Ormonde Mining PLC - 9 Months Results
May 24 1999 - 6:00AM
UK Regulatory
RNS No 6915w
ORMONDE MINING PLC
24 May 1999
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE 9 MONTHS ENDED 31 MARCH 1999
9 Mths Ended Year Ended 9 Mths Ended
31 March 1999 30 June 1998 31 March 1998
IR# IR# IR#
Unaudited Audited Unaudited
Administrative expenses - (33,427) -
Write-down of exploration costs - (147,885) -
Exceptional item - - -
OPERATING LOSS - (181,312) -
Other income 2,411 8,942 6,325
--------------------------------------------
GAIN/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION 2,411 (172,370) 6,325
Taxation - - -
GAIN/(LOSS) ON ORDINARY
ACTIVITIES AFTER TAXATION 2,411 (172,370) 6,325
--------------------------------------------
Profit & loss account
brought forward - (deficit) (4,523,317) (4,350,947) (4,350,947)
--------------------------------------------
Profit & loss account
carried forward - (deficit) (4,520,906) (4,523,317) (4,344,622)
--------------------------------------------
Gain/(Loss) per share 0.006p (0.53p) 0.0208p
The Group has no recognised gains or losses other than those reflected in the
profit and loss accounts above.
CONSOLIDATED BALANCE SHEET
AS AT 9 MONTHS ENDED 31 MARCH 1999
9 Mths Ended Year Ended 9 Mths Ended
31 March 1999 30 June 1998 31 March 1998
IR# IR# IR#
Unaudited Audited Unaudited
FIXED ASSETS
Tangible Assets 26,966 26,966 26,260
Intangible Assets 1,873,058 1,352,012 1,424,431
--------------------------------------------
1,900,024 1,378,978 1,450,691
--------------------------------------------
CURRENT ASSETS
Debtors 21,526 31,978 33,437
Cash at bank and on hand 217,578 175,684 297,775
--------------------------------------------
239,104 207,662 331,212
CREDITORS: (Amounts falling
Due within one year) (56,214) (51,413) (34,600)
--------------------------------------------
NET CURRENT ASSETS 182,890 156,249 296,612
--------------------------------------------
NET ASSETS 2,082,914 1,535,227 1,747,303
--------------------------------------------
CAPITAL AND RESERVES
Called-up share capital 2,195,990 1,816,391 1,816,391
Share Premium Account 4,402,123 4,236,446 4,269,827
Capital reserve 5,707 5,707 5,707
Profit & loss account (4,520,906) (4,523,317) (4,344,622)
--------------------------------------------
2,082,914 1,535,227 1,747,303
--------------------------------------------
SUPPLEMENTARY INFORMATION
1. Break down of expenditures for the nine month period ended 31 March,
1999
9 Mths ended Year ended
31 March 1999 30 June 1998
IR# IR#
Description Unaudited Audited
Field Exploration 302,830 180,367
Field Supplies 25,222 8,783
Field geology 8,251 2,890
Option and government fees 106,177 79,949
Travel, accommodation and subsistence 20,180 50,827
Legal fees 8,661 19,921
Telephone, fax and postage 11,698 18,284
General 38,027 85,481
-------------------------
521,046 446,502
=========================
Directors' fees and other emoluments 53,100 81,619
-------------------------
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) On 23 November, 1998 3.6 million ordinary IR#5p shares were issued @
IR7p (C15.8c) raising IR#252,000 (C$570,000) before expenses.
(c) On 3 March, 1999 3.99 million ordinary IR5p shares were issued at
IR#0.075p (C15.8c) raising IR#299,400 (C$628,740) before expenses.
The shares were by way of a private placement and were all placed in
Europe. Combined commission on both placings was IR#4,000.
3(a) Authorised share capital: 100,000,000 ordinary 5p shares
Issued share capital: 43,917,841 ordinary 5p shares at the end
Of period
(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
COMPANY NUMBER 96863
CANADIAN CUSIP NUMBER G67752108
VSE SYMBOL OMP
ISE ORMONDE
ADDRESS 2 St Canice's Court
Dean Street
Kilkenny City
Kilkenny
Ireland
MANAGEMENT DISCUSSION
The Company's main area of operations is exploration for gold in Tanzania.
During the quarter under review the company reported gold intersections from
RAB drilling on the Bukoli and Mgusu projects. The best results at Bukoli
were 8.8g/t over 8m and 2.04g/t over 21m. These results were from very
limited drilling over a 3.3km long gold-in-soil anomaly. At Mgusu RAB
drilling gave best results of 1.08g/t over 5m.
During the quarter IR#299,400 (C$628,470) was raised by the issuance of 3.9
9million ordinary IR5p shares at IR7.5p (C$15.8c) through a private placing.
These funds were raised to facilitate RAB drilling at Bukoli, further drilling
and soil geochemistry at Mgusu and the acquisition of further gold exploration
ground in Tanzania.
At the time of writing these programmes have been completed. Full results will
be available in early June and will be promptly announced.
Option deals have been secured on six new licences in Tanzania since the last
report. These do not involve significant expenditure commitments.
Progress in Tanzania over the period of this report has been excellent. In a
particularly bad market the company continued to be able to raise funds,
advanced exploration significantly and is now in a very strong position in
Tanzania on a project base, and with a key ground holding position.
Over the coming months the company will continue to advance its projects in
Tanzania.
The company continues to up-grade its investor relations programme through
e-mail and direct contact with shareholders and potential investors.
24 May, 1999
END
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