but you said that the chairman sounded v. positive and I was wondering did you hear him on the TV or radio???? | ![]() bongo bwana | |
29/5/2007 10:43 | guess more positive news from Komana required | ![]() yorgi | |
29/5/2007 10:41 | Nothing happening of note after this news S_S! | boischastel | |
29/5/2007 10:36 | I'm usually dead against copying and pasting news articles, but just this once...... GLENCAR MINING PLC Announcement of Annual Results 29 May 2007 Glencar Mining plc ("Glencar" or the "Company") today announces its results for the year ended 31 December 2006. Highlights from the Chairman's statement: * 2006 was another year of exciting exploration results for Glencar * Results to date from our Komana West Project continue to impress * Intention to drill the Komana East deposit using the extensive knowledge gained from the Komana West Project * Just completed promising exploration drilling programmes at Badogo-Malikila, adjacent to the Komona concession - results are awaited. * Exploration on the Sankarani Project also continued at a fast pace. * In April 2007 a private placing of 22,600,000 new shares to institutional investors was completed * Audited results for the financial year ending December 2006 show a loss of $1,450,961 The Komana West Project The year 2006 represents a very important one in your Company's growth and the exciting exploration results obtained last year have continued through 2007 to date. Our primary exploration focus is on our Komana West deposit in southern Mali where we are currently completing our fourth phase of drilling. The Komana West deposit is displaying evidence of very persistent, ore-grade mineralisation over extensive widths and all the indications to date suggest that this deposit will prove to be a commercially viable orebody. Mali is a country well endowed with profitable gold deposits, but it also possesses the essential fiscal and legal framework to enable these deposits to be successfully worked with attendant benefits to the State as well as the other stakeholders involved in the Nation's resources. Gold is Mali's primary export earner and the Government of Mali strongly supports the orderly and efficient extraction of the natural resources in an environmentally responsible way. It is a country rich in culture and tradition, with a young but now well established democratic political system. The results to date from our Komana West project continue to impress. Recent intersections such as 49 metres at 6.0 grams per tonne and 86 metres at 2.73 grams per tonne indicate the presence of considerable widths of ore grade mineralisation. The strike length of this mineralised zone is already established at 1,100 metres and may extend for at least another 500 metres further south. The drilling to date also suggests that the mineralisation is open at depth. The Komana Shear Zone, within which the Komana West deposit lies, extends throughout the entire 20 kilometre length of the Komana Licence area. Our field mapping and sampling programmes have discovered a number of exciting exploration targets to the south of the Komana West deposit, such as at Kama, 9 kilometres to the south. The Komana East deposit, some 7 kilometres to the east of the Komana West deposit, was explored by Randgold Resources and North Limited in the 1990's and they estimated a non-JORC compliant resource of 280,000 ounces of gold within a brecciated metasediment in a northeast-southwest trending shear zone. We intend to drill the Komana East deposit, using the extensive knowledge we have gained from our work at Komana West to guide our evaluation of the deposit. We have also recently completed an exploration drilling programme on a promising target at Badogo-Malikila on the Solona concession, adjacent to the Komana concession. Approximately 1,250 metres of reverse circulation drilling has been completed and assay results are awaited. We are very pleased with the progress of our exploration programmes to date. We are currently in the course of estimating a JORC - compliant resource for the Komana West deposit, which we hope to be able to announce before September. Drilling, which will shortly be halted during the rainy season in Mali, will recommence there in early October. Intensive drilling will be carried out both to improve resource classification and to test the depth and strike extension of the resource. Sankarani Project Exploration on the Sankarani Project also continued at a fast pace. We completed over 8,000 metres of drilling on eight targets within the three concessions which comprise our joint venture with a subsidiary of Gold Fields Limited. Significant mineralisation was encountered on three of those targets, at Sanankoro, on the Bokoro licence; at Sanioumale West, on the Sanioumale licence and at Kabaya South, on the Farasaba licence. It is likely that drilling will also be continuing next season on the Sankarani Project, where targets at Kabaya South and Sanioumale will be drilled in follow-up programmes, together with additional exploration targets arising from our ongoing exploration work. Confirmation of the proposed work programme at the Sankarani Project is awaited following a review of exploration results to date by the joint venture partners. Asheba, Ghana Our Asheba Project in Ghana has seen a much lower level of activity recently due to the increasing call on resources by the intensive activity on the exploration projects in Mali. Other Projects We are continuing to review the exploration results from our Makina Project in southeast Uganda. A new airborne geophysical survey has been flown by the Ugandan government and results are due for release in mid 2007. We are keen to review these survey results to see if they can guide our next phase of exploration in this prospective, but underexplored part of Africa. Despite encountering encouraging technical signatures in our zinc/lead exploration programme in Co. Laois in Ireland, we decided to relinquish our two licences there. A considerable amount of expensive deep drilling would be required to advance the project and it was felt that these funds could be spent to better effect in Mali. Consequently, we have written off our investment in this project. Private Placing of Shares In April 2007, we completed a private placing of 22,600,000 new shares to institutional investors. This funding, carried out at the market price at the time, provides the Company with sufficient funding to complete all anticipated drilling required to calculate a resource for the Komana Project as well as conducting drilling for strike and depth extensions to known mineralisation. In addition, the funding will allow drill testing of other significant exploration targets such as the Komana East deposit. Other targets, south of the Komana West deposit and on the adjacent Solona licence will also be drilled. The next drill season in Mali is expected to be just as active and as exciting as the last. Financial Results The audited results for the financial year ending December 2006 show a loss for the period of $1,450,961. This loss includes, for the first time, under new accounting rules, an imputed cost to the Company of the issue of share options to Directors and staff. Our accounts are denominated in US Dollar currency and, due to the decline of the dollar over the last year, certain costs whose underlying currency is the Euro, appear as increased costs in US Dollar terms. Outlook Following completion of the recent placing and the continuing impressive results from the Komana West Project, in particular, Glencar is in a very strong position to grow rapidly in terms of market capitalisation and gold ounces per share. We now have the funding to embark on substantial drilling programmes in Mali and also in Ghana. Clearly, however, most of our exploration funding will be devoted to the Komana West deposit and it is my belief that this deposit will emerge as an addition to the growing list of profitable gold mines in this prolific region of West Africa. I would like to take this opportunity to thank our staff in Mali, on both the Yanfolila and Sankarani Projects, for their diligence and hard work, often in trying conditions. They have contributed significantly to the success of our programmes to date. I would also like to thank and congratulate the executive directors on their excellent achievements during the past year. Our Annual Report and Accounts and Notice of AGM will be posted to shareholders shortly. Sean Finlay Chairman GROUP INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 (AUDITED) 2006 2005 US$ US$ ADMINISTRATIVE EXPENSES (630,492) (725,654) COST OF SHARE AWARDS (643,328) - GAIN (LOSS) ON EXCHANGE 214,001 (19,422) ------------ ------------ OPERATING LOSS (1,059,819) (745,076) EXCEPTIONAL ITEM (455,198) - BANK INTEREST RECEIVABLE 90,612 37,269 INTEREST PAYABLE (24,822) (23,213) ------------ ------------ LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (1,449,227) (731,020) TAXATION (1,734) (892) ------------ ------------ LOSS FOR THE FINANCIAL YEAR (1,450,961) (731,912) ======== ======== LOSS PER SHARE (CENTS) (0.64) (0.39) ======== ======== DILUTED LOSS PER SHARE (0.62) (0.36) (CENTS) ======== ======== GROUP BALANCE SHEET AS AT 31 DECEMBER 2006 (AUDITED) 2006 2005 US$ US$ ASSETS Non current assets Property, plant and equipment 410,203 28,447 Intangible assets 5,536,924 3,183,205 ------------- ------------- 5,947,127 3,211,652 ------------- ------------- Current assets Debtors 9,465 18,841 Cash 1,635,395 1,152,402 ------------- ------------- 1,644,860 1,171,243 ------------- ------------- Total Assets 7,591,987 4,382,895 ======== ======== EQUITY Capital and reserves attributable to the Group's equity holders Share capital 8,507,021 7,420,009 Share premium 38,009,726 36,215,883 Capital conversion reserve fund 82,092 82,092 Retained losses (40,956,434) (40,148,801) ------------- ------------- 5,642,405 3,569,183 Minority Interest 1,159,531 (112,910) ------------- ------------- Total equity 6,801,936 3,456,273 ------------- ------------- LIABILITIES Non current liabilities Creditors and accrued expenses 342,818 344,513 ------------- ------------- Current liabilities Trade and other payables 447,233 582,088 Current corporation tax liabilities - 21 ------------- ------------- 447,233 582,109 ------------- ------------- Total liabilities 790,051 926,622 ------------- ------------- Total equity and liabilities 7,591,987 4,382,895 ======== ======== GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 (AUDITED) 2006 2005 US$ US$ Cash flows from operating activities Cash used in operations (560,954) (621,067) Corporation tax paid (1,755) (870) ------------- ------------- Net generated from operating activities (562,709) (621,937) ------------- ------------- Cash flows from investing activities Purchases of property, plant and (389,289) (2,020) equipment Purchases of intangible assets (1,113,300) (578,422) Interest received 90,612 37,269 ------------- ------------- Net cash used in investing activities (1,411,977)) (543,173) ------------- ------------- Cash flows from financing activities Proceeds from the issuance of ordinary 2,457,679 1,315,767 shares ------------- ------------- Net cash generated from financing 2,457,679 1,315,767 activities ------------- ------------- Net increase in cash 482,993 150,657 Cash at beginning of the year 1,152,402 1,001,745 ------------- ------------- Cash at end of the year 1,635,395 1,152,402 ------------- ------------- The financial information contained above does not constitute the group's full statutory accounts for the year ended 31 December 2006 but has been extracted from these accounts. The full statutory accounts and auditor's report thereon will be sent to shareholders shortly and filed with the Companies Office. For further information, please contact: Glencar Mining plc Hugh McCullough, Managing Director Tel: +353 1 661 9974 e-mail: info@glencarmining.i Heneghan PR Sean O'Riordain Tel: +353 87 2556727 e-mail: sean@hpr.ie Bishopsgate Communications Maxine Barnes/Nick Rome Tel: +44 20 7562 3350 e-mail: nick@bishopsgatecomm | cwake1 | |
29/5/2007 10:16 | cwake - when did you hear this news?: | ![]() bongo bwana | |
29/5/2007 10:08 | Little or no immediate price reaction to the results and chairmans comment this morning. He sounded really positive to me. | cwake1 | |
28/5/2007 08:10 | oracle/ss - would be grateful for any elaboration too :) : robbi_123@yahoo.co.u thanks | ![]() robbi123 | |
28/5/2007 07:29 | Tommy, SS has ur details. | ![]() bongo bwana | |
26/5/2007 09:13 | share shark care to elaborate...... Thanks in advance could you let me know if and when you send the email, so I can take my email details off. | ![]() tsmith2 | |
25/5/2007 10:12 | ANyone any ideas when the AGM will be? | ![]() tsmith2 | |
25/5/2007 08:59 | As a minesite artticle it's supportive but not particularly up beat as they go. Seems to make a point of saying that the mines are very small & basic on one of the projects? Seems to indicate we are already digging it out in small pits? Also that the locals are nicking half the gold anyway!!! Still in the right direction,with a good explanation of the shares new found stability. | ![]() haydock | |
25/5/2007 08:53 | You cannot expect people to trawl back through literally one post before they post themselves. | bionicdog | |
25/5/2007 08:50 | SNAP!!!! LOL. Havent we seen that B4? | ![]() bongo bwana | |
25/5/2007 07:21 | My sentiments exactly Spacer! Having observed Hugh Mc for a considerable period of time the language he is using to describe the Komana drilling results is quiet excited in comparrison to any language he has ever used in the past 20 years. Are you attending the AGM? | ![]() bongo bwana | |
24/5/2007 19:25 | Took the oppo to grab a few more @11.75p - reported as a SELL. Eagerly awaiting the Goldfields update and further definition results - having looked again at the most recent HMcC RNS I am very optimistic about his uncharacteristically upbeat language. Who knows, we could be mid 20s by year end. | ![]() spaceparallax |
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