RNS Number:9989R
Central African Gold PLC
30 September 2005
Central African Gold Plc: Ticker: CAN / Index: AIM / Sector: Exploration
CENTRAL AFRICAN GOLD PLC
INTERIM RESULTS
Central African Gold Plc ('CAG' or 'the Company'), the AIM listed mining and
exploration company, announces its results for the six months ended 30th June
2005.
CHAIRMAN'S STATEMENT
It gives me great pleasure to report our interim results for the period ending
30th June 2005, where we have made good progress on two fronts.
Firstly, we have been active in evaluating a range of opportunities across a
number of African countries with the intention of identifying suitable gold
projects to acquire, in order to increase the size of our portfolio. Although
the process has taken a little longer than we would have hoped, we are
optimistic that we will be able to acquire a substantial project that will
significantly enhance the value of the Company in the near future.
Secondly, we have also made progress through our 53% controlling interest in
Golden Tau Mining Ltd ('Golden Tau') which has been carrying out an exploration
programme over its 872 square kilometres Kraaipan Project in southern Botswana.
The project covers most of the area underlain by the Kraaipan Greenstone
Terrane, an Archaean greenstone belt that is an extension of the greenstone belt
in South Africa which hosts gold mines and reportedly has up to 4 million ounces
of gold contained in it or produced from it.
In 2004 the Company flew a trial helicopter EM survey (known as a VTEM survey)
over a portion of the licence. On completion of this survey, Golden Tau Mining
combined the interpretation by consultants of the data from this survey with an
interpretation of re-processed aeromagnetic surveys that covered the tenement
area. The interpretation identified over 50 specific target areas which have now
been located and tested on the ground using a ground TEM geophysical survey.
This work effectively enabled the detailed geological mapping of the belt for
the first time. An additional number of over 50 geological targets, some
co-incident with the geophysical targets, were defined.
An initial programme of seven reverse circulation drilling (1025 metres) was
undertaken to test three strong geophysical and geological target zones. In all
holes, 16 to 30 metres of sand and younger cover rocks were intersected.
Relevant portions of all holes were assayed and petrographic descriptions were
prepared for each hole. All holes intersected a greenstone succession comprising
mafic volcanics, invariably interspersed with banded iron formation and sediment
rock units and occasional ultramafic rock units (talcose). The sediments
included graphitic black shales. Gossans and disseminated sulphides were
intersected, which in drill hole KRC05-005 were hosted by a sheared siliceous
altered rock with elevated nickel values (up to 1494 ppm nickel) interpreted to
be an ultramafic rock. The highest gold value is 0.83 g/t gold and the
disseminated sulphides would explain the VTEM anomaly. The strongest VTEM
anomalies have yet to be drill tested.
Although no economic mineralization was encountered in the drilling, greater
understanding of the geology and mineral potential of the Kraaipan Greenstone
Terrane has been obtained. This work has identified new areas within the
Company's licences that are prospective for gold mineralization.
For the six month period ending 30th June 2005 we are reporting a pre and post
tax loss of #111,084 and a current cash position of #1,062,555. As I mentioned,
we are investing both time and finance in identifying and acquiring suitable
projects, although we are conscious that we must manage our costs prudently and
ensure we are adequately financed to achieve our corporate objectives.
Finally, I'd like to thank our staff for their efforts and our shareholders for
their continued support and look forward to a bright future for CAG.
Phil Edmonds
Chairman
CENTRAL AFRICAN GOLD PLC
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30th June 2005
SIX MONTHS 26 NOVEMBER 26 NOVEMBER
ENDED 30 2003 TO 2003 TO 31
JUNE 30 JUNE DECEMBER
2005 2004 2004
# # #
TURNOVER - - -
Net operating expenses (122,670) (39,838) (123,257)
-------- -------- ---------
OPERATING LOSS (122,670) (39,838) (123,257)
Interest receivable 11,586 1,684 7,149
-------- -------- ---------
Loss on ordinary activities (111,084) (38,154) (116,108)
before taxation
Taxation - - -
-------- -------- ---------
LOSS ON ORDINARY ACTIVITIES (111,084) (38,154) (116,108)
AFTER TAXATION
Minority interests 15,344 - 632
-------- -------- ---------
Loss for the financial (95,740) (38,154) (115,476)
period ======== ======== =========
LOSS PER SHARE
Basic and diluted (0.058p) (0.04p) (0.094p)
======== ======== =========
UNAUDITED CONSOLIDATED BALANCE SHEET
As at 30th June 2005
30 JUNE 30 JUNE 31 DECEMBER
2005 2004 2004
# # #
FIXED ASSETS - Intangible 262,041 - 179,823
assets
--------- --------- ---------
CURRENT ASSETS
Debtors 89,896 321,240 67,254
Cash at bank and in hand 1,306,415 796,626 1,436,502
--------- --------- ---------
1,396,311 1,117,866 1,503,756
CREDITORS: Amounts following (128,089) (22,560) (52,845)
due within one year
--------- --------- ---------
NET CURRENT ASSETS 1,268,222 1,095,306 1,450,911
--------- --------- ---------
NET ASSETS 1,530,263 1,095,306 1,630,734
========= ========= =========
CAPITAL AND RESERVES
Called up share capital 165,743 158,500 165,743
Share premium account 1,459,793 974,960 1,459,793
Profit and loss account (200,862) (38,154) (110,661)
--------- --------- ---------
EQUITY SHAREHOLDERS' FUNDS 1,424,674 1,095,306 1,514,875
Minority interests 105,589 - 115,859
--------- --------- ---------
1,530,263 1,095,306 1,630,734
========= ========= =========
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2005
SIX MONTHS 26 NOVEMBER 26 NOVEMBER
ENDED 2003 TO 2003 TO
30 JUNE 2005 30 JUNE 2004 31 DECEMBER 2004
# # #
Cash outflow from operating (59,455) (93,658) (133,256)
activities
Returns on investments and 11,586 1,684 7,149
servicing of finance
Capital expenditure and (82,218) - (55,046)
financial investment
Acquisitions and disposals - (244,860) (7,881)
-------- --------- ----------
CASH OUTFLOW BEFORE (130,087) (336,834) (189,034)
FINANCING
Management of liquid - - (168,007)
resources
Financing - 1,133,460 1,625,536
-------- --------- ----------
(DECREASE)/INCREASE IN CASH (130,087) 796,626 1,268,495
IN THE PERIOD
======== ========== ==========
Reconciliation of Net Cash
Flow to Movement in Net
Funds
(Decrease)/Increase in cash (130,087) 796,626 1,268,495
in the period
Cash outflow from increase in - - 168,007
liquid resources
Net funds at beginning of 1,436,502 - -
period
-------- --------- ----------
Net funds at end of period 1,306,415 796,626 1,436,502
======== ========== ==========
1. The financial information contained in this unaudited interim report does not
constitute statutory accounts as defined in section 240 of the Company Act
1985.
2. Basic and diluted loss per share is calculated by reference to the loss for
the financial period and the weighted average number of shares in issue
during the period of 165,742,856 (26 November 2003 to 30 June 2004 -
86,958,716: 26 November 2003 to 31 December 2004 - 122,387,988).
* * E N D S * *
Contacts:
Phil Edmonds Central African Gold Plc Tel: 0845 108 6060
Hugo de Salis St. Brides Media & Finance Tel: 0207 242 4477
Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
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