25th Jun 2009 11:30
Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining
25 June 2009
Central African Gold Plc ('CAG' or 'the Company')
Update re Preliminary Results / Annual Report and Accounts and temporary suspension of trading in the Company's shares
CAG announces that it is regrettably unable to publish its preliminary results ('the Preliminary Results') and annual audited accounts ('the Group Accounts'), for the year ended 31 December 2008, by 30 June 2009, for the reasons, inter alia, set out in this announcement.
CAG is currently in discussions with KPMG Audit Plc ('KPMG'), CAG's auditor, with regard to two accounting issues relating to the consolidation of two entities into the Group Accounts, being:
a lack of complete accounting information for Central African Gold Ghana Limited ('CAG Ghana'), control of which passed to Investec Bank Limited on 14 January 2009, as a result of Investec invoking its power of attorney under a charge and transferring the 90,000 shares in CAG Ghana to Investec (as previously announced on 14 January 2009); and
the correct accounting and foreign exchange treatment relating to the consolidation of Falgold and Olympus given the cessation of the Zimbabwe dollar as the working currency in Zimbabwe.
CAG anticipates that these issues will be resolved within the next four weeks.
Accordingly, the Company is not currently in a position to be able to comply with the requirements of AIM Rule 19. The Company has therefore requested that its shares be temporarily suspended from trading on AIM until the Preliminary Results are released and the Group Accounts are published.
CAG will provide shareholders with a further update in due course.
**ENDS**
For further information please visit www.centralafricangold.com or contact:
|
Roy Pitchford / Craig Campbell |
Central African Gold Plc |
Tel: +44(0)77 9390 9985 Tel: +27(0)11 676 2500 |
|
Stuart Faulkner/ James Spinney |
Strand Partners Limited |
Tel: +44(0)20 7409 3494 |
|
Hugo de Salis / Felicity Edwards |
St Brides Media and Finance Ltd |
Tel: +44(0)20 7236 1177 |
Notes to Editors
Central African Gold Plc is an established gold mining company with a portfolio of production and exploration assets in Africa. The Company has two subsidiaries in Zimbabwe: Falcon Gold Zimbabwe Limited (84.7 per cent. owned) and Olympus Gold Mines Limited (100 per cent. owned); three joint ventures in Mali covering 17 prospective permits spanning approximately 2,600km² of the Birimian strata; and a licence in Botswana covering the extension of the Kraaipan greenstone belt from South Africa.
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