Ormonde Mining PLC - Interim Results
March 01 1999 - 11:46AM
UK Regulatory
RNS No 3681p
ORMONDE MINING PLC
1st March 1999
INTERIM REPORT AND ACCOUNTS TO 31 DECEMBER 1998
CHAIRMAN'S STATEMENT
The six month period to 31st December 1998 has been a very positive period in
the development of the company. Two exciting prospects, outlined below, are
greatly encouraging us for the future.
(a) Bukoli Drilling
Reconnaissance drilling over a 3.3km by 1km gold-in-soil anomaly at the Bukoli
prospect in Tanzania encountered good grades and widths of shallow gold
mineralisation. Lines were drilled 1.3km apart over lengths of 160m and 250m.
Best grades were 8.75g/t over 8m, 2.04g/t over 21m and 3.6g/t over 3m.
(b) Mgusu Project
The company is earning a 50% interest in this property from Pangea Goldfields
of Toronto. The property contains an inferred resource of 271,000ozs of gold
and lies in the Geita area of the Lake Victoria Goldfield of Tanzania, where a
total of +7Mozs of gold resources have been outlined by Ashanti and Anglo
American. Initial reconnaissance drilling by Ormonde at Mgusu gave
encouraging results of 1.08g/t over 5m. In addition surface work on the
western part of the property has confirmed the Chigunga shear as a prime
target for the company's next round of RAB drilling. A 5.2km gold-in-soil
anomaly occurs over this major shear, which is inferred to be a continuation
on strike from Anglo American's nearby one million ounce Ridge 8 gold deposit.
Both of the projects outlined above will be subject to drill programmes
commencing early in March 1999.
In addition to the above, the company has a further 12 drill targets outlined
on its Ikoka, Ikina, Karumwa and Chunya properties. Some of these target
areas will also be included in the 1999 drill programme.
On the financing front the company raised IR#252,000 (C$570,000) through a
private placement of 3.6M shares at IR7p (C$15.8c) in November 1998.
1999 will be a very active year for the company, and it is hoped that these
activities will result in the delineation of significant resources by Ormonde.
On behalf of the Board of Directors
Michael J Donoghue
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE 6 MONTHS ENDED 31 DECEMBER 1998
6 Mths Ended Year Ended 6 Mths Ended
31 Dec 1998 30 June 1998 31 Dec 1997
IR# IR# IR#
Unaudited Audited Unaudited
Administrative expenses - (33,427) -
Write-down of exploration costs - (147,885) -
OPERATING LOSS - (181,312) -
Other income 2,155 8,942 1,814
------------------------------------------------
GAIN/ (LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION 2,155 (172,370) 1,814
Taxation - - -
GAIN/ (LOSS) ON ORDINARY
ACTIVITIES AFTER TAXATION 2,155 (172,370) 1,814
------------------------------------------------
Profit & loss account
brought forward-(deficit) (4,523,317) (4,350,947) (4,350,947)
------------------------------------------------
Profit & loss account
carried forward-(deficit) (4,521,162) (4,323,317) (4,349,133)
------------------------------------------------
Gain/ (Loss) per share 0.01p (0.53p) 0.01p
The Group has no recognised gains or losses other than those reflected in
the profit and loss accounts above.
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 1998
As at As at As at
31 Dec 1998 30 June 1998 31 Dec 1997
IR# IR# IR#
Unaudited Audited Unaudited
FIXED ASSETS
Tangible assets 26,966 26,966 15,260
Intangible assets 1,682,416 1,352,012 1,302,582
------------------------------------------------
1,709,382 1,378,978 1,317,842
------------------------------------------------
CURRENT ASSETS
Debtors 45,749 31,978 116,531
Cash at bank and on hand 107,241 175,684 343,013
------------------------------------------------
152,990 207,662 459,544
CREDITORS: (Amounts falling
due within one year) (79,120) (51,413) (34,594)
------------------------------------------------
NET CURRENT ASSETS 76,870 156,249 424,950
------------------------------------------------
NET ASSETS 1,786,252 1,535,227 1,742,792
------------------------------------------------
CAPITAL AND RESERVES
Called-up share capital 1,996,390 1,816,391 1,816,391
Share premium account 4,305,317 4,236,446 4,269,827
Capital reserve 5,707 5,707 5,707
Profit & loss account (4,521,162) (4,523,317) (4,349,133)
------------------------------------------------
1,786,252 1,535,227 1,742,792
------------------------------------------------
SUPPLEMENTARY INFORMATION
1. (a) On the 23rd November 1998 3.6million ordinary IR5p shares were
issued @ IR7p (C$15.8c) raising IR#252,000 (C$570,000) before expenses.
No options have been granted in the period under review
2. (a) Authorised share capital: 100,000,000 ordinary IR5p shares
Issued share capital: 39,927,841 ordinary IR5p shares at
31 December 1998
(b) No options, warrants or convertible securities are outstanding.
(c) Total number of shares in escrow: 8,435,691
(d) Interim financial statements for the 6 months ended 31 December
1998 have been prepared in accordance with the accounting policies
set out in the financial statements for the year ended 30 June
1998.
DIRECTORS: Desmond J Burke
Michael J Donoghue
Hugh W Mc Cormack
David O'Beirne
COMPANY NUMBER 96863
CANADIAN CUSIP NUMBER G67752108
VSE SYMBOL OMP
ISE ORMONDE
ADDRESS 2 St Canice's Court
Dean Street
Kilkenny City
Kilkenny
Ireland
END
IR SSAFMFUUUFDD
Ormonde Mining (AQSE:ORM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ormonde Mining (AQSE:ORM)
Historical Stock Chart
From Jul 2023 to Jul 2024
