27th Mar 2008 10:27
Bezant Resources PLC27 March 2008 BEZANT RESOURCES PLC Interim Results for the six months ended 31 December 2007 Bezant Resources Plc ("Bezant" or the "Company"), the AIM listed exploration anddevelopment company with gold and copper assets in the Philippines and goldassets in Tanzania, today announces its interim results for the six months ended31 December 2007. Highlights: • Cash Resources £4.5 million cash in bank: Company fully funded for completion of its current Philippines and Tanzania exploration programmes. Surplus funds held for further expansion. Mankayan Copper-Gold Project, Philippines • Acquisition of Asean Copper Investments Limited ("Asean") completed in July 2007. • Two year drilling programme commenced on schedule in September 2007. • 0.52% average copper equivalent values ("CuEQ") over the entire 636m intersection, reported from first drill hole results in December 2007. High grade intersection average of 0.85% CuEQ over 100m, providing expansion for the known western extent of the copper-gold deposit. • 0.60% average CuEQ average values over 384m of intersection, reported from second drill hole results in January 2008. High grade intersection average of 0.90% CuEQ over 120m, providing expansion for known southern extent of the copper-gold deposit. Mkurumu Project, Tanzania Anglo Tanzania Gold Limited, a wholly owned subsidiary of the Company, has now earned in 46% of the Mkurumu Project in Tanzania, with a subsidiary of AngloGold Ashanti holding a similar 46% interest and Tanzania locals the remaining 8%. Board changes • Gerry Nealon became Executive Chairman. • Bernard Olivier moved to the position of Executive Director and Ronnie Siapno appointed as a Non-Executive Director. • Clive Sinclair-Poulton and Melissa Sturgess stepped down from their positions of CEO and Non-Exceutive Director respectively, to adopt consultancy roles and Mark Burchnall moved to a Non-Executive Director position. • Tony Hopkins retired from the main Board to concentrate on the subsidiary company's activities in Tanzania. Commenting on the interim results, Gerry Nealon, Executive Chairman, said: "Progress generating assay results from the Mankayan Project's 2007 drillingprogramme has been excellent. All historical data has now been digitised and, inconjunction with results being generated from our ongoing drilling programme,all of our data is currently being independently assessed for verificationpurposes by technical experts from the Snowden Group. We expect to be in aposition to announce a revised JORC Compliant estimate of the Mankayan Project'scopper-gold resource in the second half of the current financial year. Inaddition, the Board continues to seek further opportunities for potentialexpansion into other promising tenements and exploration licence areas withinTanzania." For further information, please contact:Bezant Resources Plc Tel: +61 8 9481 5681Gerry Nealon, Executive Chairman Mobile: +61 41 754 1873 Strand Partners LimitedJames Harris Tel: +44 (0) 20 7409 3494 Matthew Chandler Media enquiries:Threadneedle Communications Tel: +44 (0) 20 7936 9696Laurence Read/Graham Herring Mobile: +44 (0) 797 995 5923Email: [email protected] Bezant Resources Plc Chairman's statement I have pleasure in presenting the Interim Report for Bezant for the six monthperiod ended 31 December 2007. In July 2007, the Company successfully completed its acquisition of Asean CopperInvestments Limited ("Asean") in the Philippines, together with a subscriptionto raise approximately £5 million (before expenses). At the same time, theCompany also changed its name to Bezant Resources Plc (formerly Tanzania GoldPlc) to reflect its geographic expansion. Asean holds a 40% interest in CrescentMining and Development Corporation, which in turn holds a MPSA (Mineral andProduction Sharing Agreement) or a Mining Licence covering 534 hectares in theMankayan-Lepanto mining district, approximately 240 kilometres north of Manilain the Philippines. The licence area has already been subject to significantprevious exploration activity, in the order of approximately 45,000 metres ofdiamond drilling over 48 holes, with an historic Resource estimate in the orderof 166.5 million tonnes at approximately 0.52% Copper and 0.54 g/t Gold. A two year drilling and environmental programme for the Mankayan Project hadalready been submitted by Asean and approved by both the Mines and GeosciencesBureau and the Department of Environment and Natural Resource respectively. Thisprogramme is intended to improve the ore body delineation and further define theResource to formal JORC compliance via additional diamond drilling ofapproximately 11,000 metres over 10 holes, which shall also include a completegeo technical and metallurgical investigation to supplement the data update. Two out of the ten proposed holes have been drilled to date. In December 2007,Bezant reported average copper-equivalent values ("CuEQ") from the first drillhole of 0.52% over the entire 636m intersection (with 100m of high gradeintersection averaging 0.85% CuEQ), providing expansion for the known westernextent of the copper-gold deposit. Furthermore, our second drill hole averagedCuEQ values of 0.60% over 384m of intersection (with 120m of high gradeintersection averaging 0.90% CuEQ), providing expansion for the known southernextent of the copper-gold deposit. The first two stages of our exploration programme on the Mkurumu Project inTanzania also reached fruition during the period. In November 2007, we announcedthat AngloGold Ashanti's subsidiary, Ashanti Exploration Tanzania Limited ourjoint venture partner, had formally acknowledged conformance to both ourexpenditure and environmental commitments within the Joint Venture licence area.Accordingly, Anglo Tanzania Gold Limited, our wholly owned subsidiary, now holds46% of the Mkurumu Project, with AngloGold Ashanti retaining a similar 46% andthe remaining 8% being held by Tanzanian locals. Bezant Resources Plc Chairman's statement (continued) Reflecting expenditure on our ongoing exploration programmes within thePhilippines and Tanzania, the Company incurred a loss after tax for the sixmonth period ended 31 December 2007 of approximately £428,000. In April 2007, October 2007 and February 2008, a number of board changes wereeffected. Dr Bernard Olivier and Mr Ronnie Siapno were appointed as Executiveand Non-Executive Directors of the Company respectively, in line with Bezant'smove into a stage of aggressive exploration in the Philippines. Ms MelissaSturgess and Mr Clive Sinclair-Poulton both stepped down from the Board toassume consultancy roles, due to their other work commitments, having madevaluable contributions towards the Company's transition from an investmentcompany to that of a fully funded copper-gold exploration company. Tony Hopkinsalso retired from the main Board of the Company, but continues as aNon-Executive Director of the Company's wholly owned subsidiary, Anglo TanzaniaGold Limited. In addition, most recently, Mark Burchnall has moved to aNon-Executive position and I have assumed the role of Executive Chairman inorder to actively support Dr Olivier and Mr Siapno, while they push forward witheach of our exploration programmes during 2008. Once again, I would like to take this opportunity to thank all of ourShareholders for their continuing support and look forward to reporting furtherprogress throughout the remainder of 2008. Gerard NealonExecutive Chairman27 March 2008 Interim Financial Information of Bezant Resources Plc The following interim financial information of Bezant Resources Plc is for theperiod from 1 July 2007 to 31 December 2007. The interim financial informationwas approved by the Board of Directors on 27 March 2008. Bezant Resources PlcGroup Income StatementFor the period ended 31 December 2007 Unaudited Unaudited Audited Period ended Period ended Year ended 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 (as (as restated) restated) Continuing operations Group revenue - - - Cost of sales - - - Gross profit/(loss) - - - Depreciation and amortisation (1) - (1)Share-based payment expense (69) - (6)Other administrative expenses (412) (228) (544) Total administrative expenses (482) (228) (551) Group operating loss (482) (228) (551) Interest receivable 54 8 34 Loss before taxation (428) (220) (517) Taxation - - - Loss for the period (428) (220) (517) Attributable to: (428) (220) (517) Equity holders of the Company Loss per share (pence) Basic & Diluted (1.19p) (1.30p) (2.50p) Bezant Resources Plc Group Statement of Changes in Equity For the period ended 31 December 2007 Share Share Other Retained Total Capital Premium Reserves Losses Equity £'000 £'000 £'000 £'000 £'000 Unaudited - periodended 31 December 2007 Balance at 1 July 2007 987 10,576 686 (5,603) 6,646Share issues 25 10,326 - - 10,351Share issue costs - (414) - - (414)Reversal of placement - - (665) - (665)funds received inadvanceCost of share-based - - 69 - 69paymentsRetained losses - - - (428) (428)Foreign currency - - 46 - 46reserve Balance at 31 December 1,012 20,488 136 (6,031) 15,6052007 Unaudited - periodended 31 December 2006 Balance at 1 July 2006 958 4,180 - (5,086) 52Share issues 29 7,008 - - 7,037Share issue costs - (568) - - (568)Retained losses - - - (220) (220)Foreign currency - - (6) - (6)reserve Balance at 31 December 987 10,620 (6) (5,306) 6,2952006 Audited - year ended 30June 2007 Balance at 1 July 2006 958 4,180 - (5,086) 52Share issues 29 7,032 - - 7,061Share issue costs - (636) - - (636)Cost of share-based - - 6 - 6paymentsPlacement funds - - 665 - 665received inadvanceRetained losses - - - (517) (517)Foreign currency - - 15 - 15reserve Balance at 30 June 2007 987 10,576 686 (5,603) 6,646 Bezant Resources Plc Group Balance Sheet As at 31 December 2007 Notes Unaudited Unaudited Audited Period ended Period ended Year ended 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 (as (as restated) restated) ASSETSNon-current assetsGoodwill 4 4,500 4,500 4,500Investment in associate 5 5,892 - -Investment in joint venture 6 521 317 458Plant and equipment 9 4 4Deferred exploration and 7 49 - -evaluationexpenditure 10,971 4,821 4,962 Current assetsCash at bank and in hand 4,557 1,660 1,625Trade and other receivables 8 18 130 196Other investments 9 200 - - 4,775 1,790 1,821 Total assets 15,746 6,611 6,783 LIABILITIESCurrent LiabilitiesTrade and other payables 10 141 316 137 141 316 137 Total liabilities 141 316 137 Net assets 15,605 6,295 6,646 EQUITYShare capital 11 1,012 987 987Share premium account 20,488 10,620 10,576Reserves 12 136 (6) 686Retained losses (6,031) (5,306) (5,603) Shareholders' Equity 15,605 6,295 6,646 Bezant Resources PlcGroup Cash Flow StatementFor the period ended 31 December 2007 Notes Unaudited Unaudited Audited Period ended Period ended Year ended 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Net cash outflow from 14 (430) (226) (505)operating activities Cash flows frominvesting activitiesPayments for plant and (7) (3) (5)equipment Payments to fund exploration (112) (79) (458) Payments to acquire (500) - -investment in associate Loans to associates (278) (39) - Payments to acquire (200) - -available-for- sale investmentsInterest received 54 8 34 Other income 50 - - (993) (113) (429) Net cash outflow frominvesting activities Cash flows from financing activitiesProceeds from the issue of 4,335 2,436 2,561shares Placement funds received in - - 665advance Share issue costs (26) (442) (688) 4,309 1,994 2,538 Net cash inflow fromfinancing activities Increase in cash and cash 2,886 1,655 1,604equivalents Cash and cash equivalents at 1,625 3 3beginning of period Effect of foreign currency 46 2 18translation reserve Cash and cash equivalents at 4,557 1,660 1,625end of period Bezant Resources PlcNotes to the Interim Financial InformationFor the period ended 31 December 2007 1. Accounting policies The principal accounting policies applied in the preparation of these financialstatements are set out below. These policies have been consistently applied toall the periods presented, unless otherwise stated below. Basis of preparation This interim report, which incorporates the financial information of the Companyand its subsidiary undertakings (the "Group"), has been prepared using thehistorical cost convention and in accordance with the International FinancialReporting Standards ("IFRS") including IAS 34 'Interim Financial Reporting' andIFRS 6 'Exploration for and Evaluation of Mineral Resources', as adopted by theEuropean Union ("EU") for the first time. The disclosures required by IFRS 1concerning the transition from UK GAAP to IFRS are given in Note 15. These interim results for the six months ended 31 December 2007 are unauditedand do not constitute statutory accounts as defined in section 240 of theCompanies Act 1985. The financial statements for the year ended 30 June 2007have been delivered to the Registrar of Companies and the auditors' report onthose financial statements was unqualified and did not contain a statement madeunder Section 237(2) or Section 237(3) of the Companies Act 1985. Basis of Consolidation The consolidated financial statements incorporate the financial statements ofthe Company and its subsidiary undertakings and have been prepared by using theprinciples of acquisition accounting, which includes the results of thesubsidiaries from their dates of acquisition. All intra-group transactions, income, expenses and balances are eliminated fullyon consolidation. A subsidiary undertaking is excluded from the consolidation where the interestin the subsidiary undertaking is held exclusively with a view to subsequentresale and the subsidiary undertaking has not previously been consolidated inthe consolidated accounts prepared by the parent undertaking. Business Combination On acquisition, the assets and liabilities and contingent liabilities of asubsidiary are measured at their fair values at the date of acquisition. Anyexcess of the cost of acquisition over the fair values of the identifiable netassets acquired is recognised as goodwill. Any deficiency of the cost ofacquisition below the fair values of the identifiable net assets acquired (i.e.discount on acquisition) is credited to profit and loss in the period ofacquisition.The interest of minority shareholders is stated at the minority'sproportion of the fair values of the assets and liabilities recognised.Subsequently, any losses applicable to the minority interest in excess of theminority interest are allocated against the interests of the parent. Investment in associate companies is accounted for using the equity method. Goodwill Goodwill is the difference between the amount paid on the acquisition of thesubsidiary undertakings and the aggregate fair value of their separable netassets. Goodwill is capitalised as an intangible asset and in accordance withIFRS 3 'Business Combinations' is not amortised but tested for impairment whenthere are any indications that its carrying value is not recoverable. As such,goodwill is stated at cost less any provision for impairment in value. If asubsidiary undertaking is subsequently sold, goodwill arising on acquisition istaken into account in determining the profit and loss on sale. Bezant Resources PlcNotes to the Interim Financial InformationFor the period ended 31 December 2007 Exploration and evaluation expenditure Exploration, evaluation and development expenditure incurred is accumulated inrespect of each identifiable area of interest. These costs are only carriedforward to the extent that they are expected to be recouped through thesuccessful development of the area or where activities in the area have not yetreached a stage which permits reasonable assessment of the existence ofeconomically recoverable reserves. Accumulated costs in relation to an abandonedarea are written off in full against profit in the year in which the decision toabandon the area is made. When production commences, the accumulated costs forthe relevant area of interest are amortised over the life of the area accordingto the rate of depletion of the economically recoverable reserves. A regularreview is undertaken of each area of interest to determine the appropriatenessof continuing to carry forward costs in relation to that area of interest. Costs of site restoration are provided when an obligating event occurs from whenexploration commences and are included in the costs of that stage. Siterestoration costs include the dismantling and removal of mining plant, equipmentand building structures, waste removal and rehabilitation of the site inaccordance with clauses of the mining permits. Such costs have been determinedusing estimates of future costs, current legal requirements and technology on adiscounted basis. Any changes in the estimates for the costs are accounted foron a prospective basis. In determining the costs of site restoration, there isuncertainty regarding the nature and extent of the restoration due to communityexpectations and future legislation. Accordingly the costs have been determinedon the basis that the restoration will be completed within one year ofabandoning the site. Revenue Revenue from the sale of goods (precious metals) is recognised upon production.Interest revenue is recognised on a proportional basis taking into account theinterest rate applicable to the financial assets. Share based payments The Company made share-based payments to certain directors and advisers by wayof issue of share options. The fair value of these payments is calculated by theCompany using the Black Scholes option pricing model. The expense is recognisedon a straight line basis over the period from the date of award to the date ofvesting, based on the Company's best estimate of shares that will eventuallyvest. Bezant Resources PlcNotes to the Interim Financial InformationFor the period ended 31 December 2007 Foreign Currency Transactions and Balances (i) Functional and presentational currency Items included in the Group's financial statements are measured using PoundsSterling ("£"), which is the currency of the primary economic environment inwhich the Group operates ("the functional currency"). The financial statementsare presented in Pounds Sterling ("£"), which is the functional currency of theCompany and is the Group's presentation currency. The individual financial statements of each Group company are presented in thefunctional currency of the primary economic environment in which it operates. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency usingthe exchange rates prevailing at the dates of the transactions. Foreign exchangegains and losses resulting from the settlement of such transactions and from thetranslation at period end exchange rates of monetary assets and liabilitiesdenominated in foreign currencies are recognised in the income statement. Transactions in the accounts of individual Group companies are recorded at therate of exchange ruling on the date of the transaction. Monetary assets andliabilities denominated in foreign currencies are translated at the rates rulingat the balance sheet date. All differences are taken to the income statement. For the purpose of presenting consolidated financial statements, the assets andliabilities of the Group's foreign operations are translated at exchange ratesprevailing on the balance sheet date. Income and expense items are translated atthe average exchange rates for the period. Exchange differences arising areclassified as equity and transferred to the Group's translation reserve. Suchtranslation differences are recognised as income or as expenses in the period inwhich the operation is disposed of. 2. Loss per share The basic loss per ordinary share has been calculated using the loss for theperiod of £428,000 (31 December 2006: £220,000, 30 June 2007: £517,000) and theweighted average number of ordinary shares in issue of 36,131,961 (31 December2006: 17,064,576, 30 June 2007: 20,714,489). The diluted loss per share has been calculated using a weighted average numberof shares in issue and to be issued of 36,236,122 (31 December 2006: 17,563,878,30 June 2007: 19,433,159). The diluted loss per share has been kept the same asthe basic loss per share as the conversion of share options decreases the basicloss per share, thus being anti-dilutive. Bezant Resources PlcNotes to the Interim Financial InformationFor the period ended 31 December 2007 3. Segmental reporting For the purposes of segmental information, the operations of the Group arefocused in Tanzania and the Philippines and comprise one class of business: theexploration, evaluation and development of mineral resources. The Group's operating loss arose from its operations in both Tanzania and thePhilippines. 4. Goodwill Group Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 (as restated) (as restated) CostAt periods' / year end 4,500 4,500 4,500 ImpairmentAt periods' / year end - - - Net book valueAt periods' / year end 4,500 4,500 4,500 Goodwill arose on the acquisition of the Company's subsidiary undertakings.The Group tests goodwill for impairment if there are indicators thatgoodwill might be impaired. 5. Investments in associate accounted for using the equity method of accounting Group Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Investment in Crescent 5,614 - -Loan due from Crescent 278 - - 5,892 - - On 10 July 2007 the Company acquired the entire share capital of Asean CopperInvestments Limited ("Asean"), a 40% shareholder of Crescent Mining andDevelopment Corporation ("Crescent"), a Filipino company. Asean also holds aconditional option, expiring in October 2009, to acquire the remaining 60% ofCresent for a minimal consideration. Bezant Resources PlcNotes to the Interim Financial InformationFor the period ended 31 December 2007 6. Investment in joint venture Group Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Investment in Mkurumu 521 317 458Project 7. Deferred exploration and evaluation expenditure Group Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Deferred exploration and 49 - -evaluation expenditure 8. Trade and other receivables Group Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Other receivables 18 130 35Prepayments - - 161 18 130 196 9. Other investments Group Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Shares in listed entities 200 - - 10. Trade and other payables Group Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Trade creditors 118 265 63Other payables 23 51 74 141 316 137 Bezant Resources PlcNotes to the Interim Financial InformationFor the period ended 31 December 2007 11. Share capital and options GroupClass Nominal Unaudited Unaudited Audited value 31 December 31 December 30 June 2007 2006 2007 Number Number Number AuthorisedOrdinary 0.2p 690,432,500 690,432,500 690,432,500Deferred 4p 7,959,196 7,959,196 7,959,196Deferred 99p 625,389 625,389 625,389 Allotted, called up and fullypaidOrdinary 0.2p 37,162,223 24,024,345 24,524,345Deferred 4p 7,959,196 7,959,196 7,959,196Deferred 99p 625,389 625,389 625,389 On 10 July 2007, following the Company's Extraordinary and Annual GeneralMeetings held on 9 July 2007, 12,637,878 new ordinary shares of 0.2p each wereadmitted to trading on the Alternative Investment Market ("AIM"). The newordinary shares represented: 5,454,545 Acquisition Shares issued as part consideration for the acquisition ofAsean Copper Investments Limited at a price of 91p per share; 6,666,667 Subscription Shares issued to institutional and other investors at aprice of 75p per share to raise £5 million gross (£4.77 million net ofexpenses); and 516,666 Fee Shares issued to certain professional advisers in satisfaction offees payable for services provided in relation to the Offer for Subscription andprevious corporate services. Share options Details of share options outstanding at 31 December 2007 are as follows: Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 Number Number Number Opening balance 2,197,800 - -Granted during the period - - 2,197,800Exercised during the period - - -Lapsed during the period - - - 2,197,800 - 2,197,800 Bezant Resources PlcNotes to the Interim Financial InformationFor the period ended 31 December 2007 12. Reserves GroupShare based payment reserve Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Opening balance 6 - -Share based payments - 69 - 6charge Closing balance 75 - 6 Foreign currency reserve Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Opening balance 15 - -Movement in reserve 46 (6) 15 Closing balance 61 (6) 15 Other reserve - for own Unaudited Unaudited Auditedshares 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Opening balance 665 - -Placement funds received in - - 665advanceTransfer to equity (665) - - Closing balance - - 665 13. Share-based payments Group The Group and Company recognised the following charge in the income statement inrespect of its share based payment plans: Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Share-based payment charge 69 - 6 Bezant Resources PlcNotes to the Interim Financial InformationFor the period ended 31 December 2007 14. Reconciliation of operating cash flows to net cash outflows from operatingactivities Unaudited Unaudited Audited 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Group operating loss (482) (228) (551) Depreciation and 1 - 1amortisationShare-based payment expense 69 - 6VAT refunds received (50) - 49(Increase) / decrease in 27 9 (98)trade and other receivablesIncrease / (decrease) in 5 (7) 88trade and other payables (430) (226) (505) Bezant Resources PlcNotes to the Interim Financial InformationFor the period ended 31 December 2007 15. First time adoption of International Financial Reporting Standards ("IFRS") The impacts of adopting IFRS on the total equity and loss after tax as reportedunder UK Generally Accepted Accounting Standards ("UK GAAP") applicable before30 June 2007 are illustrated below. Reconciliation of total equity as presented under previous UK GAAP to that underIFRS Unaudited Audited 31 December 30 June 2006 2007 £'000 £'000 Total equity under UK GAAP 6,238 6,477Amortisation of goodwill 57 169written back Total equity under IFRS 6,295 6,646 Note: A reconciliation of total equity as of 1 July 2006 (the date of transitionto IFRS) is not presented as there are no adjustments. Reconciliation of loss after tax under previous UK GAAP to that under IFRS Unaudited Audited 31 December 30 June 2006 2007 £'000 £'000 Loss after tax as previously (277) (686)reportedAmortisation of goodwill 57 169written back Loss after tax under IFRS (220) (517) Explanation of material adjustments to the cash flow statements There are no material differences between the cash flow statements presentedunder IFRS and those presented under previous UK GAAP. 16. Events after the balance sheet date There has not arisen in the interval between the half year end and the date ofthis report any item, transaction or event of a material or unusual naturelikely, in the opinion of the directors of the Company, to effect: The Company's operations in future financial periods; or The results of those operations in future financial periods; or The Company's state of affairs in future financial periods. 17. Availability of Interim Report Copies of these results are being sent to shareholders, will be available fromthe Company's registered office at Quadrant House, Floor 6, 17 Thomas MoreStreet, Thomas More Square, London E1W 1YW and can also be downloaded from ourwebsite at www.bezantresources.com. Bezant Resources Plc is registered inEngland and Wales with company number 2918391. INDEPENDENT REVIEW REPORT BY THE AUDITORSTO BEZANT RESOURCES PLC Introduction We have been engaged by the company to review the condensed financial statementsin the interim results for the six months ended 31 December 2007 which comprisesthe Group Income Statement, the Group Statement of Changes in Equity, the GroupBalance Sheet, the Group Cash Flow Statement and the related notes. We have readthe other information contained in the interim results and considered whether itcontains any apparent misstatements or material inconsistencies with theinformation in the condensed set of financial statements. Directors' Responsibilities The interim result is the responsibility of, and has been approved by, thedirectors. The directors are responsible for preparing the interim results inaccordance with the AIM Rules For Companies. As disclosed in note 15, the annual financial statements of the group will beprepared in accordance with IFRSs as adopted by the European Union. Thecondensed set of financial statements included in the interim results has beenprepared in accordance with International Accounting Standard 34, InterimFinancial Reporting, as adopted by the European Union. Our Responsibility Our responsibility is to express to the Company a conclusion on the condensedset of financial statements in the interim results based on our review. Scope of review We conducted our review in accordance with International Standard on ReviewEngagements (UK and Ireland) 2410, Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity, issued by the AuditingPractices Board for use in the United Kingdom. A review of interim financialinformation consists of making enquiries, primarily of persons responsible forfinancial and accounting matters, and applying analytical and other reviewprocedures. A review is substantially less in scope than an audit conducted inaccordance with International Standards on Auditing (UK and Ireland) andconsequently does not enable us to obtain assurance that we would become awareof all significant matters that might be identified in an audit. Accordingly, wedo not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believethat the condensed financial statements in the interim results for the sixmonths ended 31 December 2007 is not prepared, in all material respects, inaccordance with International Accounting Standard 34 as adopted by the EuropeanUnion and the AIM Rules For Companies. UHY Hacker Young LLPChartered AccountantsRegistered AuditorsLondon 27 March 2008 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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