Final Results
10 Mai 2004 - 9:00AM
UK Regulatory
RNS Number:4163Y
Griffin Mining Ld
10 May 2004
PRELIMINARY STATEMENT OF RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2003
10th MAY 2004
Griffin Mining Limited ("Griffin"or the "Company") has today published its
results for the year ended 31 December 2003.
The Company recorded a profit for the second half of the year to 31 December
2003 of $227,000, resulting in losses for the financial year of $20,000 in 2003,
down from $230,000 in 2002, primarily as a result of exchange gains of $476,000
in 2003 (2002 $159,000) on foreign currency deposits.
Operating costs in 2003 increased to $586,000 (2002 $462,000) as a result of
increased activity with the development of the Caijiaying zinc gold mine in
China.
Shareholder funds increased from $7,321,000 at 31 December 2002 to $13,365,000
at 31 December 2003, with the benefit of two share placings and the exercise of
warrants and options. Since 31 December 2003, the Company has completed a
placing of 35,000,000 new ordinary shares and options over 6,600,000 new
ordinary shares have been exercised, to raise a total of $16,300,000 before
expenses.
Mladen Ninkov, Chairman commented as follows:
"2003 was a year of fervent activity and momentous progress for Griffin. The
full feasibility study was completed in September 2003 and negotiations to
obtain funding for the construction of the Caijiaying mine began immediately.
Funding was completed via a successful #8.75m equity placement to prestigious
institutional investors due, in the opinion of the directors, to the strength of
the Company's position in China and the quality of the Caijiaying asset.
The first consequence of the completion of the financing was that Griffin is
fully funded to construct and commission the Caijiaying mine. Construction of
the mine has commenced with commissioning scheduled for March 2005.
The second consequence of the completion of the financing is support for a
higher share price. Only now is the market beginning to appreciate some of the
value represented by the Caijiaying project. The real value inherent in Griffin
will be truly reflected with the commissioning of the Caijiaying mine and the
cash flows generated therefrom, and even more importantly, exploration success
in the Caijiaying area.
The Company remains committed to exploring the Caijiaying area as soon as cash
flows permit, with drilling, in the first instance, the extensions to the known
mineralization between zones II and III, the gold occurrences in zone V, and
finally, the large areas of epithermal alteration along the F45 fault, south of
zone II.
We look forward to continued growth and an exciting future for the Company."
Further information
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Griffin Mining Limited
Philip Davies Telephone: +44(0)20 7953 2000
Charles Stanley & Company Limited
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 SUMMARISED PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2003
(expressed in thousands US dollars)
2003 2002
$000 $000
Income
Gains on the disposal of investments - 8
Net operating expenses (586) (462)
Operating (loss) (586) (454)
Foreign exchange gains 476 159
Interest receivable and similar income 90 65
(Loss) on ordinary activities before taxation (20) (230)
Taxation on loss on ordinary activities - -
(Loss) for the financial year (20) (230)
(Loss) per share (cents) (0.02) (0.20)
GRIFFIN MINING LIMITED
CONSOLIDATED SUMMARISED BALANCE SHEET
As at 31 December 2003
(expressed in thousands US dollars)
2003 2002
$000 $000
Non-current assets
Intangible assets 6,285 5,617
Tangible assets 174 2
6,459 5,619
Current assets
Portfolio investments 62 29
Accounts receivable 33 10
Prepaid expenses 66 13
Cash and deposits 6,831 1,737
6,992 1,789
Current liabilities: Amounts falling due within one year
Accrued expenses (60) (57)
Creditors (26) (30)
Net current assets 6,906 1,702
Total net assets 13,365 7,321
Capital and reserves
Share capital 1,352 1,036
Share premium 21,385 15,537
Contributing surplus 3,690 3,690
Investment revaluation reserve (811) (844)
Foreign exchange reserve (121) 152
Profit & loss account (12,130) (12,250)
Shareholders equity interests 13,365 7,321
Number of shares in issue 135,227,731 103,557,248
Attributable net asset value per share $0.10 $0.07
GRIFFIN MINING LIMITED
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 31 December 2003
(expressed in thousands US dollars)
2003 2002
$000 $000
(Loss) for the financial year (20) (230)
Unrealised gains on investments 33 13
Currency translation differences in foreign currency
net investments (133) (21)
Total gains and losses recognised in the year (120) (238)
Losses and profits for the financial year are the same as those on an historical
cost basis.
GRIFFIN MINING LIMITED
CONSOLIDATED SUMMARISED CASH FLOW STATEMENT
For the year ended 31 December 2003
(expressed in thousands US dollars)
2003 2002
$000 $000
Net cash (outflow) from operating activities (227) (285)
Investing activities
Interest received 90 65
Payments to acquire intangible fixed assets (760) (648)
Payments to acquire tangible fixed assets (173) -
Net cash (outflow) from investing activities (843) (583)
Net cash (outflow) before financing (1,070) (868)
Financing
Issue of ordinary share capital 6,452 24
Expenses paid in connection with share issue (288) -
6,164 24
Increase / (decrease) in cash and cash equivalents 5,094 (844)
Reconciliation of operating (loss) to net cash
(outflow) from operating activities
Operating loss (586) (454)
Depreciation 1 1
(Gains) on sale of investments - (8)
Receipts on the sale of investments - 8
(Increase) in debtors (76) (4)
(Decrease) / increase in creditors (1) 17
Exchange differences 435 155
(227) (285)
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. 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 consolidated balance sheet at
31 December 2003 and the summarised consolidated profit and loss account,
summarised consolidated cash flow statement and summarised statement of
total recognised gains and losses for the year then ended have been
extracted from the Group's 2003 statutory financial statements upon which
the auditors' opinion is unqualified. The results for the year ended 31
December 2002 have been extracted from the statutory accounts for that
period, which contain an unqualified auditor's report.
3. The annual report and accounts for 2003 are being sent by post to all
registered shareholders. Additional copies are available from the
Company's London office, 6th Floor, 60 St James's Street, London, SW1A 1LE.
4. The loss per share has been calculated on the basis of the net loss after
taxation of US$20,000 (loss US$230,000 in 2002) and the weighted average
number of shares in issue in the year ended 31 December 2003 of 114,682,774
(103,266,289 in 2002). There is no dilutive effect of share purchase
options.
5. Reconciliation of shareholders' funds
2003 2002
$000 $000
Total (losses) and gains recognised in the year (120) (238)
Issue of ordinary shares in the year 6,164 24
Net additions to / (reductions in) shareholders' funds 6,044 (214)
Opening shareholders' funds 7,321 7,535
Closing shareholders' funds 13,365 7,321
This information is provided by RNS
The company news service from the London Stock Exchange
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