We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tarquin | LSE:TQN | London | Ordinary Share | GB00B0Y52T38 | ORD 15P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 13.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:6664E
Tarquin Resources PLC
27 September 2007
TARQUIN RESOURCES PLC
("Tarquin" or the "Company")
INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2007
CHAIRMAN'S STATEMENT
For the six months period ended 30 June 2007
I am pleased to report that during the period under review, the Company has
continued to make good progress with respect to its copper exploration and
development programme in Chile.
SRK Consultants of Santiago, Chile was retained to provide an independent
resource estimate of the Las Pascualas project and the following information is
an extract therefrom, compiled by Mr. Roger Shakesby:
"The mineralization comprises an enrichment blanket of secondary sulphides
overlain by oxides.
At 0.2% Copper cutoff grade the resource (including Inferred Resources) is
estimated to be:
Secondary sulphides 20.974 million tonnes @ 0.68% Copper
Green oxides 8.090 million tonnes @ 0.37% Copper
Black oxides 0.863 million tonnes @ 0.38% Copper
TOTAL 29.927 million tonnes @ 0.58% Copper
The classification of the resource, which conforms to the JORC code, is as
follows:
Secondary Sulphides Green Oxides Black Oxides
Tonnage Copper Grade Tonnage Copper Grade Tonnage Copper Grade
Resource (Kilotonnes) (Percent) (Kilotonnes) (Percent) (Kilotonnes) (Percent)
Classification
Measured 5745.6 0.79 7183.0 0.36 132.9 0.32
Indicated 9713.6 0.68 906.8 0.41 303.1 0.37
Total measured and 15459.2 0.72 8089.8 0.37 436.0 0.35
Indicated
Inferred 5514.8 0.56 - - 427.4 0.40
The Company completed a pre-feasibility study to make a preliminary assessment
of the economics of a possible operation to produce 15,000 tonnes of copper
cathode per annum. This study comprised all key disciplines - mining,
processing, infrastructure and services, environment and financial evaluation -
with the majority of the work undertaken by external Chilean consultants. The
results of the study were positive and recommended that the Company progress to
the bankable feasibility study stage.
Subsequent to 30 June 2007, the Company has recently commenced working on the
bankable feasibility study. In particular, a programme of 50 x 50 metre
in-fill, condemnation, geotechnical and reserve validation RC and diamond
drilling has commenced. The planned RC drilling programme covers some 10,000
metres of infill drillholes and 2,000 metres of condemnation drillholes. The
diamond drillhole programme of 3,500 metres is planned to confirm geotechnical
information for the final pit design. In addition, a number of holes will be
drilled to verify the data obtained from the RC drillholes and some larger
diameter diamond drillholes are planned in order to obtain metallurgical
samples.
Exploration has continued on tenements held around the Las Pascualas project
option area. At Las Nipas, which is located five kilometres to the east of Las
Pascualas, a programme to locate additional leachable ore is progressing.
Surface geological mapping together with rock chip geochemistry has revealed
porphyry style mineralisation with anomalous copper, molybdenum and gold over an
area of 80 hectares. A strong NW - SE trending structure which crosses the zone
appears to separate dominant copper and molybdenum values to the north-east from
gold to the south-west. Further work is planned with drilling scheduled to be
completed following final infill drilling at Las Pascualas.
Other areas to the south of Las Pascualas, where strong zones of alteration are
present, are under investigation.
Chris Kyriakou
Chairman
27 September 2007
INDEPENDENT REVIEW REPORT TO TARQUIN RESOURCES PLC
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 June 2007, set out on pages 5 to 15. We have read the
other information contained in the interim report and considered whether it
contains any apparent misstatements or material inconsistencies with the
financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved, by the directors. The AIM Rules
require that the accounting policies and presentation applied to the interim
figures should be consistent with those applied in preparing the preceding
annual accounts except where any changes, and the reasons for them, are
disclosed.
The report is made solely to the Company in accordance with guidance contained
in Bulletin 1999/4 ''Review of interim financial information'' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company, for our work,
for this report, or for the conclusions we have formed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with International Standards on Auditing (UK and
Ireland) and therefore provides a lower level of assurance than an audit.
Accordingly, we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2007 except for any adjustments that may be required in the event
that the Company is not a going concern as referred to in note 1 to the interim
results.
Sawin & Edwards
Chartered Accountants
15 Southampton Place
WC1A 2AJ
27 September 2007
UNAUDITED CONSOLIDATED INCOME STATEMENT
For the six months period ended 30 June 2007
Note Six months period Six months period Year ended 31
ended 30 June 2007 ended 30 June 2006 December 2006
(Unaudited) (Unaudited) (Audited)
# # #
Revenue 104,500 14,053 14,053
Unrealised gains / (losses) on 46,455 - (15,538)
current asset investments
Cost of sales (74,492) (17,676) (17,676)
Gross profit / (loss) 76,463 (3,623) (19,161)
Administrative expenses (235,164) (350,324) (854,638)
Exceptional expenses 2 - (188,332) (110,162)
Other operating income 9,862 18,784 58,176
Loss from operations Operating (148,839) (523,495) (925,785)
(Loss)/Profit
Investment income 8,532 10,730 21,262
Finance costs (76,217) - -
Loss before taxation (216,524) (512,765) (904,523)
Income tax expense 6 - - -
Loss for the period (216,524) (512,765) (904,523)
Attributable to:
Equity holders of the parent (216,358) (428,467) (799,379)
Minority interest (166) (84,298) (104,144)
(216,524) (512,765) (903,523)
Loss per share (pence) 3 1.41 4.08 6.63
Fully diluted loss per share 3 1.35 3.01 5.11
(pence)
The Group has no recognised gains or losses other than the results for the
period as set out above.
UNAUDITED CONSOLIDATED BALANCE SHEET
30 June 2007
Note As at As at As at 31 December
2006 (Audited)
30 June 2007 30 June 2006
(Unaudited) #
(Unaudited)
#
#
ASSETS
Non Current Assets
Intangible assets 4 3,577,256 1,085,075 3,186,395
Property, plant and equipment 39,611 23,765 41,329
Total non current assets 3,616,867 1,108,840 3,227,724
Current Assets
Trade and other receivables 298,666 94,778 162,323
Investments 65,856 108,375 92,837
Cash and cash equivalents 107,998 568,782 547,412
Total current assets 472,520 771,935 802,572
Total Assets 4,089,387 1,880,775 4,030,296
EQUITY AND LIABILITIES
Current Liabilities 158,838 103,313 194,046
Trade and other payables
Non current liabilities
Trade and other payables 1,170,131 322,718 1,010,112
Loans 125,000 - -
Total non current liabilities 1,295,131 322,718 1,010,112
Total Liabilities 1,453,969 426,031 1,204,158
Equity and Reserves
Called up share capital 5 2,298,386 1,576,164 2,298,386
Share premium 4,858,129 4,280,351 4,858,129
Share based payments reserve 68,954 - 68,954
Translation reserve 12,972 - -
Retained loss (5,321,454) (4,734,184) (5,105,096)
Equity attributable to equity 1,916,987 1,122,331 2,120,373
holders of the parent
Minority interest 718,431 332,413 705,765
Total Equity 2,635,418 1,454,744 2,826,138
Total equity and liabilities 4,089,387 1,880,775 4,030,296
These interim results were approved by the Board on 27 September 2007 and signed
on their behalf by:
C Kyriakou, Chairman
UNAUDITED STATEMENT OF CHANGES IN EQUITY
for the six months period 30 June 2007
Share Share Share Based Trans-lation
Payments Reserve
Capital Premium Profit and Total
Reserve #
# # Loss #
#
#
Balance at 1 January 2007 2,298,386 4,858,129 68,954 (5,105,096) - 2,120,373
Exchange gain on translation - - - - 12,972 12,972
Loss for the period - - - (216,358) - (216,358)
Balance at 30 June 2007 2,298,386 4,858,129 68,954 (5,321,454) 12,972 1,916,987
Share Share Share Based Trans-lation
Payments Reserve
Capital Premium Profit and Total
Reserve #
# # Loss #
#
#
Balance at 1 January 2006 1,576,164 4,280,351 - (4,305,717) - 1,550,798
Share issue 722,222 577,778 - - - 1,300,000
Loss for the period - - - (799,379) - (799,379)
Share based payment - - 68,954 - - 68,954
Balance at 31 December 2006 2,298,386 4,858,129 68,954 (5,105,096) - 2,120,373
Share Share Share Based Trans-lation
Payments Reserve
Capital Premium Profit and Total
Reserve #
# # Loss #
#
#
Balance at 1 January 2006 1,576,164 4,280,351 - (4,305,717) - 1,550,798
Loss for the period - - - (428,467) - (428,467)
Balance at 30 June 2006 1,576,164 4,280,351 - (4,734,184) - 1,122,331
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the six months period 30 June 2007
Six months period Six months period Year ended
ended ended
31 December 2006
30 June 2007 30 June 2006 (Audited)
(Unaudited) (Unaudited) #
# #
Cash flows from operating activities
Operating loss (148,839) (523,495) (925,785)
Increase in trade & other receivables (136,343) (73,609) (141,154)
Increase in trade & other payables 48,595 179,809 957,936
Depreciation 4,531 - 4,066
Impairment write down - - 110,162
Translation reserve movement 25,436 - -
Decrease in investments 26,981 17,676 33,214
Share based payment - - 68,954
Net cash flows from operating activities (179,639) (399,619) 107,393
CASH FLOW STATEMENT
Net cash outflow from operating activities (179,639) (399,619) 107,393
Investing
Investing Activities
Investment income 8,532 10,730 21,262
Purchase of property, plant & equipment (2,813) (23,765) (45,395)
Purchase of intangibles (390,494) (349,126) (2,166,410)
Net cash flow from investing activities (384,775) (362,161) (2,190,543)
Financing activities
Issue of equity share capital - - 1,300,000
Loans 125,000 - -
Net cash inflow from financing activities 125,000 - 1,300,000
Decrease in cash & cash equivalents (439,414) (761,780) (783,150)
Cash and cash equivalents brought forward 547,412 1,330,562) 1,330,562
Cash and cash equivalents carried forward 107,998 568,782 547,412
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
For the six months period ended 30 June 2007
1. Accounting Policies
Basis of Preparation
The transition date to International Financial Reporting Standard (IFRS) for
Tarquin Resources Plc is 1 January 2006. The Group will apply IFRS in its
consolidated financial statements for the first time for the year ended 31
December 2007. Therefore, these interim statements for the six months period
ended 30 June 2007 are prepared using accounting policies in accordance with
IFRS and IFRIC interpretations which are expected to be applicable to the
consolidated financial statements for the year ended 31 December 2007. These
standards remain subject to ongoing amendment and/or interpretation and
therefore still subject to change. Accordingly, the information contained in
these interim financial statements may need updating for subsequent amendments
to IFRSs required for the first time adoption or for new standards issued post
the balance date. These interim financial statements and the comparative
information for the periods ended 30 June 2006 and 31 December 2006 do not
constitute statutory financial statements in accordance with Section 240 of the
Companies Act 1985.
Going Concern
The financial statements have been prepared on a going concern basis, which
contemplates continuity of normal business activities and the realisation of
assets and settlement of liabilities in the ordinary course of business.
The directors believe that it is appropriate to prepare the financial report on
a going concern basis as they are confident that the Company will be able to
raise additional funds through capital raisings when required. The directors are
of the opinion that the proposed equity raising measures and the existing cash
resources will provide sufficient funds to enable the Company to continue its
operations for at least the next 12 months.
Revenue recognition
Revenue represents the sale of current investments.
Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate
that exactly discounts estimated future cash receipts through the expected life
of the financial asset to that asset's net carrying amount.
Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates
of exchange prevailing on the dates of the individual transactions. For
practical reasons, a rate that approximates to the actual rate at the date of
the transaction is often used. At each balance sheet date, monetary assets and
liabilities that are denominated in foreign currencies are retranslated at the
rates prevailing on the balance sheet date. Non-monetary assets and liabilities
that are denominated in foreign currencies are retranslated at the rates
prevailing at the balance sheet date. Gains and losses arising on retranslation
are included in net profit or loss for the period. On consolidation, the assets
and liabilities of the Group's overseas operations are translated at exchange
rates prevailing on the balance sheet date. Income and expense items are
translated at the average exchange rates for the period unless exchange rates
fluctuate significantly. Exchange differences arising, if any, are classified
as equity and transferred to the Group's translation reserve. Such translation
differences are recognised as income or as expenses in the period in which the
operation is disposed of.
Deferred taxation
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the
temporary difference arises from the original recognition of other assets and
liabilities in a transaction that affects neither the tax profit nor the
accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is
charged or credited in the income statement, except when it relates to items
charged or credited directly to equity, in which case the deferred tax is also
dealt with in equity.
No recognition has been made for the deferred tax asset arising in respect of
current losses as the directors are of the opinion that this may not be
realisable in the foreseeable future.
Financial instruments
Financial assets and financial liabilities are recognised on the balance sheet
when the Company becomes a party to the contractual provisions of the
instrument.
Non-current intangible assets
Non-current intangible assets are shown at cost less any provisions made in
respect of impairment.
Asset impairments
Non-current intangible assets are reviewed for impairments if events or changes
in circumstances indicate that the carrying amount may not be recoverable. When
a review is conducted, the recoverable amount is assessed by reference to the
net present value of expected future cash flows of the relevant income
generating unit or disposal value, if higher.
If an asset is impaired, a provision is made to reduce the carrying amount to
its estimated recoverable amount.
Property, plant and equipment
Office equipment and furniture are shown at cost less accumulated depreciation
and any recognised impairment loss. Depreciation is charged so as to write off
the cost of assets over their estimated useful lives, using the straight line
method on the following basis:
Plant and equipment - 20% & 33% straight line
Fixtures, fittings and office equipment - 20% straight line
Cash and cash equivalents
Cash and cash equivalents comprise cash held at bank and on short term deposits.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangement entered into. An equity instrument is
any contract that evidences a residual interest in the assets of the Company
after deducting all of its liabilities.
Trade payables
Trade payables are not interest bearing and are stated at their nominal value.
Trade receivables
Trade receivables do not carry any interest and are stated at their nominal
value as reduced by appropriate allowances for estimated irrecoverable amounts.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received
except where those proceeds appear to be less than the fair value of the equity
instruments issued, in which case the equity instruments are recorded at fair
value. The difference between the proceeds received and the fair value is
reflected in the share based payments reserve.
The costs of issuing new equity are charged against the share premium account.
Share based payments
The Group has applied the requirements of IFRS 2 Share-based Payments.
The Group issues equity-settled based payments to directors, staff, and certain
professional advisors of the Group. Equity-settled share-based payments are
measured at fair value at the date of grant. The fair value determined at the
grant date of the equity-settled share-based payment is expensed on a
straight-line basis over the vesting period, based on the Group's estimate of
shares that will eventually vest.
Fair value is measured using a Black-Scholes model. The expected life used in
the model has been adjusted, based on management's best estimate, for the
effects of non-transferability, exercise restrictions, and behavioural
considerations.
2. Exceptional items
Six months
period ended 30
Six months June 2006 Year ended 31
period ended 30 (Unaudited) December 2006
June 2007
(Unaudited) # (Audited)
# #
The directors considered that the El
Morado project was not commercially
viable and the costs of #110,162
incurred on this project have been
written off to the profit and loss
account.
- 110,162 110,162
At 30 June 2006 there was a foreign
exchange loss on the conversion of the
loan to Tommy SA of #78,170
- 78,170 -
- 188,332 110,162
3. Loss per share
Loss per share has been calculated by dividing the loss for the year after
taxation of #216,358 (June 2006: #428,467) attributable to the equity holders of
the parent company by the weighted average number of shares in issue at the
period end of 15,322,575 (June 2006: 10,507,760).
Diluted loss per share has been calculated using the weighted average number of
shares in issue at the period end, diluted for the effect of share options in
existence at the period end of 660,000 (June 2006: 3,744,441).
4. Intangible fixed assets
Year ended 31
December 2006
Unaudited Unaudited (Audited)
30 June 30 June #
2007 2006
# #
Exploration expenditure
Cost and fair value
Balance brought forward 3,296,557 440,871 440,871
Additions 390,861 754,366 2,855,686
3,687,418 1,195,237 3,296,557
Amortisation
Balance brought forward 110,162 - -
Impairment write down - 110,162 110,162
Balance carried forward 110,162 110,226 110,162
Net book value 3,577,256 1,085,075 3,186,395
The exploration expenditure incurred by Tommy SA is shown at cost. The
investment by Tarquin Resources Plc, under the terms of the acquisition
agreement is shown at fair value.
5. Share capital
Unaudited Unaudited Year ended 31
December 2006
30 June 30 June
(Audited)
2007 2006
Authorised share capital
Ordinary shares of 15p each
Number 66,666,667 66,666,667 66,666,667
Nominal value #10,000,000 #10,000,000 #10,000,000
Allotted, called up and fully paid
Ordinary shares of 15p each
Number 15,322,575 10,507,760 15,322,575
Nominal value #2,298,386 #1,576,164 #2,298,386
6. Taxation
No provision for corporation tax has been provided for, due to losses incurred
in the current and previous periods.
7. International Financial Reporting Standards (IFRSs)
There are no reconciling items between the Income Statement and Balance Sheet as
at 30 June 2006 and 31 December 2006 under UK GAAP to that as shown under IFRS.
8. Post balance sheet events
Subsequent to 30 June 2007, the Group has:
* Borrowed a further #560,000 of funds from Investika Ltd, under the #1.5
million loan facility, bringing the total amount borrowed to date to #760,000.
* Entered into a drilling contract to undertake the drilling programme
required for the bankable feasibility study on the Las Pascualas project at an
expected cost to the Group of US$1.9 million (#950,000). The Company's share of
this contract is expected be some #485,000.
* Entered into an option contract to secure water rights for the Las
Pascualas project. The following option payments fall due under this contract
(US$ to sterling rate at 1US$:0.4991 sterling):
Group Company
# #
On signing (September 2007) (US$200,000) 99,820 50,908
November 2007 option payment (US$500,000) 249,550 127,270
November 2008 option payment (US$700,000) 349,370 178,178
The option payments are only payable if the Group / Company elects to continue
to acquire the rights.
.
For further enquiries:
Tarquin Resources Plc
Annie Richards Tel: +44 (0) 20 7514 1482
arichards@toledomining.com
Pelham Public Relations
Charles Vivian Tel: +44 (0) 20 7743 6672
charles.vivian@pelhampr.com
Nabarro Wells & Co. Limited Tel: +44 (0) 20 7710 7400
Hugh Oram
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKOKQABKDNCB
1 Year Tarquin Resources Chart |
1 Month Tarquin Resources Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
