Griffin Mining Ld - Three Months Results
26 Juni 1998 - 5:56PM
UK Regulatory
RNS No 5275c
GRIFFIN MINING LIMITED
26th June 1998
Results for the three months ended 31 March 1998
Griffin has today published its results for the 3 months ended 31 March 1998,
a copy of which is attached. The unaudited results for the 3 months ended 31
March 1998 show a consolidated loss after tax of $139,000 ($80,000 loss in the
3 months ended 31 March 1997). The loss per share was US1.3 cents (US1.0 cents
loss in the quarter ended 31 March 1997).
Gains on the disposal of investments of $39,000 were achieved ($60,000 in the
3 months ended 31 March 1997). Operating costs for the 3 months amounted to
$164,000 ($162,000 in the 3 months ended 31 March 1997). In addition, costs
incurred on the Group's projects in Burkina Faso and Cornwall of $18,000 have
been written off (nil in the 3 months ended 31 March 1997).
Further information:
Craig Niven (Chairman) - Griffin Mining Limited Tel: 0171-321-2077
Stephen Goschalk - English Trust Company Limited Tel: 0171-608-0888
Griffin Mining Limited was registered in Bermuda in 1988 and its shares and
warrants are listed on the Luxembourg Stock Exchange, quoted on the
Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM)
and traded on the Canadian Dealing Network in Toronto (symbol GRFM). Corporate
information and share prices can be accessed via the Newstrack Service on
Reuters (symbol GFM.L) (page JPJA), Bloomberg (symbol GFM LN), ICV Topic
(*1180) QST/Quotron (NTRACK). The share price is also published daily in the
Financial Times and London Evening Standard. The Company's news releases are
available through Canadian Corporate News' Internet Home Page:
htp://www.cdn-news.com
GRIFFIN MINING LIMITED
Consolidated Profit and Loss Account
(Unaudited - expressed in thousands US Dollars)
3 months 3 months 12 months
to 31/03/98 to 31/03/97 to 31/12/97
unaudited unaudited audited
$'000 $'000 $'000
Income
Gains on the disposal of investments 39 60 139
Other income - 3 18
__ ___ ____
39 63 157
Net Operating expenses (164) (162) (882)
Provisions in respect of
continuing operations (18) - (3,226)
Release of negative goodwill - - 183
_____ ___ ______
Operating (Loss)/Profit (143) (99) (3,768)
Foreign exchange (losses) - (2) (3)
Interest receivable 4 21 53
_____ ___ ______
(Loss) before taxation (139) (80) (3,718)
Taxation on ordinary activities - - -
_____ ___ ______
(Loss) for the Period (139) (80) (3,718)
===== === ======
(Loss) per share (cents) (1.3) (1.0) (46.0)
GRIFFIN MINING LIMITED
Consolidated Balance Sheet
(Unaudited - expressed in thousands US Dollars)
31/03/98 31/12/97
unaudited audited
$'000 $'000
Fixed Assets
Intangible assets 5,522 5,427
Tangible assets 359 360
_____ _____
5,881 5,787
Current Assets
Portfolio investments 460 529
Accounts receivable 5 157
Prepaid expenses 35 23
Cash and deposits 274 402
_____ _____
774 1,111
_____ _____
Creditors:
Falling due within one year
Creditors and accruals (108) (148)
______ _____
Net current assets 666 963
______ _____
Negative goodwill (778) (778)
______ _____
Total net assets 5,769 5,972
====== =====
Capital and reserves
Share capital 1,041 818
Shares to be issued - 780
Share premium 11,435 10,878
Profit & loss (Deficit) (8,457) (8,318)
Investment revaluation reserve (785) (717)
Foreign exchange reserve 174 170
______ _____
Equity shareholders funds 3,408 3,611
Equity minority interests 2,361 2,361
______ _____
Equity interests 5,769 5,972
====== =====
Attributable net assets per share($) 0.33 0.35
Number of shares in issue 10,408,154 10,408,154
GRIFFIN MINING LIMITED
Consolidated Cash Flow
(Unaudited - expressed in thousands US Dollars)
3 months 12 months
to 31/03/98 to 31/12/98
unaudited audited
$'000 $'000
Net cash (outflow) from operating activities (24) (601)
----- -----
Returns on investments and servicing of finance
Interest received 4 53
----- -----
Taxation paid - -
----- -----
Investing activities
Payments to acquire intangible fixed assets (107) (192)
Payments to acquire tangible fixed assets - (23)
Payments to acquire investments - (89)
Payments to acquire subsidiary undertaking - (538)
_____ _____
Net cash (outflow) from investing activities (107) (842)
_____ _____
Net cash (outflow) before financing (127) (1,390)
_____ _____
Financing
Issue of ordinary share capital - 1,000
Expenses paid in connection with share issue - (61)
_____ ______
- 939
_____ ______
(Decrease) in cash and cash equivalents (127) (451)
===== ======
Reconciliation of operating (loss) to net cash (outflow)
from operating activities
Operating (loss) (143) (3,768)
Depreciation 1 9
Gains on sale of investments (39) (139)
Receipts on the sale of investments 39 1,390
Payments to acquire investments - (1,330)
Provisions in respect of continuing operations 18 3,226
Release of negative goodwill - (183)
Decrease/(increase) in debtors 141 308
(Decrease)/increase in creditors (40) (107)
Other non-cash income, including exchange differences (1) (7)
____ ______
Net cash (outflow) from operating activities (24) (601)
==== ======
GRIFFIN MINING LIMITED
Statement of Total Recognised Gains & Losses
(Unaudited - expressed in thousands US Dollars)
3 months to 12 months to
31/03/98 31/12/97
unaudited audited
$'000 $'000
(Loss) for the period (139) (3,718)
Unrealised (losses) on investments (69) (677)
Currency translation differences in
foreign currency net investments 4 (97)
____ ______
Total gains and losses recognised in period (204) (4,492)
==== ======
Notes:
1. This statement has been prepared using accounting policies and presentation
consistent with those applied in the preparation of the statutory accounts for
the year ended 31 December 1997.
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 results for the year ended 31 December 1997 have
been extracted from the statutory accounts for that period which contain an
unqualified auditors report.
3. This interim report is being sent shortly by post to all registered
shareholders. Additional copies are available from the Company's London
office, Whitehall House, 41 Whitehall, London, SW1A 2BY.
END
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