Ormonde Mining PLC - Interim Results
March 01 2000 - 7:39AM
UK Regulatory
RNS Number:4927G
Ormonde Mining PLC
1 March 2000
INTERIM REPORT FOR ORMONDE MINING PLC FOR
THE SIX MONTHS ENDED 31 DECEMBER 1999
During the six month period covered by this report Ormonde continued to
experience difficulties in equity raising and keeping exploration in Tanzania
at a satisfactory level. The Company has dropped its option to earn a 50%
interest in the Mgusu property in the Geita region of the Lake Victoria
Goldfield. Almost all targets in the area had been tested without success.
The company has joint ventured out its Siga Hills, Karumwa and Magamba
licences to Axmin Ltd. The Company is actively seeking partners to progress
exploration on its other licences in the Lake Victoria Goldfield. The
objective is to reduce the expenditure by the Company on its licences in
Tanzania, while retaining a significant interest in the licences.
Over the next quarter it is expected that there will be results from the joint
venture with Mincorp NL of Australia on the Mrangi property as well as results
from the Axmin joint ventures.
The company continues to seek financing and is also seeking new opportunities
to progress the assets of the Company.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE 6 MONTHS ENDED 31 DECEMBER 1999
6 Mths Ended Year Ended 6 Mths Ended
31 Dec 1999 30 June 1999 31 Dec 1998
IR# IR# IR#
Unaudited Audited Unaudited
Administrative expenses - (27,036) -
------------------------------------------
Write-down of exploration costs - (26,477) -
------------------------------------------
OPERATING LOSS - (53,513) -
Other income - 2,410 2,155
------------------------------------------
(LOSS)/GAIN ON ORDINARY ACTIVITIES
BEFORE TAXATION - (51,103) 2,155
Taxation - - -
------------------------------------------
(LOSS)/GAIN ON ORDINARY ACTIVITIES
AFTER TAXATION - (51,103) 2,155
------------------------------------------
Profit & loss account brought
forward - (deficit) (4,574,420) (4,523,317) (4,523,317)
------------------------------------------
Profit & loss account carried
forward - (deficit) (4,574,420) (4,574,420) (4,521,162)
------------------------------------------
(Loss)/Gain per share - (0.0013p) 0.006p
The Group has no recognised gains or losses other than those reflected in the
profit and loss account above.
CONSOLIDATED BALANCE SHEET
AS AT 31 December 1999
6 Mths Ended Year Ended 6 Mths Ended
31 Dec 1999 30 June 1999 31 Dec 1998
IR# IR# IR#
Unaudited Audited Unaudited
FIXED ASSETS
Tangible assets 20,458 20,458 26,966
Intangible assets 2,204,325 2,038,596 1,682,416
------------------------------------------
2,224,783 2,059,054 1,709,382
------------------------------------------
CURRENT ASSETS
Debtors 5,286 10,804 45,749
Cash at bank and in hand - 69,385 107,241
------------------------------------------
5,286 80,189 152,990
------------------------------------------
CREDITORS : (Amounts falling due
within one year) (175,054) (113,393) (76,120)
Bank overdraft (29,165) - -
------------------------------------------
NET CURRENT ASSETS/LIABILITIES (198,933) (33,204) 76,870
------------------------------------------
NET ASSETS 2,025,850 2,025,850 1,786,252
------------------------------------------
CAPITAL AND RESERVES
Called-up share capital 2,195,890 2,195,890 1,996,390
Share premium account 4,398,673 4,398,673 4,305,317
Capital reserve 5,707 5,707 5,707
Profit and loss account (4,574,420) (4,574,420) (4,521,162)
------------------------------------------
2,025,850 2,025,850 1,786,252
------------------------------------------
SUPPLEMENTARY INFORMATION
(1) Break down of expenditures for the 6 months to 31 December 1999
6 months ended Year ended
31 Dec 1999 30 June 1999
IR# IR#
Unaudited Audited
DESCRIPTION
Field Exploration 52,010 345,562
Field Supplies 0 50,491
Field Geology 325 28,297
Option and Government Fees 39,981 144,444
Travel and Accommodation 5,879 34,744
Legal Fees (3,200) 16,015
Telephone, fax and postage 3,321 16,601
General 67,413 76,877
--------------------------
165,729 713,061
==========================
Directors' fees and other emoluments 41,250 77,235
There were no other payments made to parties not at arm's length from the
issuer
(2) (a) No options have been granted in the period under review
(b) No additional shares issued.
(3) (a) Authorised share capital: 100,000,000 ordinary 5p shares
Issued share capital: 43,917,841 ordinary 5p shares
are on issue
(b) No options, warrants or convertible securities are outstanding.
(c) Total number of shares in escrow: 8,435,691
(d) Directors: Desmond J Burke
Michael J Donoghue
Hugh W Mc Cormack
David O'Beirne
END
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