RNS Number : 2584E
Central African Gold PLC
25 September 2008
Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining
25 September 2008
Central African Gold Plc ("CAG" or the "Company")
Interim Results
Central African Gold Plc, the AIM traded gold mining and exploration company, announces its unaudited interim results for the six months
ended 30 June 2008.
Overview
* Focus on becoming a leading mid-tier gold producer with a world class portfolio of exploration and production assets in Africa
* Bibiani gold mine ("Bibiani")
* Underground production increased to circa 33,500 tonnes per month ("tpm") grading at 2.6 g/t Au in July 2008 and to circa 40,000
tpm grading at 2.6 g/t Au in August 2008
* Underground drilling and sampling programme returning positive orebody grades and widths as good as and, in most cases, better
than expected
* Introducing monthly Key Performance Indicators ("KPIs") which include production, tonnage figures and grade analysis to ensure
maximum visibility going forward
* Operational initiatives to optimise performance and economies of scale introduced
* Portfolio of assets in Ghana, Mali, Zimbabwe and Botswana - total attributable gold resource stands at 5.6 million oz Au, with a
total attributable reserve base at 2.1 million oz Au
* Continued exploration work at permits in western and southern Mali with promising results - 150 sq km Medinandi and Bokolobi
permits currently have a mineral resource of circa 500,000 oz of Au grading 4.55g/t Au
* Strengthened Board and management team to support CAG in the development of its gold production and exploration assets
CEO's Statement
As our shareholders will know, CAG's focus is to become a leading mid-tier gold producer with a world class portfolio of exploration and
production assets, an objective which the Board believes is within sight. We have, what I believe to be, a solid portfolio of assets in
Ghana, Mali, Zimbabwe and Botswana. Our total attributable gold resource now stands at 5.6 million oz Au, and our total attributable reserve
base at 2.1 million oz Au.
CAG has experienced a challenging period, mainly with regard to our Bibiani gold mine in Ghana, as was reported in the Chairman's Annual
General Meeting ("AGM") statement, although recently we have seen an upturn in production.
To ensure that the market is regularly updated on developments in the Company, particularly at Bibiani, we are initiating monthly KPIs
which will include production and tonnage figures, as well as grade analysis. This will ensure maximum visibility to existing shareholders
and potential new investors over a period that the Board believes will lead the market to reflect the underlying value of our operations and
assets, which we will aim to translate into improved shareholder value.
As reported in our recent operational updates for Bibiani, the Company continues to increase both tonnage and grade. Underground
production has increased to circa 33,500 tpm grading at 2.6 g/t Au in July 2008 and to circa 40,000 tpm grading at 2.6 g/t Au in August
2008. Importantly, on an ongoing basis, the reconciliation between what the Company is mining and the orebody model is circa 95 per cent.,
with the underground drilling and sampling programme returning results that show the orebody grade and width to be as good and, in most
cases, better than the Company expected.
CAG has taken a number of operational initiatives to increase production levels, performance and economies of scale at Bibiani. Three
new trucks are now on site and in operation and two new Caterpillar R1700D loaders are expected on site in October, which will enhance the
haulage capacity of the mine and help to reduce maintenance costs. An agreement was signed with Barminco to sink the second decline, in
order to gain easier access to the orebody and thus allow a further ramp up of production. The Company has upgraded the oxygen plant, as
well as commenced commissioning of the Knelson concentrator, In-line reactor, Flash float cell, Regrind mill, and the Aachen reactors
(oxygen and shear reactors). These initiatives are aimed at helping to enhance the recoveries currently being achieved.
While our focus is squarely on production, CAG is also conducting extensive exploration initiatives in the vicinity of the mine aimed at
increasing the resource base and further underpinning the resource potential of the surrounding tenements. Updates on this work will be
published later this year, as appropriate.
In Mali, we continue to advance our highly prospective portfolio of 17 properties spanning approximately 2,600 sq km of Birimian strata
in the west and south of the country. The most advanced project remains the 150 sq km Medinandi and Bokolobi permits (Songhoi Ressources SA)
in the prospective Kenieba district, which currently has a mineral resource of approximately 500,000 oz of gold grading 4.55g/t Au at the
Fadougou Main Zone target.
During the six month period to 30 June 2008, a further phase of RC drilling was completed at Medinandi. A total of 86 RC boreholes for
10,374m were drilled over a number of target areas outside the Fadougou Main Zone. These areas are known as Fadougou-MZ south extension,
Fadougou-SE, the NE extension of FMZ, FMZ east (a newly defined Au-in-soil geochemistry anomaly structure (1.3x0.5km) east of FMZ-N), and
the Medinandi prospect. The Mali properties are providing us with encouraging results which the Board believes, with further
quantification, will deliver on their early promise with a significant resource. A resource update will be published shortly.
In Zimbabwe, we maintain our interests in both Falgold and Olympus, which are producing entities with extensive claim holdings in
Zimbabwe. Our focus has been on maintaining our existing operations although current adverse conditions have affected production levels.
The management of CAG remains positive about the longer term prospects for doing business in the country, although the current environment
remains challenging. The Board notes that Falgold today published its interim results for the six month period to 30 June 2008 in The
Herald, The Chronicle and The Independent newspapers in Zimbabwe.
We maintain the 430 sq km Kraaipan prospecting licence in Botswana, which spans the highly prospective Achaean Kraaipan greenstone belt,
which the Company believes is prospective for gold and provides excellent exploration potential. Exploration is on-going, the results of
which will be published on completion.
With regard to the Board, we have made a number of appointments in line with our strategy of assembling a board with the relevant
experience and contacts to advance our assets. In May 2008, Roy Lander joined as Non-Executive Chairman, Mr David Glennie as Non-Executive
Director and Mr Thomas Gibian as Non-Executive Director and representative for Emerging Capital Partners LLC ("ECP"), a substantial
shareholder in CAG (with Mr Navaid Burney periodically attending as his alternate). Post the period end, as announced on 11 September 2008,
Craig Campbell was appointed to the management team as the Company's Chief Financial Officer.
Financial Review
Turnover for the 6 months to 30 June 2008 was �8.6 million from the sale of 18,262 oz Au with a gross profit of �0.8 million.
Operating summary statistics
Ghana Zimbabwe Group
Sold Ounces 14,521 3,741 18,262
Produced Ounces 14,604 3,741 18,345
Cash costs US $ per oz 925 304 798
Administrative expenses were �3.6 million (June 2007: �1.8 million) and the operating loss for the period was just over �2.8 million
(June 2007: �1.5 million) or a loss of 3.58p per share (June 2007: 0.32p per share). Included in administrative expenses are share based
payments of �0.4 million (June 2007: �0.4 million).
The net result reflects a mark to market loss of �3.1 million (US$6.2 million) for the period applying a gold price at 30 June 2008 of
US$924/oz. At 17 September 2008, the gold sale agreement reflected a mark to market loss of �1.9 million (US$3.5 million) applying a gold
price at the time of US$781/oz.
The Zimbabwe financial results have a functional currency of US dollars. In translating any Zimbabwean dollar transactions in those
results, the Old Mutual Implied Rate has been utilised. The Old Mutual Implied Rate has been used rather than the official rate, since the
Company believes that the Old Mutual Implied Rate gives a more accurate representation of the purchasing power of the Zimbabwean dollar.
Total assets increased to �50.8 million (June 2007: �25.1 million) mainly due to the capital expansion at Bibiani and exploration in
Mali. Liabilities increased to �26.7 million (June 2007: �10.6 million), due mainly to the issuing of US$6.94 million convertible notes by
the Company and the impact of Bibiani not achieving its short term production objectives.
On 15 January 2008, a capital raise of �15.6 million was completed through the issue of 60 million new ordinary shares at 26 pence per
share.
Cash at the end of the period was �3.2 million (June 2007: �3.7 million), of which �2.2 million (June 2007: �1.4 million) is restricted
to fund the rehabilitation liability at Bibiani.
The financial statements are prepared on a going concern basis which the Directors believe to be appropriate for the following reasons:
* Management has projected cash flow information for the period ending twelve months from the date of the Board's approval of the
interim financial statements.
* Cash resources at the date of reporting are severely limited in the main as a result of Bibiani not achieving its short term
production objectives and the Directors have identified a need for the Company to raise capital to support operations.
* Support of US$7.94 million was provided by two shareholders by way of US$6.94 million in Convertible Loan Notes with a 6-month
term and the issue of US$1 million of new ordinary shares (the "Placing Shares"), further details of which are set out below.
Issue of Convertible Loan Notes and Ordinary Shares
* The first of the Convertible Loan Notes has been issued to Emerging Capital Partners Africa Fund II ("ECP") for $3.9 million
(�2.17 million) and carries an interest coupon of 10 per cent. per annum, compounded monthly and payable on maturity. Under the terms of
this Convertible Loan Note, ECP may convert the Convertible Loan Note into new Ordinary Shares in the Company at the time of the next equity
fundraising undertaken by the Company, at a price which is 10 per cent. below the issue price of such fundraising. In the event that the
Company raises at least $10 million (�5.56 million) in such fundraising, the Convertible Loan Note and accrued interest will convert
automatically. In addition, ECP has been granted options over 761,137 Ordinary Shares exercisable at a price of 0.5 pence per share for a
period of 2 years from the date of their grant.
* The second of the Convertible Loan Notes has been issued to Investec Asset Management (Proprietary) Limited ("Investec") for $3
million (�1.67 million) and also carries an interest coupon of 10 per cent. per annum, compounded monthly and payable on maturity. Under
the terms of this Convertible Loan Note, Investec may convert the Convertible Loan Note into new Ordinary Shares in the Company at the time
of the next equity fundraising undertaken by the Company, at a price which is 10 per cent. below the issue price of such fundraising. In
the event that the Company raises at least $10 million (�5.56 million) in such fundraising, the Convertible Loan Note and accrued interest
will convert automatically. In addition, Investec has been granted a warrant over 1,150,000 new Ordinary Shares at a price of 25 pence per
share for a term of 2 years.
* On 22 July 2008, an equity capital raising of �0.5 million (US$1 million) was completed through the placing of 2.74 million new
ordinary shares at 18.5 pence per share to Investec. An application for the Placing Shares to be admitted to AIM has been made and it is
expected that the shares will begin trading on AIM on 2 October 2008.
Update on financial position
� As the Board stated in the Company*s final results for the year ended 31 December 2008 and dated 8 July 2008, the Board believed
that in addition to the US$7.94 million raised from ECP and Investec, the Company required a further US$10 million of funds which it
intended to raise via an equity placing in August 2008. However, as a result of the general market turbulence, due mainly to the volatile
gold price and weak equity markets, the Board has decided to conduct a more wide ranging review of funding options, including examining
options for a capital injection aimed at maximising shareholder returns.
� In order to give the Company sufficient flexibility with regard to future funding options, a general authority to allot securities,
in line with CAG*s need to raise capital, was sought and granted at the Company*s AGM.
� In addition Central African Gold Ghana Limited*s negotiations for an overdraft facility (US$1 million) and lease finance for mine
equipment (US$3.5 million) are at an advanced stage. This would further support group funding. A further announcement with regard to these
financing proposals will be made in due course.
On the basis of the cash flow information prepared, and the Board's capital raising assumptions, the Directors consider that the Company
will be able to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due.
However, there can be no certainty in relation to these matters, which may cast significant doubt on the Company's ability to continue
as a going concern. The Company may, therefore, be unable to continue realising its assets and discharging its liabilities in the normal
course of business, but the financial statements do not include any adjustments that might result from this basis of preparation being
appropriate. If this basis was appropriate there may be significant write down of assets within the financial statements and long term loan
agreements may become immediately recallable.
Outlook
The second half of the financial year will be critical for the Company. Management and the Board's focus are firmly on ensuring that
our key asset, Bibiani, is now on a path of sustainable and ongoing delivery. An underground technical review to support our mining plan has
been and continues to be scrutinised by an independent third party, SRK. This is aimed at confirming the short term potential of the mine
and will give an indication of future cash requirements. As previously announced, we have appointed RBC Capital Markets to conduct a
strategic review, including examining options for a capital injection, aimed at maximising shareholder returns.
Improved output in the second half is expected to lead to better cash flows, but volatility of the dollar gold price remains of concern
to the Board.
The Board has held informal discussions with a number of the Company's shareholders and, in light of the value of the Company's gold
reserves and the independent confirmation that those reserves can be successfully recovered, are confident of the continuing support of
shareholders and therefore the continued funding of the business.
Greg Hunter
Chief Executive
Un-audited consolidated income statement
For the period ended 30 June 2008
In thousands of pounds sterling Un-auditedSix months Un-auditedSix months AuditedTwelve months
ended30 June 2008 ended30 June 2007 ended31 December
2007
Revenue 8 620 6 057 10 965
Cost of sales (7 840) (5 683) (11 945)
Gross profit/(loss) 780 374 (980)
Other operating income 17 - 41
Administrative charges (3 646) (1 840) (9 647)
Other administrative (3 189) (1 413) (7 455)
expenses
Share-based payments (457) (427) (2 192)
Operating loss before financing costs (2 849) (1 466) (10 586)
Financial income 460 45 306
Financial expenses (3 574) (87) (4 495)
Other financial (463) (87) (662)
expenses
Gold sale agreement (3 111) - (3 833)
fair valuation
Loss before tax (5 963) (1 508) (14 775)
Taxation 67 - 38
Loss for the period (5 896) (1 508) (14 737)
Attributable to:
Equity holders of (5 896) (1 470) (14 732)
the parent
Minority interest - (38) (5)
Loss for the period (5 896) (1 508) (14 737)
Basic and diluted loss per share (3.58p) (0.32p) (15.31p)
(pence)
All activities were in respect of continuing operations
Un-audited consolidated balance sheets
As at 30 June 2008
In thousands of pounds sterling Un-auditedas at30 Un-auditedas at30 Auditedas at31
June 2008 June 2007 December 2007
Assets
Goodwill 501 501
-
Property, plant and 38 186 21 673 31 582
equipment
Exploration and 2 884 3 448 1 957
evaluation assets
Total non-current assets 41 571 25 121 34 040
Inventories 4 067 2 457 2 957
Trade and other 1 847 3 225 580
receivables
Cash and cash 3 265 3 652 2 821
equivalents
Total current assets 9 179 9 334 6 358
Total assets 50 750 34 455 40 398
Equity
Share capital 841 471 530
Share premium 43 131 27 270 28 352
Foreign currency 250 (640) (221)
translation reserve
Accumulated loss (20 195) (3 259) (14 756)
Total equity attributable to equity holders of the 24 027 23 842 13 905
parent
Minority interest 28
- -
Total equity 24 027 23 870 13 905
Liabilities
Loans and borrowings 8 310 5 026 9 701
Other financial 4 671 2 654
liabilities -
Deferred taxation 828 872 855
Provisions 3 682 1 352 3 253
Total non-current liabilities 17 491 7 250 16 463
Loans and borrowings 3 227 3 143
* current portion -
Other financial 2 272 1 179
liabilities * -
current portion
Trade and other 3 681 3 327 5 694
payables
Taxation 52 8 14
Total current liabilities 9 232 3 335 10 030
Total liabilities 26 723 10 585 26 493
Total equity and liabilities 50 750 34 455 40 398
Statement of cash flows
For the period ended 30 June 2008
In thousands of pounds sterling Un-audited Un-audited Audited
Six months Six months Twelve
ended ended months ended
30 June 30 June 31 December
2008 2007 2007
Cash flows from operating activities
Loss before tax (5 963) (1 508) (14 775)
Adjusted for:
Financial income (460) (45) (306)
Financial expenses (including gold sale 3 574 87 4 495
agreement)
Share-based payment 457 427 2 192
Depreciation 1 251 469 1 263
Loss on disposal of property, plant and - - 17
equipment
Impairment loss on exploration assets - - 300
Exchange rate adjustments 305 (136) (5)
(Increase)/decrease in inventories (1 110) 356 39
(Increase)/decrease in trade and other (1 267) (725) 1 781
receivables
(Decrease)/increase in trade and other (1 651) 1 900 4 331
payables
Net cash (used in)/from operating (4 864) 825 (668)
activities
Cash flows from investing activities
Interest received 151 45 29
Interest expense (78) - (245)
Acquisition of business net of cash - (3 152) (2 330)
Acquisition of exploration assets (826) (2 947) (1 657)
Acquisition of property, plant and (7 511) (2 121) (10 806)
equipment
Net cash used in investing activities (8 264) (8 175) (15 009)
Cash flow from financing activities
Proceeds from the issue of share 15 090 893 932
capital
Loans and borrowings received (1 514) 4 980 12 517
Increase in minorities - 11 -
Net cash from financing activities 13 576 5 884 13 449
Net increase in cash and cash 448 (1 466) (2 228)
equivalents
Cash and cash equivalents at 1 January 2 821 5 076 5 076
Cash acquired (restricted) - 81 -
Effect of exchange rate fluctuations on (4) (39) (27)
cash held
Cash and cash equivalents 3 265 3 652 2 821
Restricted cash included in cash and
cash equivalents 2 169 1 389 2 332
Statement of recognised income and expenses
For the period ended 30 June 2007
In thousands of pounds sterling Un-audited Un-audited Audited
Six months Six months Twelve
ended ended months ended
30 June 30 June 31 December
2008 2007 2007
Foreign exchange translation differences 472 (240) (284)
Income and expenses recognised directly in equity 472 (240) (284)
Loss for the period (5 896) (1 508) (14 737)
Total recognised income and expense for the period (5 896) (1 748) (15 021)
Attributable to:
Equity holders of (5 896) (1 710) (15 016)
the parent
Minority interest - (38) (5)
Total recognised income and expense for the period (5 896) (1 748) (15 021)
Notes to the Interim Accounts
For the period ended 30 June 2008
1. Basis of preparation
The financial information contained in this interim report does not constitute statutory accounts within the meaning of section 240 of
the Companies Act 1985. The figures relating to the year ended 31 December 2007 have been extracted from the audited accounts which have
been filed with the Registrar of Companies and were not qualified, however did contain an emphasis of matter with respect to disclosure in
respect of going concern. The auditors' report did not contain a statement under section 237(2) or (3) Companies Act 1985.
The consolidated financial statements incorporate those of Central African Gold Plc and its subsidiary undertakings for the period. The
current and the comparative half year financial statements to June are un-audited and have been prepared using accounting policies and
practices consistent with those adopted in the audited financial statements for the year ended 31 December 2007.
The financial statements are presented in pounds sterling, rounded to the nearest thousand. The preparation of financial statements in
conformity with adopted International Financial Reporting Standards ("IFRS") requires management to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the
revision affects both current and future periods.
The financial statements have been prepared on the going concern basis, notwithstanding net current liabilities of �53,000, which the
directors believe to be appropriate for the following reasons. The directors have performed a detailed review of current trading which has
included consideration of the company's funding position as at the date of these interim results and the projected funding requirement
covering the next 12 months. As is common with many mining companies, the company raises money for exploration and capital projects as and
when required.
There can be no assurance that the Group's projects will be fully developed in accordance with current plans or completed on time or to
budget. Future work on the development of these projects, the levels of production and financial returns arising there from may be adversely
affected by factors outside the control of the group.
In July 2008 the Group completed the raising of the following additional funding via an arranged with Investec Asset Management and
Emerging Capital Partners with the immediate raising of �4 million (US$8 million) in the form of convertible loan notes �3.5 million (US
$6.94 million) and new ordinary shares �0.5 million (US$1 million).
A general authority to allot securities in line with CAG's need to raise capital was sought and granted at the Company's AGM. The
directors have held informal discussions with a number of the Company's shareholders and, in light of the value of the Company's gold
reserves and the independent confirmation that those reserves can be successfully recovered, are confident of the continuing support of
shareholders and therefore the continued funding of the business.
The Group continues to engage in negotiations for an overdraft facility of �0.5 million (US$1 million) and lease finance for equipment
at Bibiani of �1.75 million.
The additional funding and arrangements in itself are not sufficient to enable the Group to fund all aspects of its operations,
exploration and working capital requirements over the next 12 months from the date of interim results and as such the Company is planning to
issue further shares. The directors believe that it will be able to secure the necessary financing through a combination of the issue of new
equity and debt instruments.
However, there is no assurance that the Group will be successful in these actions. These financial statements do not reflect the
adjustments, which could be material, to the carrying value of assets and liabilities, the reported revenues, expenses and balance sheet
classifications that would be necessary were the going concern assumption inappropriate.
2. Foreign currencies
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate
ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement.
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
value are translated to pounds sterling at foreign exchange rates ruling at the dates the fair value was determined.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated
to pounds sterling; the Group's reporting currency, at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of
foreign operations, excluding foreign operations in hyperinflationary economies, are translated to pounds sterling at rates approximating to
the foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognised
directly in a separate component of equity.
The Company's policy is to assess and determine the functional currency of subsidiaries. The Zimbabwe subsidiaries have been determined
to have a US dollar functional currency. Transactions denominated in Zimbabwean dollars and other currencies are translated into US dollars
at the rate prevailing at the date of the transaction or the average exchange rate as appropriate. Monetary assets and liabilities are
retranslated into US dollars at the rate prevailing at the balance sheet date. The resulting exchange differences are recorded in the income
statement.
In translating the Zimbabwean dollar ("Z$") transactions into US dollars ("US$'), the Group has used the Old Mutual Implied Rate
("OMIR"), which is the calculated by dividing the Zimbabwe Stock Exchange share price of Old Mutual shares by the London Stock Exchange
share price of these shares. The Old Mutual Implied Rate has been used rather than the official rate, since the Group believes that the Old
Mutual Implied Rate gives a more accurate representation of the purchasing power of the Zimbabwean dollar.
The Group has applied the average of the Old Mutual rate to transactions denominated in Zimbabwean dollars and recorded in the income
statement. The effective average rate for the year end was Z$ 27,424,736,578 to US$1. The Group has applied the year end exchange rate of Z$
163,468,496,351 to US$1 to the assets and liabilities denominated in Zimbabwean dollars.
3. Basic and diluted loss per share
Basic and diluted loss per share was based on the loss attributable to ordinary equity holders of the parent of
�5.8 million (June 2007: �1.5 million) and the weighted average number of ordinary shares outstanding during the period of 164,557,783
(June 2006: 466,737,727).
4. Acquisitions
The Company is currently in the process of finalising the purchase of assets of an engineering business in Zimbabwe which is expected to
be concluded shortly.
5. Subsequent events
Subsequent to the date of these financial statements
a. Shareholder approval for the conversion of the loan notes and the issue of new shares was sought and obtained at the Annual
General Meeting.
b. RBC Capital Markets has been appointed to conduct a strategic review, including examining options for a capital injection
aimed at maximising shareholder returns.
6. Reconciliation of movement in equity shareholders' funds
In thousands of pounds sterling Un-audited Un-audited Audited
Six months Six months Twelve
ended ended months ended
30 June 30 June 31 December
2008 2007 2007
Loss for Period (5 896) (1 470) (14 732)
Net proceeds from issue of shares 15 090 893 2 034
Effect of currency exchange movements 472 (240) (289)
Deferred tax adjustment on - (468) -
acquisitions
Share option reserve movement 456 427 2 192
Net increase (decrease) in 10 122 (858) (10 795)
shareholders' funds
Opening Shareholders' Funds 13 905 24 700 24 700
Closing Shareholders' Funds 24 027 23 842 13 905
7. Segmental Information
In thousands of pounds Ghana Zimbabwe
sterling
Un-audited Un-audited Audited Un-audited Un-audited Audited
Six months Six months Twelve Six months Six months Twelve
ended ended months ended ended ended months ended
30 June 30 June 31 December 30 June 30 June 31 December
2008 2007 2007 2008 2007 2007
Revenue 6 674 4 571 8 362 1 946 1 486 2 603
Profit/(loss) before tax (4 102) 32 (6 427) 588 21 (471)
Income tax 72 - 48 (5) - (10)
Profit/(loss) for the period (4 030) 32 (6 379) 583 21 (481)
Segment assets 42 854 27 869 35 641 882 3 994 346
Segment liabilities (21 293) (8 536) (20 123) (684) (885) (733)
Total net assets 21 561 19 333 15 518 198 3 109 (387)
Capital expenditure 7 279 3 771 10 547 243 95 117
Depreciation 1 138 400 1 086 - 18 20
In thousands of pounds Mali Botswana
sterling
Un-audited Un-audited Audited Un-audited Un-audited Audited
Six months Six months Twelve Six months Six months Twelve
ended ended months ended ended ended months ended
30 June 30 June 31 December 30 June 30 June 31 December
2008 2007 2007 2008 2007 2007
Revenue - - - - - -
Profit/(loss) before tax 133 - (31) - 11 (33)
Income tax - - - - - -
Profit/(loss) for the period 133 - (31) - 11 (33)
Segment assets 3 994 1 677 2 888 - 252 -
Segment liabilities (4 170) (268) (3 179) (150) (36) (160)
Total net assets (176) 1 409 (291) (150) 216 (160)
Capital expenditure 793 1 094 1 814 - (51) -
Depreciation 25 13 34 - - -
In thousands of pounds Corporate offices Group
sterling
Un-audited Un-audited Audited Un-audited Un-audited Audited
Six months Six months Twelve Six months Six months Twelve
ended ended months ended ended ended months ended
30 June 30 June 31 December 30 June 30 June 31 December
2008 2007 2007 2008 2007 2007
Revenue - - - 8 620 6 057 10 965
Profit/(loss) before tax (2 582) (1 572) (7 813) (5 963) (1 508) (14 775)
Income tax - - - 67 - 38
Profit/(loss) for the period (2 582) (1 572) (7 813) (5 896) (1 508) (14 737)
Segment assets 3020 663 1 523 50 750 34 455 40 398
Segment liabilities (426) (860) (2 298) (26 723) (10 585) (26 493)
Total net assets 2 594 (197) (775) 24 027 23 870 13 905
Capital expenditure 22 159 312 8 337 5 068 12 790
Depreciation 88 38 123 1 251 469 1 263
8. These interim accounts were approved by the directors on 18 September 2008.
* * ENDS * *
For further information please visit www.centralafricangold.com or contact:
Greg Hunter/ Central African Gold Plc Tel: +27(0)11 676 2500
Nicole Broome
Hugo de Salis/ St Brides Media and Tel: +44(0)20 7236 1177
Felicity Edwards Finance Ltd
Stuart Faulkner/ Strand Partners Limited Tel: +44(0)20 7409 3494
James Spinney
MartinEales/Andrew Smith RBC Capital Markets Tel: +44(0)20 7029 7881
Charmane Russell Russell and Associates Tel: +27(0)11 880 3924
This information is provided by RNS
The company news service from the London Stock Exchange
END
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