TIDMMIRL
RNS Number : 5100C
Minera IRL Limited
13 November 2009
?
Minera IRL Limited
("Minera IRL" or "the Company")
Results for the quarter to 30 September 2009
London, 13 November, 2009:Minera IRL Ltd (AIM: MIRL), the South American mining
company, is pleased to announce its unaudited interim results for the September
2009 quarter as well as the unaudited results for the first nine months of 2009
("YTD").
Highlights for the September 2009 quarter:
* Gold production 7,850 ounces (YTD 22,753 ounces)
* Sales revenue US$7.8 million (YTD US$21.2 million)
* Corihuarmi cash operating cost was US$361 per ounce (YTD US$379)
* EBITDA was US$3.3 million (YTD US$7.5 million)
* Profit before tax US$1.5 million (YTD US$2.7 million)
* Profit after tax US$1.0 million (YTD US$1.5 million)
* Cash balance of US$18.4 million at 30 September 2009
* Scoping Study for Ollachea Project to be released within one week
* Definitive Agreement signed for La Falda Project, Chile; drilling about to
commence
* Agreements signed on new projects Bethania and Veca, Peru; drilling about to
commence at Bethania
* All share offer made to acquire Hidefield Gold, Plc, with a significant gold
project in Argentina
Executive Chairman Courtney Chamberlain commented: "The September quarter
represents our best quarter this year and I am very pleased with the financial
results. Gold sales have increased to $7.8 million on the back of an increasing
gold price, bringing total revenue to $21.2 million for the year to date.Gross
profit for the quarter was US$3.2 million and EBITDA US$3.3 million. Profit
before tax increased to US$1.5 million giving a profit after tax of US$1.0
million. We have a strong cash position, following the successful fund raising
at mid-year, with over $18 million in cash which allows us to advance all
current programmes.
Our Corihuarmi Gold Mine continues to perform well with the September quarter
recording its highest quarterly gold production this year and cash operating
costs dropping to $361 per ounce. We are well placed to achieve our target of
over 30,000 ounces for 2009.
A great amount of work is being done at our Ollachea Project and we will be
releasing the Scoping Study within one week. We are also gearing up on our new
exploration projects with drilling about to start on large porphyry targets at
La Falda in Chile and Bethania in Peru. Exploration is well under way at the
Veca project in northern Peru.
Last, but by no means least, I am most enthusiastic about the pending merger
with Hidefield Gold plc. This will give us an advanced project with a
significant resource base in the emerging Deseado Massif gold district in mining
friendly Santa Cruz, Patagonia. With the closure of this transaction, expected
toward the end of December, we plan to advance this project rapidly toward
feasibility."
For more information contact:
+------------------------------------------+-------------+-----------------------+
| Minera IRL | +511 4181230 |
| Courtney Chamberlain, Executive Chairman | |
| Trish Kent, Vice President, Corporate Relations | |
+--------------------------------------------------------+-----------------------+
| Arbuthnot Securities (Nominated Adviser | | + 44 (0)20 7012 2000 |
| & Broker, London) | | |
+------------------------------------------+-------------+-----------------------+
| John Prior | |
| Edward Burbidge | |
+--------------------------------------------------------+-----------------------+
| Fox-Davies Capital | + 44 (0)20 7936 5200 |
+--------------------------------------------------------+-----------------------+
| David Poraj-Wilczynski | |
| Jason Bahnsen | |
+--------------------------------------------------------+-----------------------+
| Bankside Consultants (Financial PR, London) | + 44 (0)20 7367 8888 |
+--------------------------------------------------------+-----------------------+
| Simon Rothschild | |
+--------------------------------------------------------+-----------------------+
| Louise Mason | |
+--------------------------------------------------------+-----------------------+
| Synergy Asociados (Public Relations, Lima) | + 511 628 6300 |
+--------------------------------------------------------+-----------------------+
| Magaly Villena | + 511 99855 2232 |
+------------------------------------------+-------------+-----------------------+
Minera IRL Limited ("MIRL") is the AIM, London and BVL, Lima, Peru listed
holding company of precious metals mining and exploration companies focused in
Latin America. MIRL is led by an experienced senior management team with
extensive industry experience, particularly in operating in South America. The
Group operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project
in Peru.
www.minera-irl.com
Chairman's Statement
The Minera IRL Group has advanced on many fronts during the first nine months of
2009 with significant progress at our Ollachea Project, continuing good
performance at our Corihuarmi Gold Mine, commencement of work on three new
exploration projects, La Falda, Bethania and Veca, and the pending merger with
Hidefield Gold Plc, all underpinned by the successful $14.2 million fundraising
at mid-year.
The three months to 30 September has been our strongest quarter of the year on
all fronts. Gold sales have increased to $7.8 million on the back of an
increasing gold price, bringing total revenue for the year to $21.2 million.
Gross profit was US$3.2 million and EBITDA US$3.3 million. Profit before tax
increased to US$1.5 million giving a profit after tax of US$1.0 million. We have
a strong cash position, following the successful fundraising at mid-year, with
over $18 million in cash which allows us to pursue all current programmes.
Our Corihuarmi Gold Mine continues to perform well. The waste stripping has been
completed on the Susan outcrop with mining and treatment activities achieving
all goals. Gold production of 7,850 in the third quarter brought this year's
production to 22,753 ounces and we are well on track to achieve our budget of
over 30,000 ounces for 2009. Cash costs fell to US$361 per ounce in the third
quarter, the lowest this year. Our policy of selling gold on the spot market
continues to give benefits with recent sales above US$1,000 per ounce, well
above our budget of US$800 per ounce.
Much progress has been made at our Ollachea Project which has emerged as a
significant new gold discovery with over 26,000 metres of drilling completed
since the drill programme started just over a year ago. The major focus has been
to drill the Minapampa Zone, where the strike length has been extended to 680
meters, in order to establish an Inferred Resource which will form the basis for
a Scoping Study to be released mid-November.
The Definitive Agreement has been signed for the La Falda Project in the
Maricunga District of Chile. Two diamond rigs will begin probing the large gold
porphyry target toward the end of November and an initial 6,000 metre programme
is contemplated. Likewise, an agreement was signed for the Bethania Project,
located only 10 km from our Corihuarmi Gold Mine. A recently completed
geophysical IP survey has identified a large chargeability anomaly
characteristic of porphyry hosted disseminated sulphide mineralization, and
drill testing of this will commence in November. An agreement was also signed
on the Veca Project and exploration has commenced on this project in the
Huamachuco gold district of north central Peru.
During October, Minera IRL announced an all scrip bid for AIM listed Hidefield
Gold plc. This transaction is via a Scheme of Arrangement process and is
expected to be completed toward the end of December 2009. Hidefield holds some
250,000 hectares of exploration leases in the precious metals rich Deseado
Massif in the southern state of Santa Cruz, Argentina. Of particular relevance
to Minera IRL is the Don Nicolas Gold Project which already has approximately
360,000 ounces in resources. We are confident that further work will rapidly
lead to a feasibility study and the basis for a new gold mining project.
The new projects in Chile and Argentina provide geographical diversification
into other mining friendly districts. However, Peru remains the core country for
Minera IRL and is an excellent country for mining. The Peruvian economy remains
strong with a continuing positive growth rate and an inflation rate that has
dropped to below 2% according to the Reserve Bank of Peru.
In closing, I would like to extend my appreciation to our outstanding team and
to our loyal shareholders. Together we continue to build toward a bright and
prosperous future.
Courtney Chamberlain
Executive Chairman
Minera IRL Limited11 November 2009
Minera IRL Limited
Consolidated Income Statement and Statement of Comprehensive Income
+---------------------------------+-------------+--+-------------+--+------------+
| | 3 months | | 9 months | | Year |
| | ended | | ended | | ended |
| | 30 | | 30 | | 31 |
| | September | | September | | December |
| | 2009 | | 2009 | | 2008 |
| | (unaudited) | | (unaudited) | | (audited) |
| | US$'000 | | US$'000 | | US$'000 |
| | | | | | |
+---------------------------------+-------------+--+-------------+--+------------+
| | | | | | |
+---------------------------------+-------------+--+-------------+--+------------+
| Revenue | 7,844 | | 21,162 | | 43,568 |
+---------------------------------+-------------+--+-------------+--+------------+
| Cost of sales | (4,641) | | (13,711) | | (17,344) |
+---------------------------------+-------------+--+-------------+--+------------+
| Gross profit | 3,203 | | 7,451 | | 26,224 |
+---------------------------------+-------------+--+-------------+--+------------+
| | | | | | |
+---------------------------------+-------------+--+-------------+--+------------+
| Administration expenses | (1,564) | | (3,811) | | (8,447) |
+---------------------------------+-------------+--+-------------+--+------------+
| Exploration costs written off | (57) | | (472) | | (2,185) |
+---------------------------------+-------------+--+-------------+--+------------+
| Operating profit | 1,582 | | 3,168 | | 15,592 |
+---------------------------------+-------------+--+-------------+--+------------+
| | | | | | |
+---------------------------------+-------------+--+-------------+--+------------+
| Financial income | 7 | | 26 | | 151 |
+---------------------------------+-------------+--+-------------+--+------------+
| Financial expenses | (95) | | (510) | | (657) |
+---------------------------------+-------------+--+-------------+--+------------+
| Net financial income/(expense) | (88) | | (484) | | (506) |
+---------------------------------+-------------+--+-------------+--+------------+
| Profit before tax | 1,494 | | 2,684 | | 15,086 |
+---------------------------------+-------------+--+-------------+--+------------+
| | | | | | |
+---------------------------------+-------------+--+-------------+--+------------+
| Income tax | (487) | | (1,150) | | (2,563) |
+---------------------------------+-------------+--+-------------+--+------------+
| Profit for the period and total | 1,007 | | 1,534 | | 12,523 |
| comprehensive income | | | | | |
+---------------------------------+-------------+--+-------------+--+------------+
| | | | | | |
+---------------------------------+-------------+--+-------------+--+------------+
| Earnings per ordinary share (US | | | | | |
| cents) | | | | | |
+---------------------------------+-------------+--+-------------+--+------------+
| Basic | 1.3 | | 2.3 | | 20.2 |
+---------------------------------+-------------+--+-------------+--+------------+
| Diluted | 1.2 | | 2.1 | | 18.0 |
+---------------------------------+-------------+--+-------------+--+------------+
Minera IRL Limited
Consolidated Balance Sheet
+---------------------------------+------------+----------------+----+---------------+
| | | As at | | As at |
| | | 30 September | | 31 December |
| | | 2009 | | 2008 |
| | | (unaudited) | | (audited) |
| | | US$'000 | | US$'000 |
+---------------------------------+------------+----------------+----+---------------+
| Assets | | | | |
+---------------------------------+------------+----------------+----+---------------+
| Property, plant and equipment | | 24,506 | | 26,249 |
+---------------------------------+------------+----------------+----+---------------+
| Intangible assets | | 19,260 | | 10,504 |
+---------------------------------+------------+----------------+----+---------------+
| Total non-current assets | | 43,766 | | 36,753 |
+---------------------------------+------------+----------------+----+---------------+
| | | | | |
+---------------------------------+------------+----------------+----+---------------+
| Other receivables and | | 4,374 | | 8,170 |
| prepayments | | | | |
+---------------------------------+------------+----------------+----+---------------+
| Inventory | | 937 | | 773 |
+---------------------------------+------------+----------------+----+---------------+
| Cash and cash equivalents | | 18,435 | | 8,992 |
+---------------------------------+------------+----------------+----+---------------+
| Total current assets | | 23,746 | | 17,935 |
+---------------------------------+------------+----------------+----+---------------+
| | | | | |
+---------------------------------+------------+----------------+----+---------------+
| Total assets | | 67,512 | | 54,688 |
+---------------------------------+------------+----------------+----+---------------+
| | | | | |
+---------------------------------+------------+----------------+----+---------------+
| Equity | | | | |
+---------------------------------+------------+----------------+----+---------------+
| Share capital | | 55,918 | | 41,459 |
+---------------------------------+------------+----------------+----+---------------+
| Foreign currency reserve | | 129 | | 129 |
+---------------------------------+------------+----------------+----+---------------+
| Share option reserve | | 1,313 | | 1,173 |
+---------------------------------+------------+----------------+----+---------------+
| Profit and loss account | | (4,837) | | (6,371) |
+---------------------------------+------------+----------------+----+---------------+
| Total equity | | 52,523 | | 36,390 |
+---------------------------------+------------+----------------+----+---------------+
| | | | | |
+---------------------------------+------------+----------------+----+---------------+
| Liabilities | | | | |
+---------------------------------+------------+----------------+----+---------------+
| Provisions | | 1,406 | | 1,235 |
+---------------------------------+------------+----------------+----+---------------+
| Other long term liabilities | | 3,278 | | 3,081 |
+---------------------------------+------------+----------------+----+---------------+
| Total non-current liabilities | | 4,684 | | 4,316 |
+---------------------------------+------------+----------------+----+---------------+
| | | | | |
+---------------------------------+------------+----------------+----+---------------+
| Interest bearing loans | | 3,500 | | 6,000 |
+---------------------------------+------------+----------------+----+---------------+
| Trade and other payables | | 6,805 | | 7,982 |
+---------------------------------+------------+----------------+----+---------------+
| Total current liabilities | | 10,305 | | 13,982 |
+---------------------------------+------------+----------------+----+---------------+
| | | | | |
+---------------------------------+------------+----------------+----+---------------+
| Total liabilities | | 14,989 | | 18,298 |
+---------------------------------+------------+----------------+----+---------------+
| | | | | |
+---------------------------------+------------+----------------+----+---------------+
| Total equity and liabilities | | 67,512 | | 54,688 |
+---------------------------------+------------+----------------+----+---------------+
| | | | | |
+---------------------------------+------------+----------------+----+---------------+
Minera IRL Limited
Consolidated Statement of Changes in Equity
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| | Share | | Foreign | | Share | | Profit | | Total |
| | capital | | currency | | Option | | and | | US$'000 |
| | US$'000 | | reserve | | reserve | | loss | | |
| | | | US$'000 | | US$'000 | | account | | |
| | | | | | | | US$'000 | | |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| Balance 1 January 2008 | 41,423 | | 129 | | 543 | | (18,894) | | 23,201 |
| | | | | | | | | | |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| Issue of share capital | 36 | | - | | - | | - | | 36 |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| | | | | | | | | | |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| Profit for the period to 31 | - | | - | | - | | 12,523 | | 12,523 |
| December 2008 | | | | | | | | | |
| | | | | | | | | | |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| Reserve for share option costs | - | | - | | 630 | | - | | 630 |
| | | | | | | | | | |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| Balance 31 December 2008 | 41,459 | | 129 | | 1,173 | | (6,371) | | 36,390 |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| | | | | | | | | | |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| Balance 1 January 2009 | 41,459 | | 129 | | 1,173 | | (6,371) | | 36,390 |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| | | | | | | | | | |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| Profit for the period to 30 | - | | - | | - | | 1,534 | | 1,534 |
| September 2009 | | | | | | | | | |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| Issue of share capital | 15,300 | | - | | - | | - | | 15,300 |
| | | | | | | | | | |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| Cost of raising share capital | (841) | | - | | - | | - | | (841) |
| | | | | | | | | | |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| Reserve for share option costs | - | | - | | 140 | | - | | 140 |
| | | | | | | | | | |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
| Balance 30 September 2009 | 55,918 | | 129 | | 1,313 | | (4,837) | | 52,523 |
+---------------------------------+---------+--+----------+--+---------+--+----------+--+---------+
Minera IRL Limited
Consolidated Cash Flow Statement
+-----------------------------------------+-------------+--+-------------+--+------------+
| | 3 months | | 9 months | | Year |
| | ended | | ended | | ended |
| | 30 | | 30 | | 31 |
| | September | | September | | December |
| | 2009 | | 2009 | | 2008 |
| | (unaudited) | | (unaudited) | | (audited) |
| | US$'000 | | US$'000 | | US$'000 |
| | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Cash flows from operating activities | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Operating profit | 1,582 | | 3,168 | | 15,592 |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Depreciation | 1,671 | | 4,175 | | 5,394 |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Impairment of exploration assets | 28 | | 140 | | 51 |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Provision for share option costs | 54 | | 140 | | 630 |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Provision for mine closure costs | 57 | | 171 | | 233 |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Loss on disposal of assets | - | | - | | 64 |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Increase in inventory | (1) | | (164) | | (745) |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Decrease/(increase) in other | 591 | | 3,796 | | (4,620) |
| receivables and prepayments | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Increase in trade and other payables | 1,289 | | 252 | | 1,289 |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Corporation tax paid | (379) | | (2,579) | | (887) |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Net cash flow from operations | 4,892 | | 9,099 | | 17,001 |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Interest received | 7 | | 26 | | 151 |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Interest paid | (29) | | (313) | | (337) |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Net cash flow from operating activities | 4,870 | | 8,812 | | 16,815 |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Cash flows from investing activities | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Acquisition of property, plant and | (1,457) | | (2,432) | | (11,588) |
| equipment | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Acquisition of intangible assets | (4,578) | | (8,896) | | (4,512) |
| (exploration expenditure) | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Net cash outflow from investing | (6,035) | | (11,328) | | (16,100) |
| activities | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Cash flows from financing activities | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Proceeds from the issue of ordinary | 14,459 | | 14,459 | | 36 |
| share capital | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Receipt/(repayment) of loans | - | | (2,500) | | 3,000 |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Net cash inflow from financing | 14,459 | | 11,959 | | 3,036 |
| activities | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Net increase in cash and cash | 13,294 | | 9,443 | | 3,751 |
| equivalents | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Cash and cash equivalents at beginning | 5,141 | | 8,992 | | 5,241 |
| of the period | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
| Cash and cash equivalents at end of the | 18,435 | | 18,435 | | 8,992 |
| period | | | | | |
+-----------------------------------------+-------------+--+-------------+--+------------+
Minera IRL Limited
+---------------------------------------------------------------------------+
| Notes to the Quarterly Report |
+---------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------+
| The financial information contained in this Quarterly Report does not |
| constitute statutory accounts as defined by the Companies (Jersey) Law |
| 1991. No statutory accounts for the period have been delivered to the |
| Jersey Registrar of Companies. The financial information contained in |
| this Quarterly Report has neither been audited nor reviewed by the |
| auditors. |
+---------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------+
| The statutory accounts for the year ended 31 December 2008 have been |
| filed with the Jersey Registrar of Companies. The auditors' report on |
| these accounts was unqualified. The consolidated financial information |
| contained in this Quarterly Report has been presented and prepared in a |
| form consistent with the annual accounts and in accordance with |
| accounting policies and standards applicable to those annual accounts. |
+---------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------+
| This Quarterly Report has been approved for issue by the Board of |
| Directors on 11 November 2009 |
+---------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------+
| Profit per share |
+---------------------------------------------------------------------------+
| The profit per share has been calculated using the profit attributable to |
| ordinary shareholders of US$1,007,000 (nine months: US$1,534,000) and the |
| weighted average number of ordinary shares in issue during the three |
| months to 30 September 2009 of 75,004,108 (nine months: 66,305,040). |
| Issue of shares |
| On 6 July 2009 the Company issued 13,615,556 ordinary shares at a price |
| of GBP0.67 per share. The authority for the issue of these shares was |
| given at a General Meeting of the Company held on 4 July 2009. |
| On 20 July 2009 the Company issued 308,904 ordinary shares at a price of |
| GBP0.45 per share as a result of the exercise of share options issued to |
| the Company's brokers on 5 April 2007 as part of the placing and |
| admission to AIM which took place on 12 April 2007. |
| Transactions of an unusual nature |
| There were no transactions of an unusual nature during the nine months to |
| 30 September 2009. |
| Seasonal Influences |
| The business of the Company is not generally subject to seasonal |
| influences. |
| Related parties |
| During the period the Company has received registrar services from |
| Computershare Investor Services (Jersey) Limited, a company related |
| through a common director. The contract for these services provides for a |
| minimum annual charge of GBP3,000 to be paid by the Company. |
| Subsequent events |
| On 20 October 2009 the Company announced that it had executed an |
| Implementation Agreement with Hidefield Gold plc for a recommended all |
| share offer by Minera IRL Limited for the entire issued share capital of |
| Hidefield Gold plc at an exchange ratio of 1 Minera share for every 42 |
| Hidefield shares. This agreement will be realized by means of a scheme of |
| arrangement and is conditional upon the approval of a majority of at |
| least 75 percent in value of the votes exercisable by the Scheme |
| Shareholders at a meeting convened by an order of the Court. If completed |
| this transaction will result in the issue of 9,767,512 new Minera IRL |
| shares. |
| |
+---------------------------------------------------------------------------+
Minera IRL Limited
Responsibility statement
Other than as disclosed below the interim statement has been prepared in
accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU.
Other than as disclosed below the interim statement includes a fair view of the
information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have
occurred in the first
nine months of the financial year and their impact on the interim statement. It
does
not include a description of the principal risks and
uncertainties for the remaining three months of the
year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related
party transactions that have taken
place in the first nine
months of the financial year and that have materially affected the financial
performance of the entity during that period; and any changes in
the related party transactions described
in the last annual report
that could do so.
The Directors of Minera IRL are listed on page 5 of the Group's Annual report
for the year ended 31 December 2008.
By order of the board
C Chamberlain
Executive Chairman
The departures from IAS 34 are as follows:
* The interim statement does not include comparative financial information for the
three months or nine months ended 30 September 2008;
* The interim statement does not include any segmental information;
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTCKNKKPBDDFDD
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