25th Nov 2005 07:01
Triple Plate Junction Plc25 November 2005 For immediate release 25 November 2005 Triple Plate Junction plc ("TPJ" or the "Company") Interim Results for the six months ended 30 September 2005 Triple Plate Junction plc (AIM : TPJ), the gold exploration company focusing onSouth-East Asia, is pleased to announce its interim results for the six monthsended 30 September 2005. Summary of key points: Vietnam • Infrastructure established • Aggressive exploration programme commenced • Exploration at Pu Sam Cap showing continued high gold grades in samples collected Papua New Guinea (PNG) • Five holes completed at Nevera prospect, Crater Mountain • Mineralisation similar to the major Porgera deposit 250km to the west • Encouraging rock chip sample results at Nimi prospect, Crater Mountain and the Manus Island prospect • Rapid progression to drill target definition on balance of portfolio • Two diamond drill campaigns underway Financial • Capital expenditure to 30 September 2005 was £1,016,785 being primarily in respect of exploration activities in Papua New Guinea (£889,254) and Vietnam (£127,531). • Cash on hand at 30th September, 2005 was £10,761,000 Ian Gowrie-Smith, Chairman, commented: "We are extremely pleased with the progress that TPJ has made in the last sixmonths. Having been granted the first new exploration licences for gold issuedby the Government of Vietnam since June 2001, the initial results fromexploration at Pu Sam Cap are particularly encouraging with continued high goldgrades showing. "We have also made significant strides forward in our Papua New Guinea projectswith very encouraging results from early sampling. Our exploration teamscontinue to aggressively explore all our targets and are building further uponthe strong foundations already in place." For further information please contact: Triple Plate Junction plc 020 7499 1400Geoff Walsh, Chief ExecutiveDavid Lees, Finance Director Buchanan Communications 020 7466 5000Tim AndersonIsabel Podda TRIPLE PLATE JUNCTION PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005 Chairman's Statement Triple Plate Junction Plc (TPJ or the "Company") has conducted an energeticseries of exploration programmes in 2005. TPJ now has significant explorationprojects in both Vietnam and Papua New Guinea. In order to initiate theseprogrammes we have made a number of new appointments in order to strengthen ourgeological teams. Capital expenditure to 30 September, 2005 was £1,016,785 being primarily inrespect of exploration activities in Papua New Guinea (£889,254) and Vietnam(£127,531). Vietnam The issue of the exploration licences on 24 March 2005 in respect of Pu Sam Capin Vietnam was a major step forward for TPJ and marked the beginning of anexciting new phase. These licences were the first new exploration licences forgold issued by the Government of Vietnam since June 2001. During the first 6 months of operations under the Pu Sam Cap licences theCompany has: • Established an operational base in the regional capital of Lai Chau province • Reviewed existing geological data of Pu Sam Cap with experts from our partner Newmont Vietnam Pty Limited • Established a logistics support network for field teams at Pu Sam Cap • Designed an aggressive exploration programme • Mobilised four field teams led by four expatriate and five Vietnamese geologists • Conducted infill reconnaissance sampling The Board is encouraged by the progress to date at Pu Sam Cap with the continuedhigh gold grades in samples collected during this initial period of exploration. Sampling at Pu Sam Cap has returned the following highlight results: Sample Au Description (g/t)MCF0014 1.13 Grab from Mullock heapMCF0015 7.23 Grab from Mullock heapMCF0016 3.29 Grab from Mullock heapMCF0018 4.37 Quartz+limonite veinMCF0021 1.53 Weakly silicified tuffMCF0028 7.34 Silicified lamprophyreMCF0040 6.37 Oxidised silicified mudstone/sandstoneMCF0041 8.64 Silicified brecciated sandstone with veinlets of specularite+chalcopyriteMCF0042 3.04 Oxidised sandstone with abundant specular hematite on fracturesMCF0045 1.62 Siltstone with fracture controlled specular hematite and chalcopyriteMCF0048 1.29 Silicified, brecciated syenite with abundant specular hematite (minor pyrite)MCF0049 4.74 Strongly oxidised, silicified rock with abundant quartz + specular hematite + malachite veiningMCF0060 3.2 Altered syenite with disseminated specular hematiteMCF0061 4.4 Specular hematite -pyrite-magnetite altered syeniteRC50211 11.5 Grab from mullock heap RC50222 2.56 Grab sample from artisanal mining Papua New Guinea (PNG) TPJ has made some substantial strides forward on the Crater Mountain JointVenture. Highlights include: • Completion of five holes totalling 1500 metres of diamond drilling at the Nevera prospect which has confirmed the presence of widespread gold values associated with late base metal-carbonate mineralisation. Independent consultants, Applied Petrological Services, have carried out detailed petrographic work and X-ray diffraction analyses of core samples and conclude that native gold is closely associated with carbonate and base metal sulphides and that the gold mineralization may be part of a carbonate-base metal gold system that is a distal component of a porphyry-related low sulphidation system. This type of mineralisation is similar to one of the gold-bearing phases at the Porgera deposit (21 Moz) located approximately 250km to the west of Crater Mountain within the same geological belt. • Successful completion of an orientation soil grid survey using sensitive partial leach methods to detect gold mineralisation beneath the ash cover that blankets much of the Nevera prospect. Circa. 21 line kilometres of grid soil sampling have now been completed. • Completion of a preliminary sampling programme at the Nimi prospect approximately 12km south west of Nevera which has returned some promising results and we have established a new camp at the Nimi prospect with a view to commencing a diamond drill programme in early 2006. Assay results of rock samples from the Nimi prospect include: Sample No Au Cu (%) Pb Zn Ag As Sb Description g/t (%) (%) (ppm) (ppm) (ppm) 21059 7.1 0.68 6.45 2.23 391 2530 288 0.5m vein of pyrite-covellite-chalcocite 21063 5.51 0.47 4.12 7.24 1060 1095 205 Float of quartz-pyrite-chalcopyrite 21074 4.1 0.76 3.08 3.58 337 2550 768 0.2-0.3m. quartz-pyrite-chalcopyrite-galena vein in diorite 21103 5.34 0.34 0.33 13.05 510 425 101 0.5m Quartz -sericite-pyrite-chalcopyrite-galena vein 21112 3.38 0.02 0.09 0.04 106 616 50 0.40m zone of sericite-clay-pyrite altered diorite 21114 2.45 0.03 0.002 0.01 1.1 1980 7 Silica-sericite-pyrite altered diorite porphyry 21122 1.02 0.09 0.11 1.21 20.4 430 81 Brecciated silicified-sericite -pyrite altered diorite porphyry We have also strengthened our focus on the regional programmes and our team hasbeen working with specialist consultants to identify and refine areas ofgeochemical/geophysical anomalies for follow-up in the field. Dedicated fieldteams have been established and are now operating on a campaign basis accessingtarget areas as weather permits in our Wamum exploration licence. These teamsare working progressively south. Field operations have commenced on our Manus Island project with some promisinginitial results. Pitting on the Kisi prospect has returned assays with 11.5 g/t gold in epithermal quartz veining. We are currently assessing these veins andwill fast-track exploration including soil sampling and trenching to determinetheir width, tenor and strike-length. If results are favourable a drill rigwill be brought in at the earliest possible stage. The PNG Government is entirely supportive of our exploration programmes, howeverthe large increase in exploration activity in PNG has put pressure on theavailability of third party services, especially drill rig availability. Tothis end the Company has secured the services on rolling contracts for two drillrigs, one currently at Crater Mountain and the other on the Lambuso project. TPJ has, today, appointed Arbuthnot Securities as nominated advisor andcorporate broker. During 2005 the Board has identified targets within our exploration acreage withworld-class potential for gold and copper-gold deposits. This is in keepingwith our strategy of focused exploration for world class gold and copper-golddeposits. Our balance sheet remains strong with £10,761,000 of cash on handwhich allows the Company to continue to aggressively explore all our targets andbuild further upon the strong foundations already in place. We look forward toreporting on our progress. I R Gowrie-SmithChairman 24 November 2005 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended 30 September 2005 Note Six months Six months Year ended 30 ended 30 to 31 September September March 2005 2004 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Turnover - - - Administrative expenses (503) (425) (788) Operating loss (503) (425) (788) Net interest 209 38 79 Loss on ordinary activities before taxation (294) (387) (709) Tax on loss on ordinary activities 2 - - - Loss after taxation for the year (294) (387) (709) Minority interest 12 - 8 Loss sustained for the year (282) (387) (701) Loss per share 4 (0.32)p (1.00)p (1.81)p There were no recognised gains or losses other than the loss for the financialperiod. CONSOLIDATED BALANCE SHEET AT 30 SEPTEMBER 2005 30 September 30 September 31 March 2005 2004 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000Fixed assetsIntangible assets 11,823 3,749 10,806Tangible assets 281 12 120 12,104 3,761 10,926 Current assetsDebtors 371 195 317Cash at bank and in hand 10,761 2,123 1,245 11,132 2,318 1,562 Creditors: amounts falling due within one year (348) (97) (227) Net current assets 10,784 2,221 1,335 Net Assets 22,888 5,982 12,261 Capital and reservesCalled up share capital 944 386 609Share premium account 16,969 6 6,384Profit and loss account 4,995 5,590 5,276Minority interest (20) - (8)Equity shareholders' funds 22,888 5,982 12,261 CONSOLIDATED CASH FLOW STATEMENT For the six months ended 30 September 2005 Note Six months Six months Year ended 30 ended 30 to 31 September September March 2005 2004 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Net cash outflow from operating activities 5 (405) (532) (869) Returns on investments and servicing of financeInterest received 209 38 79 Net cash inflow from returns on investments and servicing 209 38 79of finance Capital expenditurePurchase of tangible fixed assets (191) (5) (131)Purchase of intangible fixed assets (1,017) (228) (785)Net cash outflow from capital expenditure (1,208) (233) (916) Net cash outflow before use of liquid resources and (1,404) (727) (1,706)financing FinancingIssue of ordinary share capital 11,735 6 107Share issue costs (815) - -Net cash inflow from financing 10,920 6 107 Increase/(Decrease) in cash 6 9,516 (721) (1,599) The accompanying accounting policies and notes form an integral part of thesefinancial statements. NOTES TO THE INTERIM RESULTS 1 BASIS OF PREPARATION The interim unaudited financial statements have been prepared in accordance withapplicable accounting standards and under the historical cost convention. Theprincipal accounting policies of the group have remained unchanged from thoseset out in the Company's 2005 annual report. The financial information herein does not constitute the statutory accounts asdefined in section 240(5) of the Companies Act 1985. The Report and Accountsfor the year ended 31 March 2005, on which the auditors' report was unqualified,have been filed with the Registrar of Companies. Copies of the interim report will be available to the public from the Company'sregistered office at 105 Piccadilly, London, W1J 7NJ. 2 TAXATION On the grounds that losses have been made in this and prior periods, there is notaxation charged to the profit and loss account in this period. 3 DIVIDENDS The directors have not declared a dividend for the six months ended 30 September2005. 4 LOSS PER SHARE The calculation for the basic loss per share is based upon the loss attributableto ordinary shareholders divided by the weighted average number of shares inissue during the year. Reconciliation of the loss and weighted average number of shares used in thecalculations are set out below: Six months Six months Year ended 30 ended 30 to 31 September September March 2005 2004 2005 (unaudited) (unaudited) (audited)Basic loss per shareLoss on ordinary activities before tax (£'000) (282) (387) (701)Weighted average number of shares ('000) 87,234 38,568 38,728Amount of loss per share (pence) (0.32) (1.00) (1.81) The options and warrants are anti-dilutive so there is no diluted loss pershare. 5 NET CASH OUTFLOW FROM OPERATING ACTIVITIES Six months Six months Year ended 30 ended 30 to 31 September September March 2005 2004 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating loss (503) (425) (788)Depreciation 31 2 20Increase in debtors (54) (17) (139)Increase/(Decrease) in creditors 121 (92) 38Net cash outflow from operating activities (405) (532) (869) 6 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Six months Six months Year ended 30 ended 30 to 31 September September March 2005 2004 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Increase/ (Decrease) in cash in the period 9,516 (721) (1,599)Change in net funds/(debt) during the period 9,516 (721) (1,599)Net funds at beginning of period 1,245 2,844 2,844Net funds at end of period 10,761 2,123 1,245 -------------------------- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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