Interim Results
05 September 2005 - 9:02AM
UK Regulatory
RNS Number:8069Q
Griffin Mining Ld
05 September 2005
Griffin Mining Limited
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773
E mail: griffin@griffinmining.com
5th September 2005
INTERIM STATEMENT FOR THE 6 MONTHS TO 30 JUNE 2005
Griffin Mining Limited ("Griffin"or the "Company") has today published its
interim results for the 6 months ended 30th June 2005.
Highlights:
* Start of production at the Caijiaying zinc gold mine ("Caijiaying") in
China
* Initial production rate of 600 tonnes of ore per day achieved
* First sales of zinc concentrate made to local Chinese smelters in July 2005
* $13.8m incurred on construction of the mine and processing facilities at
Caijiaying to 30th June 2005 compared with estimates of $15.7m
* Commencement of extensive surface drill programme to assess known gold
prospects
* Gold intersections from underground resource definition drilling include
8.8m @ 19.2 g/t and 6.2m @ 14.2g/t
Financial:
The interim financial results cover the period up to the commencement of
production at Caijiaying. No mining revenues were generated prior to 30th June
2005.
The Company recorded a loss for the 6 months ended 30th June 2005 of $684,000
compared with a profit of $138,000 in the same period in 2004. Exchange losses
of $272,000 (2004 gains $408,000) were recorded on foreign currency deposits,
caused by a strengthening of the US dollar, whilst interest income of $164,000
(2004 $283,000) was lower with funds being utilised to construct the Caijiaying
zinc gold mine and processing facilities.
Operating costs in the 6 months to 30th June 2005 increased marginally to
$576,000 (2004 $553,000) with increased activity at Caijiaying.
At 30th June 2005, $13.8m had been incurred on construction of the mine and
processing facilities at Caijiaying. With production starting at Caijiaying at
the end of June 2005, this compares favourably with pre production and working
capital estimates in the feasibility study of $15.7m.
Good progress has been made in bringing Caijiaying into production at an initial
production rate of 200,000 tonnes of ore per annum.
Chairman's statement
I am delighted to report on the Company's progress in the six months to 30 June
2005, a period which represents a turning point in Griffin's history. It saw
the start of production at Caijiaying and, since the period end, the first sale
of zinc concentrate to local Chinese smelters.
The Company continues to strive to achieve consistency in achieving the planned
initial production rate of 600 tonnes of ore per day and the scheduled zinc
recovery rate. In addition the Company is actively pursuing means by which
production can be increased as further ore is delineated via underground
drilling.
The leases at Caijiaying contain highly prospective epithermal gold targets and
continued prospective base metals targets. As a result, the Company has
commenced a comprehensive regional exploration programme consisting of 18,000
metres of reverse circulation drilling due to be completed by the end of the
summer. At the same time, ongoing underground resource definition drilling has
produced significant gold intersections including one drill hole with 8.8m @
19.2 g/t and 6.2m @ 14.2 g/t.
In the search for growth in our region and in our area of expertise, the Company
continues to pursue and evaluate other world class mining projects.
In light of the above, your Board looks forward to an exciting future.
Further information
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Griffin Mining Limited
Andrew Smith/Martin Eales Telephone:+44(0)20 7523 8350
Collins Stewart Limited
Hugo de Salis Telephone: +44(0) 20 7242 4477
St Brides Media & Finance Ltd
Griffin Mining Limited's shares are quoted on the Alternative Investment Market
(AIM) of the London Stock Exchange (symbol GFM).
The Company's news releases are available on the Company's web site:
www.griffinmining.com
GRIFFIN MINING LIMITED
CONSOLIDATED CONDENSED PROFIT AND LOSS ACCOUNT
(expressed in thousands US dollars)
6 months to 6 months to Year to
30/06/2005 30/06/2004 31/12/2004
Unaudited Unaudited Audited
$000 $000 $000
Turnover - - -
Cost of sales - - -
Gross profit - - -
Net operating expenses (576) (553) (1,048)
Operating (Loss) (576) (553) (1,048)
Foreign exchange (losses) / profits (272) 408 939
Interest receivable and similar income 164 283 507
(Loss) / profit on ordinary activities before
taxation (684) 138 398
Taxation on (loss) / profit on ordinary - - -
activities
(Loss) / profit for the financial period (684) 138 398
(Loss) / profit per share (cents) (0.4) 0.1 0.23
GRIFFIN MINING LIMITED
CONSOLIDATED CONDENSED BALANCE SHEET
(expressed in thousands US dollars)
30/6/2005 30/6/2004 31/12/2004
Unaudited Unaudited Audited
$000 $000 $000
Fixed Assets
Intangible assets - exploration interests 39 37 39
Tangible assets - mining properties 14,411 8,735 11,770
Tangible assets - plant and equipment 7,026 798 5,109
Tangible assets - other 14 15 15
21,490 9,585 16,933
Current Assets
Stocks 39 - -
Portfolio investments 35 38 27
Accounts receivable 343 42 108
Prepaid expenses 178 169 168
Cash and deposits 7,489 19,908 12,985
8,084 20,157 13,288
Creditors: amounts falling due within one year (505) (720) (885)
Net current assets 7,579 19,437 12,403
Total net assets 29,069 29,022 29,336
Capital and reserves
Share capital 1,783 1,768 1,773
Share premium 36,968 36,472 36,594
Contributing surplus 3,690 3,690 3,690
Investment revaluation reserve (838) (836) (846)
Foreign exchange reserve (118) (80) (143)
Profit & loss account (12,416) (11,992) (11,732)
Shareholders' equity interests 29,069 29,022 29,336
Attributable net assets per share (cents) 16 16 17
Number of shares in issue 178,327,731 176,827,731 177,327,731
GRIFFIN MINING LIMITED
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(expressed in thousands US dollars)
6 months to 6 months to Year to
30/06/2005 30/06/2004 31/12/2004
Unaudited Unaudited Audited
$000 $000 $000
Net cash (outflow) / inflow from operating
activities (1,517) 373 611
Investing activities
Interest received 164 283 507
Payments to acquire intangible fixed assets - - (557)
Payments to acquire tangible mining fixed assets (4,525) (3,067) (10,020)
Payments to acquire other tangible fixed assets (2) (15) (17)
Net cash (outflow) from investing activities (4,363) (2,799) (10,087)
Net cash (outflow) before financing (5,880) (2,426) (9,476)
Financing
Issue of ordinary share capital 384 16,255 16,391
Expenses paid in connection with share issue - (752) (761)
384 15,503 15,630
(Decrease) / Increase in cash and cash equivalents (5,496) 13,077 6,154
Reconciliation of operating (loss) to net cash
(outflow) / inflow from operating activities
Operating loss (576) (553) (1,048)
Depreciation 2 2 5
(Increase) in stocks (38) - -
(Increase) in debtors and prepayments (245) (112) (177)
(Decrease) / increase in creditors (380) 635 799
Other non-cash income, including exchange
differences (280) 401 1,032
(1,517) 373 611
GRIFFIN MINING LIMITED
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
(expressed in thousands US dollars)
6 months to 6 months to Year to
30/06/2005 30/06/2004 31/12/2004
Unaudited Unaudited Audited
$000 $000 $000
(Loss) / profit for the period (684) 138 398
Unrealised gains / (losses) on investments 8 (25) (35)
Currency translation differences in foreign currency
net investments 25 41 (22)
Total (losses) / gains recognised in the period (651) 154 341
Losses and profits for the financial year are the same as those on an historical
cost basis.
GRIFFIN MINING LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENT
1. This statement has been prepared using accounting policies and presentation
consistent with those applied in the preparation of the statutory accounts
of the Company.
2. Copies of this interim report are being sent to all registered
shareholders. Additional copies are available from the Company's London
office, 60 St James's Street, London, SW1A 1LE.
3. (Losses) / earnings per share have been calculated on the basis of the net
(loss) after taxation of $684,000 (2003 profit $138,000) and the weighted
average number of shares in issue in the period ended 30 June 2005 of
178,135,423 (2004 164,023,885). There is no dilutive effect of outstanding
share purchase options.
4. The condensed accounts set out above do not constitute statutory accounts
as defined by Section 84 of the Bermuda Companies Act 1981 or Section 240
of the UK Companies Act 1985. The condensed balance sheet at 31 December
2004 and the condensed profit and loss account, condensed cash flow
statement and condensed statement of total recognised gains and losses for
the year then ended have been extracted from the Group's 2004 statutory
financial statements upon which the auditors' opinion is unqualified.
5. Reconciliation of shareholders' funds.
6 months to 6 months to Year to
30/06/2005 30/06/2004 31/12/2004
Unaudited Unaudited Audited
$000 $000 $000
Total (losses) / gains recognised in the period (651) 154 341
Issue of Ordinary Shares in the period 384 15,503 15,630
Net (reduction in) additions to shareholders'
funds (267) 15,657 15,971
Opening shareholders' funds 29,336 13,365 13,365
Closing shareholders' funds 29,069 29,022 29,336
This information is provided by RNS
The company news service from the London Stock Exchange
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