(AUR) Aurum Mining
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| 06-12-11 | RNS |
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RNS Number : 3788T Aurum Mining PLC 06 December 2011
AURUM MINING PLC ("Aurum" or "the Company")
Interim Results for the six months ended 30 September 2011
Aurum Mining plc (AIM: AUR) is pleased to announce its interim results for the six months ended 30 September 2011.
The period under review has been one of considerable progress and achievement for the Company and in addition to continuing to develop the Company's exciting gold assets in Spain, the Board is also hopeful of completing further transactions in the coming months that will enable the Company to deliver on its strategic objectives of transforming Aurum into an integrated mining Company and delivering strong returns to Shareholders.
Review of activities
Since the time of its last strategic update to the market in June 2011, the Company has made substantial progress in continuing to deliver on its strategy of transforming itself from an investment company (pursuant to the AIM rules for Companies) into a fully integrated mining company.
Over the last twelve months, the Board has undertaken a series of discrete activities and each of these has contributed to creating a Company that is now positioned to deliver strong returns to Shareholders in the future. These activities include completing the Company's withdrawal from the Kyrgyz Republic, restructuring the Board and reducing the cost base, strengthening the balance sheet through an equity fundraising, bringing on board a new adviser team, creating a strong and supportive Shareholder base, and most importantly, completing the first transaction that will drive the future of the Company. The Board remains very optimistic about the future prospects of the Company and feels the Company is now ideally positioned as a springboard for future growth.
The next steps for the Company are to continue to develop and progress the existing gold projects in Spain and to look to complete on other complementary transactions that will ensure the long term future of the Company and create Shareholder value.
Spanish gold assets
In March 2011, the Company announced that it had entered into a joint venture with Ormonde Mining plc ("Ormonde") under which Aurum partners with Ormonde in gold exploration over four permit areas in western Spain. Under the terms of the joint venture Aurum has committed to expend Euros 500,000 on exploration work over an eighteen month period across the four permit areas in return for a 60% in the Zamora Province and a 54% interest in the Salamanca province permit areas.
Following an initial drilling campaign over the Summer, the Board was delighted to announce some excellent assay results from the first two holes drilled by the joint venture on the ''El Facho'' structure of the Zamora gold project. Highlights from these first two holes included a high grade intersection of 12 metres grading 3.4 grammes per tonne ("g/t") gold within an overall interval of 30 metres grading 1.6g/t gold from the first hole and a 10 metre intersection grading 2.1g/t gold and a 5 metre intersection grading 1.9 g/t gold from the second hole.
It is the view of both Aurums's and Ormonde's management that these assay results provide further strong evidence of a potentially significant near surface gold structure at the El Facho prospect. Indeed of the nine holes drilled by Ormonde at El Facho to date, including the first two holes drilled by the joint venture with Aurum, eight have encountered gold mineralization grading in excess of 1 g/t across multiple intersections.
As a priority, further exploration is being carried out on the El Facho structure and a new drilling programme is already underway. The drill targets have been selected through both the analysis of historical drilling data and the results of the recent geophysical work carried out. It is currently envisaged that it will be a nine hole drilling programme that will equate to approximately 2,000 metres of drilling and it is currently hoped that all assay results from this drilling programme will be available by the end of the first quarter of the 2012 calendar year, though initial results should be available sooner.
A short hole drill programme will also be commencing at the highly prospective Peralonso permit area in the Salamanca Province where previous trenching returned some interesting results including an interval of 5 metres grading 5.4g/t gold. It is expected that three initial holes will be drilled at Peralonso and it is intended that drilling will begin as soon as approvals have been received from the provincial administration.
In addition to the two initial holes drilled by the joint venture at El Facho, a third hole was drilled into the ''Llago'' structure on the adjacent permit area to where the El Facho structure is located. Despite widely held positive views on the potential prospectivity of the Llago structure, with a previous hole drilled by Ormonde returning 3 metres grading 4.3 g/t gold, no mineralization was encountered in this hole. As a result of this, the next phase of the drilling campaign at the two permit areas in the Zamora province will be focused solely on the El Facho structure, while further technical analysis will be undertaken to try and understand the Llago structure better before further drilling is carried out there.
Aurum has now fulfilled the terms of its initial commitments under the joint venture agreement by transferring Euros 200,000 for exploration work in the first nine months to the joint venture. Aurum will now be progressing towards spending an additional Euros 300,000 over the period to 14 September 2012 to earn its majority interest in the four permits which are the subject of the joint venture with Ormonde.
The Board would like to thank the management and staff of Ormonde for their continued efforts in respect of the joint venture which is operating in an extremely efficient and professional way.
Kerr Anderson PhD EurGeolPGeo, Managing Director of Ormonde Mining plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, of the London Stock Exchange, has reviewed and approved the technical information contained in this statement.
Key financials
For the six months to 30 September 2011, the Group reports a loss of $1.1m.
In addition to the underlying cashburn of the Company, the main reason for the scale of the loss was the fact that Company incurred $456k expenditure on a potential reverse takeover transaction that was subsequently aborted. The reported loss also includes a one-off 'non cash' charge of $182k relating to the employee share options issued in April 2011.
In April 2011, the Board announced that it had successfully raised £2m (before expenses) by way of an equity issue to strengthen the Company's balance sheet and give the Company sufficient funds to appraise projects and to complete transactions.
At the end of October 2011, the Company had gross cash of approximately £2m.
Summary
The Board is looking to the future with a high degree of anticipation and optimism.
In addition to continuing to develop the Company's existing Spanish gold assets, the Board is also hopeful of completing further transactions in the coming months that will enable the Company to deliver on its strategic objectives of transforming Aurum into an integrated mining Company and delivering strong returns to Shareholders.
Sean Finlay Chris Eadie Chairman Chief Executive Officer
5 December 2011
Aurum Mining Plc
Condensed consolidated income statement
For the six months ended 30 September 2011
Aurum Mining Plc
Condensed consolidated statement of comprehensive income
For the six months ended 30 September 2011
Aurum Mining Plc
Condensed consolidated statement of financial position
As at 30 September 2011
The Interim financial statements were approved and authorised for issue by the Board of Directors on 5 December 2011 and were signed on its behalf by:
Chris Eadie Chief Executive Officer
Aurum Mining plc
Condensed consolidated statement of changes in equity
For the six months ended 30 September 2011
For the six months ended 30 September 2010
Aurum Mining plc
Condensed consolidated statement of changes in equity
For the year ended 31 March 2011
The following describes the nature and purpose of each reserve within owners' equity.
Aurum Mining plc
Condensed consolidated cash flow statement
For the six months ended 30 September 2011
Aurum Mining Plc
Notes to the condensed consolidated interim financial statements
For the half year ended 30 September 2011
1. Basis of preparation
The financial information set out in this report is based on the consolidated financial statements of Aurum Mining plc and its subsidiary companies (together referred to as the 'Group'). The accounts of the Group for the six months ended 30 September 2011, which are unaudited, were approved by the Board on 5 December 2011. The financial information contained in this interim report does not constitute statutory accounts as defined by s435 of the Companies Act 2006.
These accounts have been prepared in accordance with the accounting policies set out in the Report and Financial Statements of Aurum Mining plc for the year ended 31 March 2011. The statutory accounts for the year ended 31 March 2011 have been filed with the registrar of Companies. The auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or 498 (3) of the Companies Act 2006. These accounts have not been audited by the Company's auditors.
The Group financial statements are presented in United States Dollars and all values are rounded to the nearest thousand Dollars ($'000) except when otherwise indicated.
Based upon cash flow projections the Directors are of the view that the Group has sufficient cash to fund overheads for the next 12 months.
2. Changes in accounting policies
There were no changes in accounting policies during the six months ended 30 September 2011.
3. Loss per share
Basic loss per share is calculated by dividing the loss attributable to the ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
For diluted loss per share, the weighted average number of shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.
As at 30 September 2011 there were 3,950,000 (30 September 2010: 3,135,000, 31 March 2011: nil) potentially dilutive ordinary shares. Dilutive potential ordinary shares include share options and warrants.
The effect of all potential ordinary shares arising from the exercise of options and warrants is anti-dilutive and therefore diluted loss per share has not been calculated.
4. Post balance sheet events
Details of significant post balance sheet events are included within the Review of activities.
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 19-10-11 | RNS |
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RNS Number : 4197Q Aurum Mining PLC 19 October 2011 19 October 2011 AURUM MINING PLC ("Aurum" or "the Company")
Drilling success for Aurum's Spanish gold joint venture
Aurum Mining plc (AIM: AUR) is pleased to announce some excellent assay results from the first two holes drilled on the ''El Facho'' structure of its Zamora gold project through its Spanish joint venture with Ormonde Mining plc ("Ormonde") (AIM: ORM).
Highlights
- High grade intersection of 12 metres grading 3.4 grammes per tonne ("g/t") gold within an overall interval of 30 metres grading 1.6g/t gold from first hole (ORMP 10).
- 10 metre intersection grading 2.1g/t gold and a 5 metre intersection grading 1.9 g/t gold from second hole (ORMP 11).
- These assay results provide further strong evidence of a significant gold structure at the El Facho prospect.
- Of the nine holes drilled by Ormonde at El Facho to date, including ORMP 10 and ORMP 11, eight have encountered gold mineralisation grading in excess of 1 g/t across multiple intersections. Prior to the recent drilling programme, historic drilling by Ormonde included an interval of 23 metres grading 1.1g/t gold (including a high-grade interval of one metre grading 16.6g/t gold), though recent results are clearly the best to date.
- Further work will now be carried out at El Facho, and a short-hole drilling programme will also shortly commence at the highly prospective Peralonso permit area in Salamanca Province where previous trenching returned some interesting results including an interval of 5 metres grading 5.4g/t gold.
- Aurum has fulfilled the terms of its initial commitments under the joint venture agreement and will now be progressing towards spending a minimum of €500,000 over the initial eighteen months of the joint venture to earn its majority interest in the permits that are the subject of the agreement with Ormonde.
Sean Finlay, Aurum's Chairman, said:
"These are excellent drilling results from the initial two holes drilled by the Joint Venture and represent the best mineralised intervals to date on the El Facho structure. The Joint Venture is now planning a more expansive work programme at El Facho and I look forward to reporting on progress from this programme, and the initial work on the highly prospective Peralonso permit area, in due course".
Background
On 11 March 2011, Aurum entered into a joint venture with Ormonde whereby Aurum can earn a 60% interest in two permits in the Zamora Province and a 54% interest in a further two permits in the Salamanca Province (one of which is still under application), by spending €500,000 on exploration activities over an 18 month period.
Initial work of the joint venture has focused on following up on previous drilling carried out by Ormonde at El Facho.
Known gold mineralisation at El Facho is hosted in multiple steeply dipping structures characterised by quartz veining, silicification and alteration within granites. The joint‑venture drilling programme was designed to test for extensions to the known mineralisation and in particular to ascertain whether broader mineralised intervals could be discovered.
The joint-venture's first two holes, ORMP 10 and ORMP 11, were drilled on two sections to test the down-dip extension of previously discovered mineralisation. Both of these holes have intersected significant gold mineralisation in veined and altered granites. The interval in ORMP 10, in particular, is wider than in previous intersections identified at El Facho, and this is a very positive development. The joint venture is now planning to build on this success with a more extensive drilling campaign aimed at identifying the extent of the thicker gold mineralisation seen in these two recent holes.
Including the two recent holes (ORMP 10 and ORMP 11), a total of nine holes have now been drilled by Ormonde at El Facho and eight have intersected gold mineralisation grading in excess of 1 g/t and several of these holes have shown more than one intersection in excess of 1 g/t.
The key intersections from the holes drilled by Ormonde at El Facho are highlighted in the table below.
The initial joint venture drilling programme has been focused on the two permits in Zamora Province and comprised a three-hole programme totalling 672m with two holes drilled on the El Facho structure and a further hole on the "LLago" structure. Results from the hole on the Llago structure are awaited.
As well as undertaking further work at El Facho, a short-hole drilling programme will also now commence on the Peralonso permit in Salamanca to test the shallow depth extent of gold mineralisation located in previous trenching. Gold mineralisation is hosted within Fe-oxide-bearing breccias within altered granites, with previous trenching of an extensive soil geochemical anomaly (400 x 400m) returning a best interval of 5 metres grading 5.4g/t gold.
The Company will keep the market updated on the progress of the exploration programme.
Notes:
Sampling, Assaying and Quality Control Measures
All drill core has been routinely logged by an experienced geologist. Relevant core intervals were split in half by diamond saw, with half being sent for assay and the other half being retained in the core boxes for reference. Sampling is mainly carried out over one metre intervals.
Sample preparation and analyses were performed at ALS Chemex (Spain). Assays are reported using the fire assay (FA) method with an atomic absorption (AA) finish. Reference samples (blanks, duplicates and certified standards) are routinely included in each sample batch as quality control measures.
Kerr Anderson PhD EurGeolPGeo, Managing Director of Ormonde Mining plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, of the London Stock Exchange, has reviewed and approved the technical information contained in this announcement.
For further information:
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 08-07-11 | RNS |
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RNS Number : 0650K Aurum Mining PLC 08 July 2011 Aurum Mining plc
("Company")
Annual General Meeting
At the Annual General Meeting of the Company held on 8 July 2011 at 12.00 noon, all resolutions were duly passed.
Aurum Mining plc Chris Eadie, Chief Executive Officer Tel: 020 7499 4000
Fairfax I.S. PLC Ewan Leggat / Laura Littley Tel: +44 (0)20 7598 5368 This information is provided by RNS The company news service from the London Stock Exchange More |
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| 09-06-11 | RNS |
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RNS Number : 1221I Aurum Mining PLC 09 June 2011 AURUM MINING PLC ("Aurum" or "the Company")
9 June 2011
FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2011
Aurum Mining plc (AIM: AUR) is pleased to announce its final results for the year ended 31 March 2011.
Review of Activities
The last twelve months have been a period of intense activity and sustained progress for the Company. During the year, Aurum has undergone radical transformation and the Company is now well positioned to fulfill on its investing strategy as approved by the Company's Shareholders in November 2009.
It is the Company's intention to take advantage of and exploit some of the convincing mining opportunities that are available in the market and the Board feels that the Company now has sufficient funding, a supportive shareholder base and the appropriate personnel and adviser team to ensure the Company's strategy is delivered.
Background
In December 2009, on the completion of the disposal of the Andash asset in Kyrgyzstan, Aurum became an investing company pursuant to the AIM Rules for Companies. This meant that the Company had 12 months in which to execute an appropriate transaction in order to ensure its shares continued to trade on AIM.
However, it became apparent during the summer of 2010 that certain of the Company's then major shareholders were in favour of a return of a significant proportion of the Company's cash to Shareholders. The Board subsequently agreed to return £7.72m to Shareholders in late 2010. Due to the fact that the Directors were concentrating their efforts on the return of cash to shareholders, the Company was unable to execute an appropriate transaction within the 12 month time limit and trading in its ordinary shares on AIM was suspended on 23 December 2010.
With the return of cash completed at the end of December 2010, the key objective for the Company was to restructure the shareholder register and to bring on board investors who were committed to the growth and development of Aurum. In this respect, the Company was extremely fortuitous in that a number of key new investors, who could see the potential of Aurum as an investment vehicle, were able to acquire significant shareholdings in the Company. With this new supportive shareholder base the Board was able to look forward with confidence.
With the Company's shares suspended from trading on AIM, the Board was focused on completing a transaction which would qualify for the restoration of trading of its shares and provide a springboard for the future development of the Company.
The Board was therefore delighted to announce in March 2011, that it had entered into a joint venture agreement with Ormonde Mining plc ("Ormonde") under which Aurum will partner with Ormonde in gold exploration over four permit areas in northwest Spain, which are considered by the Board to be highly prospective for gold. Under the terms of the joint venture agreement with Ormonde, Aurum has committed to expend Euros 500,000 on exploration work over an eighteen month period across the four permit areas in return for 60% of Ormonde's interest in these permit areas.
Following the completion of the joint venture agreement with Ormonde, trading in the ordinary shares of the Company on AIM was restored on 14 March 2011.
The Aurum Board is excited about the opportunity these permit areas represent and looks forward to working alongside Ormonde over the next eighteen months and beyond. The first tranche of Aurum's investment into the joint venture has now taken place and drilling work on one of the permit areas has already begun with results of the drilling expected at some point over the summer months.
Equity Fundraising
With the Ormonde transaction completed, Aurum's admission to trading on AIM protected and the Company's strategic direction clarified, the Board felt it appropriate to complete an equity fundraising to strengthen the Company's balance sheet and to give the Company sufficient funds to appraise projects and to complete transactions.
Key to the completion of an equity fundraising was the need to appoint a new broker who was fully supportive of the Aurum Board and strategy and who could assist the Company in identifying potential acquisitions. At the end of March 2011, the Board appointed Fairfax I.S. PLC ("Fairfax") as broker and nominated adviser to the Company and immediately set about the equity fundraising. In April 2011, the Board announced that it had successfully raised £2m (before expenses) by way of an equity issue. The equity fundraising was approved by Shareholders at a general meeting. The Board would like to thank existing Shareholders for their support and extend a very warm welcome to all the new Shareholders of the Company.
Next steps
The Board is now fully focused on identifying and completing an acquisition or acquisitions that will ensure the long term future of the Company and create shareholder value.
The Board is currently looking at a number of exciting opportunities across a wide range of geographies and commodities and looks forward to updating the market when a suitable acquisition is identified and the transaction completed.
As outlined in the circular published by the Company on 6 April 2011, the Board has set itself a target of completing a substantial transaction by the end of calendar year.
In the meantime, the Board very much hopes that it will be able to deliver some news from the ongoing exploration work being carried out by the Company's Spanish joint venture with Ormonde.
Key Financials
For the year to 31 March 2011, the Group reported a loss of $3.4m compared to a loss of $1.0m in 2010.
Gross cash at the end of May 2011 was circa £2.5m.
During this year of transition, cash management and cost control have remained key priorities for the Company.
Corporate
Following the return of cash in December 2010 and the subsequent efforts to reduce costs, Mark Jones stepped down as Chief Executive Officer in order to pursue other business opportunities. However, given Mark's substantial expertise, the Company was pleased that he remained on the Board as a non-executive Director. Chris Eadie replaced Mark Jones as Chief Executive Officer.
Dr Colin Knight stepped down from the Board with effect from 1 January 2011. The Board would like to thank Colin for his tremendous efforts and commitment towards Aurum over the last few years.
We would also like to thank our staff for their unwavering effort and determination during the last twelve months and the Company's advisers and consultants for their support.
Sean Finlay Chairman
Chris Eadie Chief Executive Officer 9 June 2011
The Company's Annual Report will be dispatched to shareholders shortly. The Accounts include notice of the Company's Annual General Meeting to be held at 12 noon on 8 July 2011 at 4 More London Riverside, London, SE1 2AU. A hard copy of the Annual Report and the notice of the AGM are also available on the Company's website: http://www.aurummining.net.
Contact details:
CONSOLIDATED INCOME STATEMENT Year ended 31 March 2011
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended 31 March 2011
CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION As at 31 March 2011
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Year ended 31 March 2011
COMPANY STATEMENT OF CHANGES IN EQUITY Year ended 31 March 2010
The following describes the nature and purpose of each reserve within owners' equity.
The Company has taken advantage of the exemption provided under Section 408 of the Companies Act 2006 not to publish its individual income statement, statement of comprehensive income and related notes. The Company's loss for the year was $3,378k (2010: loss of $2,967k).
CONSOLIDATED AND COMPANY STATEMENTS OF CASH FLOWS Year ended 31 March 2011
Principal activity Following the completion of the disposal of the Andash asset in December 2009, the Company became an 'investing company' pursuant to Rule 15 of the AIM Rules for Companies.
The Company's investment strategy is to acquire mining assets either by taking outright control or through partnering arrangements.
Prior to the disposal of the Andash asset the Group operated mining assets in Kyrgyzstan.
On 14 March 2011 the Company announced that it had entered into a joint venture agreement with Ormonde under which Aurum will partner with Ormonde in gold exploration over four permit areas in northwest Spain.
Dividends The Directors do not recommend payment of a dividend for the year (2010: £nil).
Principal risks and uncertainties At the present time, there is strong competition within the mining industry for the identification and acquisition of appropriate assets. The Company competes with other exploration and production companies for these assets, some of which have greater financial resources than the Company, for the acquisition of properties, leases and other interests. The challenge for management is to secure appropriate assets without having to overpay for them.
Key performance indicators (KPIs) The Company is currently an investing company, with an intention of becoming a resource development or exploration entity in due course. Consequently, the key performance indicators for the Company will be linked to the specific projects acquired and the increase in overall enterprise value of the Company.
The key performance indicators of the Group are as follows:
NOTES
1. BASIS OF PREPARATION
The financial information set out above, which was approved by the Board on 9 June 2011, has been compiled in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS"), but does not contain sufficient information to comply with IFRS. The Company expects to distribute its full financial statements that comply with IFRS shortly. The financial statements have been prepared on the historic cost basis.
The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 March 2011 but is extracted from those accounts. The Company's statutory accounts for the year ended 31 March 2011 will be filed with the Registrar of Companies following the Company's annual general meeting. The independent auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis without qualifying those accounts and did not contain any statement under section 498(2) or (3) of the Companies Act 2006. The Company's statutory accounts for the year ended 31 March 2010 have been filed with the Registrar of Companies. The independent auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis without qualifying those accounts and did not contain any statement under section 498(2) or (3) of the Companies Act 2006.
The financial statements have been prepared on a going concern basis. The Board feel the Group has sufficient cash resources to enable it to pursue its strategy and continue as a going concern.
2. SEGMENTAL INFORMATION
In the current year the Group had one reportable segment: Corporate and Investment. In the prior year the Group had two reportable segments: Corporate and Investment and Mining.
Corporate and Investment - The heads office activities of the Group and all non-current assets allocated to corporate activities in the United Kingdom.
Mining - The mining, production and exploration of gold and other precious metals and all non-current assets allocated to mining activities in the Kyrgyz Republic.
The operating results of these segments are regularly reviewed by the Group's chief operating decision makers in order to make decisions about the allocation of resources and access their performance.
The segment results as follows:
Other segment items included in the income statement are as follows:
The segment assets and liabilities and capital expenditure are analysed as follows:
3. DISCONTINUED OPERATIONS
On 22 December 2009 the Group completed the disposal of Kaldora Company Limited and the Andash Mining Company, which operated in the Kyrgyz Republic. The Group owned 100% of the Andash Mining Company until 22 October 2009, when it disposed of 20% of the Company to local interests as part of settlement of the Bishkek court case and to secure its mining rights. Gross proceeds for the disposal amounted to $15m which included repayment of a $13.5m intercompany loan by Andash Mining Company.
In the current year there were no discontinued operations.
Financial information relating to the discontinued operations for the prior year to the date of disposal is set out below.
GROUP
4. TAXATION
No current or deferred tax charge has arisen in the current year.
The Company and the Group have incurred tax losses for the year and a corporation tax charge is not anticipated. At 31 March 2011, the Group had tax losses of $7.9m (2010: $6.1m) carried forward which can be used against future profits. The majority of these losses arose in a jurisdiction with a lower tax rate than in the UK. However, these losses are only recoverable against future profits, the timing of which is uncertain and as a result no deferred tax asset is being recognized in relation to these losses.
The total of potential deferred tax assets relating to tax losses which have not been recognised for in the financial statements amount to $2.2m (2010: $1.7m).
The Directors believe that there have been no breaches of foreign tax regulations and that all necessary provisions have been made in these accounts.
Current taxation
The tax assessed for the year is different from the standard rate of Corporation Tax in the UK. The differences are explained below:
The Group did not recognise any deferred tax assets or liabilities at 31 March 2011 or 2010.
5. LOSS PER SHARE
Basic loss per share is calculated by dividing the loss attributable to the ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.
For diluted loss per share, the weighted average number of shares in issue is adjusted to assume conversion of all the dilutive potential ordinary shares.
In 2011 and 2010 the potential ordinary shares are anti-dilutive and therefore diluted loss per share has not been calculated.
At the balance sheet date there were nil (2010: 3,805,000) potentially dilutive ordinary shares. Dilutive potential ordinary shares include share options and warrants.
This information is provided by RNS The company news service from the London Stock Exchange More |
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statement sounds very bullish might be a very good 2012.Will have to see what new projects come about next year
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Ormonde Mining: Expanded drilling campaign begins at Zamora gold project, Spain
8:28 am by Giles Gwinnett http://bit.ly/rr6Tyl It comes after initial holes at the Facho structure at the project, reported in October, showed "significant" gold mineralisation Drilling has begun on an expanded campaign on Ormonde Mining's (LON:ORM) Zamora gold project in western Spain, the company said today. It comes after initial holes at the Facho structure at the project, reported in October, showed "significant" gold mineralisation. Now, an expanded drilling campaign has been agreed with the firm's JV partner Aurum Mining, Ormonde said this morning in a statement. It will include around 2,000 metres of diamond drilling and it is expected that assays will be available during the first quarter next year. Managing director Kerr Anderson told investors today: "Following the very positive initial drilling results at our Zamora gold project, which encountered significant gold intersections, we are pleased to have agreed an expanded drilling campaign with our joint venture partner Aurum Mining. "This drilling programme, funded by Aurum, has now commenced with the aim of more thoroughly testing and expanding the Facho gold structure." In October, the firm reported positive results from the first two holes, including 12 metres at 3.4 grammes per tonne of the yellow metal. That was from hole ORMP-10 and was from a depth of 89 metres within an overall interval of 30 metres at 1.6g/t gold from 75m depth. Meanwhile, hole ORMP-11 revealed an interval of 10 metres grading 2.1g/t gold from 102 metres depth. A third hole did not encounter any gold mineralisation. In March this year, Ormonde entered into the joint venture with Aurum Mining, whereby Aurum will fund the next stage of exploration activities on Ormondes gold-only prospects which comprise four areas, including one under application, and cover an area of 106 square kilometres. Aurum has forwarded the total funds due under the agreed initial programme and is now progressing towards spending the required 500,000 over an eighteen month period to earn its majority interest in the permits. |
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..... despite being up at the top of the leader board today, this share must be in really unknown territory. It's well worth taking a peep at the Fairfax note 6th Sept (below).
Mkt cap after this excellent news is still only £4.425p (3.75p mid). m |
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DJ Aurum Mining PLC Drilling Report
TIDMAUR RNS Number : 4197Q Aurum Mining PLC 19 October 2011 19 October 2011 AURUM MINING PLC ("Aurum" or "the Company") Drilling success for Aurum's Spanish gold joint venture Aurum Mining plc (AIM: AUR) is pleased to announce some excellent assay results from the first two holes drilled on the "El Facho" structure of its Zamora gold project through its Spanish joint venture with Ormonde Mining plc ("Ormonde") (AIM: ORM). Highlights - High grade intersection of 12 metres grading 3.4 grammes per tonne ("g/t") gold within an overall interval of 30 metres grading 1.6g/t gold from first hole (ORMP 10). - 10 metre intersection grading 2.1g/t gold and a 5 metre intersection grading 1.9 g/t gold from second hole (ORMP 11). - These assay results provide further strong evidence of a significant gold structure at the El Facho prospect. - Of the nine holes drilled by Ormonde at El Facho to date, including ORMP 10 and ORMP 11, eight have encountered gold mineralisation grading in excess of 1 g/t across multiple intersections. Prior to the recent drilling programme, historic drilling by Ormonde included an interval of 23 metres grading 1.1g/t gold (including a high-grade interval of one metre grading 16.6g/t gold), though recent results are clearly the best to date. - Further work will now be carried out at El Facho, and a short-hole drilling programme will also shortly commence at the highly prospective Peralonso permit area in Salamanca Province where previous trenching returned some interesting results including an interval of 5 metres grading 5.4g/t gold. - Aurum has fulfilled the terms of its initial commitments under the joint venture agreement and will now be progressing towards spending a minimum of EUR500,000 over the initial eighteen months of the joint venture to earn its majority interest in the permits that are the subject of the agreement with Ormonde. Sean Finlay, Aurum's Chairman, said: "These are excellent drilling results from the initial two holes drilled by the Joint Venture and represent the best mineralised intervals to date on the El Facho structure. The Joint Venture is now planning a more expansive work programme at El Facho and I look forward to reporting on progress from this programme, and the initial work on the highly prospective Peralonso permit area, in due course". Background On 11 March 2011, Aurum entered into a joint venture with Ormonde whereby Aurum can earn a 60% interest in two permits in the Zamora Province and a 54% interest in a further two permits in the Salamanca Province (one of which is still under application), by spending EUR500,000 on exploration activities over an 18 month period. Initial work of the joint venture has focused on following up on previous drilling carried out by Ormonde at El Facho. Known gold mineralisation at El Facho is hosted in multiple steeply dipping structures characterised by quartz veining, silicification and alteration within granites. The joint--venture drilling programme was designed to test for extensions to the known mineralisation and in particular to ascertain whether broader mineralised intervals could be discovered. The joint-venture's first two holes, ORMP 10 and ORMP 11, were drilled on two sections to test the down-dip extension of previously discovered mineralisation. Both of these holes have intersected significant gold mineralisation in veined and altered granites. The interval in ORMP 10, in particular, is wider than in previous intersections identified at El Facho, and this is a very positive development. The joint venture is now planning to build on this success with a more extensive drilling campaign aimed at identifying the extent of the thicker gold mineralisation seen in these two recent holes. Including the two recent holes (ORMP 10 and ORMP 11), a total of nine holes have now been drilled by Ormonde at El Facho |
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They have not been approved or issued by Interactive Investor Trading Limited.
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