Interim Results
19 September 2001 - 10:00AM
UK Regulatory
RNS Number:2302K
Griffin Mining Ld
19 September 2001
Griffin Mining Limited
4th Floor, the Linen Hall, 162-168 Regent Street, London, W1R 5TE,
United Kingdom
Telephone: + 44 (0)20 7663 9855 Facsimile: + 44 (0)20 7663 9856
E mail: griffin@griffinmining.demon.co.uk
19th September 2001
INTERIM STATEMENT
OF RESULTS FOR THE 6 MONTHS ENDED 30th JUNE 2001
Griffin Mining Limited ("Griffin") has today published its results for the 6
months ended 30th June 2001, a copy of which is attached.
Griffin recorded a loss for the six months to 30th June 2001 of $194,000,
compared with a loss of $244,000 in the 6 months ended 30th June 2000.
Operating costs were reduced to $202,000 compared with $299,000 in the 6
months to 30th June 2000. Shareholders' funds increased to $7,942,000 ($0.08
per share) from $5,566,000 at 31st December 2000 with the benefit of the
proceeds from a share placing in March and subsequent exercise of warrants
which raised $3 million net of expenses.
Mladen Ninkov, Chairman, commenting on the activities of Griffin said:
"Since completing the equity placing in March and subsequent exercise of
warrants to raise $3 million, Griffin has made steady progress in converting
its exploration licence over the Caijiaying zinc gold project to a mining
licence whilst keeping operating costs to a minimum. A number of reports
required as part of the application process for a mining licence at Caijiaying
have been or are currently being completed and examined by the relevant
authorities in China. These include an environmental impact study and a number
of geological and engineering studies in Mandarin. Griffin remains on target
to obtain a mining licence before the end of 2001.
Griffin is now in contact with a number of parties for project finance needed
to develop a mine at Caijiaying. In this regard Griffin has appointed
Endeavour Financial Corporation Inc to assist in raising debt finance for
Caijiaying.
In April 2001 Griffin earned a 4% interest in Ozmosa Limited ("Ozmosa") an on
line sports betting and casino operator in East and South East Asia which has
entered into agreements with Sportingbet.com (UK) plc for the joint
development of the Asian gaming market. Ozmosa is now trading satisfactorily
and the company is examining a flotation of its shares on AIM."
Further information
Mladen Ninkov - Chairman Telephone: +44(0)20 7663 9855
Charles Dampney - Charles Stanley Telephone: +44(0)20 7739 8200
Leesa Peters - Capital Integrated Telephone:+44(0) 20 7618 7889
Marketing Communications
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 Profit and Loss Account
(Expressed in thousands US Dollars)
6 months to 6 months to Year to
30/06/2001 30/06/200 31/12/2000
Unaudited Unaudited Audited
$000 $000 $000
Income
Gains on the disposal of - - 39
investments
Net operating expenses (202) (299) (629)
Other income 22 22
Provisions in respect of - - (55)
continuing operations
Profits on disposal of - 67 58
discontinued operations
Operating (Loss) (202) (210) (565)
Foreign exchange (losses) (20) (61) (85)
Interest receivable and 28 27 42
similar income
(Loss) on ordinary activities (194) (244) (608)
before taxation
Taxation on ordinary - - -
activities
(Loss) for the financial (194) (244) (608)
period
(Loss) per share (cents) (0.3) (0.6) (1.5)
Griffin Mining Limited
Consolidated Balance Sheet
(Expressed in thousands US Dollars)
30/6/2001 30/6/2000 31/12/2000
Unaudited Unaudited Audited
$000 $000 $000
Fixed Assets
Intangible assets 4,761 4,405 4,542
Tangible assets 4 6 4
4,765 4,411 4,546
Current Assets
Portfolio investments 72 750 501
Accounts receivable 262 273 261
Prepaid expenses 21 25 18
Cash and deposits 2,915 846 370
3,270 1,894 1,150
Creditors: Amounts falling due within
one year
Creditors and accrued expenses (93) (215) (131)
Net current assets 3,177 1,679 1,019
Total net assets 7,942 6,090 5,565
Capital and reserves
Share capital 1,033 4,100 4,100
Share premium 15,517 13,150 13,154
Contributing surplus 3,690 - -
Investment revaluation reserve (803) (210) (372)
Foreign exchange reserve 176 163 160
Profit & loss (Deficit) (11,671) (11,113) (11,477)
Equity interests 7,942 6,090 5,565
Attributable net assets per share 8 15 14
(cents)
Number of shares in issue 103,257,248 41,003,551 41,003,551
Griffin Mining Limited
Consolidated Cash Flow
(Expressed in thousands US Dollars)
6 months to 6 months to Year to
30/06/2001 30/06/2000 31/12/2000
Unaudited Unaudited Audited
$000 $000 $000
Net cash (238) (674) (997)
(outflow)
from operating
activities
Investing activities
Payments to (204) (341) (488)
acquire intangible
fixed assets
Payments to 2 - -
acquire tangible
fixed assets
Receipts on - 88 88
the disposal
of discontinued
operations
Net cash (202) (253) (400)
(outflow)
from investing
activities
Net cash (440) (927) (1,397)
(outflow)
before financing
Financing
Issue of 3,100 285 285
ordinary
share
capital
Expenses (115) (13) (19)
paid in
connection
with share
issue
2,985 272 266
Increase / 2,545 (655) (1,131)
(decrease)
in cash and
cash
equivalents
Reconciliation of operating (loss) to net cash (outflow) from operating
activities
(Loss) on (194) (244) (608)
ordinary
activities
Depreciation 2 3 5
(Gains) on the - - (39)
sale of
investments
Receipts on the - - 71
sale of
investments
Payments to (2) (114) (114)
acquire
investments
Provisions in - - 55
respect of
continuing
operations
Profits on the - (67) (58)
sale of
discontinued
operations
(Increase) / (4) (35) (16)
decrease in
debtors
(Decrease) in (37) (218) (303)
creditors
Other non-cash
income,
including (3) 1 10
exchange
differences
Net cash (238) (674) (997)
(outflow) from
operating
activities
Griffin Mining Limited
Statement of Total Recognised Gains & Losses
(Expressed in thousands US Dollars)
6 months 6 months Year
to to to
30/06/2001 30/06/2000 31/12/2000
Unaudited Unaudited Audited
$000 $000 $000
(Loss) for the period (194) (244) (608)
Unrealised (losses) / gains on investments (430) 554 392
Currency translation differences in foreign
currency net investments
16 5 3
Total gains and (losses) recognised in the (608) 315 (213)
period
Notes:
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, 4th Floor, the Linen Hall, 162-168 Regent Street, London W1R 5TE.
3. Losses per share have been calculated on the basis of the net loss
after taxation of $194,000 and the weighted average number of shares in issue
in the period ended 30 June 2001 of 66,637,790. There is no dilutive effect of
outstanding share purchase options.
4. Debtors at 30th June 2001 include $250,000 receivable from Aurex AB on
the sale of the Company's gold exploration and development interests in
Burkina Faso. This consideration is payable when cumulative gold production on
the licence areas reaches 5,000 ozs.
5. The summary 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 summarised balance sheet at 31 December
2000 and the summarised profit and loss account, summarised cash flow
statement and summarised statement of total recognised gains and losses for
the year then ended have been extracted from the Group's 2000 statutory
financial statements upon which the auditors' opinion is unqualified.
6. Reconciliation of shareholders' funds.
6 months 6 months Year
to to to
30/06/2001 30/06/2000 31/12/2000
Unaudited Unaudited Audited
$000 $000 $000
Total gains and (losses)
recognised in the period (608) 315 (213)
Issue of Ordinary Shares in the 2,985 272 275
period
Net additions to shareholders' 2,377 587 62
funds
Opening shareholders' funds 5,565 5,503 5,503
Closing shareholders' funds 7,942 6,090 5,565
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