30th Jun 2005 06:00
Embargoed: 0700hrs 30 June 2005 PAN AFRICAN RESOURCES PLC Six Month Interim Statement at 31 March 2005 and Operational Review During the period under review, the Group returned a loss of ‚£91,373 ascompared with a loss of ‚£164,231 in the eighteen-month period to 30 September2004.As at the date of this report the Company has a cash balance of approximately ‚£590,000.Drilling has taken place during the period in the group's exploration projectsin Mozambique and Ghana. In Ghana the company has increased its knowledge anddata base by completing a 6,358m, 104 reverse circulation drill hole programmeon two of the three prospect areas in its Wa project.At the Julie prospect the strike extension of the mineralization was increasedby 400m to the west and some 300m to the east and the new interpretation showsthree reef systems with continuity of mineralization without offset by dextralfaults as the step like feature of the `ore bodies' is related to change in dipof the quartz veins / shear. The company's current estimate of resource in thisprospect is 245,000 ounces of gold. Interpretation work is ongoing.Of the total drilling programme above, 23 RC holes (1,545m) were drilled at theCollette prospect which tested 4 zones of workings over quartz veining over 1.7km of strike and a mixed zone of quartz veining and disseminated mineralizationover some 400m of strike. Gold mineralization was intersected in all zones andan estimated resource of 81,000 ounces of gold has been inferred in one area.The exploration programme is ongoing.At Josephine, the third of the company's prospects at Wa, a previous estimateinferred a resource of 61,400 ounces of gold at the Josephine north prospect.Work is now progressing on two other untested large geochemical anomaliestrending to the north west over more than 1.5km each.Accordingly the company's estimate of the total inferred resource at the WaGold Project stands at 387,400 oz of gold.In Mozambique at the company's Manica Prospect area recent drilling togetherwith previous work indicates an inferred resource of approximately 200,000ounces of gold. The results of this drilling have clarified our understandingof the distribution of mineralization. Exploration work continues towards asecond drill programme to further test the Fair Bride - Dot's Luck zone andalso a target at Boa Esperanca.The gold market remains buoyant and your company remains focused on goldexploration in Africa. To this end the Company is currently looking at twoopportunities, one in Madagascar and the other through its relationship withPangea Exploration Pty Limited ("Pangea") is in the C.A.R. (Central AfricanRepublic).Both these opportunities are at an early stage of evaluation and negotiationand the Company will make further announcements as appropriate.In addition, the Company is evaluating other opportunities in a number ofAfrican regions and announcements will be made in due course as appropriate.As indicated above the directors are actively seeking new opportunities as wellas developing the Company's existing interests in order to deliver returns toshareholders. The directors are optimistic that there will be further progressmade in the coming months.By Order of the BoardColin BirdChairmanDate:29 June 2005Enquiries:C. Bird, Pan African Resources PlcTel. 07768 397627Ben SimonsHansard CommunicationsTel. 020 7245 1100UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31MARCH 2005 Six-Month Eighteen-Month Ended 31.3.2005 Ended 30.9.2004 ‚£ ‚£ Administrative expenses - (operating loss) (100,944) (178,374) Interest receivable 9,571 14,143 --------- ---------- Loss on ordinary activities before taxation (91,373) (164,231) Tax on loss on ordinary activities - - ---------- ---------- Loss for the financial period (91,373) (164,231) ====== ===== Loss per ordinary share - basic (0.03p) (0.09p) ===== ===== UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2005 Six months Eighteen Ended months Ended 31 March 30 September 2005 2004 ‚£ ‚£ ‚£ ‚£ FIXED ASSETS Intangible assets 4,245,183 3,831,710 Investments 24,200 24,200 ------------- ------------ 4,269,383 3,855,910 CURRENT ASSETS Debtors - 18,434 Cash at bank 696,704 1,224,133 ------------- ------------- 696,704 1,242,567 Creditors: amounts (66,146) (107,163) falling due within one year ----------- ---------- 630,558 1,135,404 ------------ ------------- 4,899,941 4,991,314 Total assets less ======= ====== current liabilities CAPITAL AND RESERVES Share capital 3,520,000 3,520,000 Share premium account 2,404,829 2,404,829 Merger reserve 1,485,000 1,485,000 Profit and loss account (2,509,888) (2,418,515) ------------ ------------ Shareholders' funds 4,899,941 4,991,314 ======= ====== UNAUDITED CONSOLIDATED CASH FLOW STATEMENTFOR THE SIX MONTHS ENDED 31 MARCH 2005 Six Months Eighteen Months Ended Ended 31.03.2005 31.09.2004 ‚£ ‚£ CASH FLOW STATEMENT Net cash outflow from operating activities (123,527) (118,199) Returns on investments and servicing of 9,571 14,143 finance Capital expenditure and financial investment (413,473) (777,405) Acquisitions - (43,724) Financing - 1,578,674 ------------- ------------ Increase/ (Decrease) in cash (527,429) 653,489 ======== ======= NOTES TO THE UNAUDITED INTERIM ACCOUNTSSix Months Ended 31 March 20051. The calculation of earnings per share is based on the losses of ‚£91,373 andon the number of shares in issue being the adjusted weighted average numberof shares in issue totalling. The fully diluted earnings per share are based on 352,000,000 ordinary sharesallowing for the full exercise of outstanding share purchase options and theearnings as stated above. There is no dilutive effect in the period and in theprevious period in accordance with FRS 14 paragraph 56.2 The current period for the company is a twelve-month period ending 30September 2005. 3 The comparative figures were for the eighteen-month period ended 30 September2004.4 The interim statement for the six months ended 31 March 2005 is unaudited andwas approved by the Directors on 29 June 2005. The financial information setout above does not constitute statutory accounts within the meaning of s.240 ofthe Companies Act 1985.5 Copies of the Interim Report are available to the public free of charge fromthe company at Manfield House, 2nd Floor, 1 Southampton Street, London WC2R 0LRduring normal office hours, Saturdays, Sundays and bank holidays excepted, for31 days from today.ENDPAN AFRICAN RESOURCES PLCRelated Shares:
Pan African Resources