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(DCP.L) Diamondcorp PLC Buy/Sell

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Date/Time	Headline	Source
1
Tue 07:01	Diamondcorp Plc - Botswana Drilling Update	RNS
RNS Number : 5866C Diamondcorp Plc 17 November 2009 DiamondCorp plc JSE share code: DMC AIM share code: DCP ISIN: GB00B183ZC46 (Incorporated in England and Wales) (Registration number 05400982) (SA company registration number 2007/031444/10) ('DiamondCorp' or 'the Company') JWANENG SOUTH DRILLING UPDATE DiamondCorp, the Southern African diamond mining and exploration company, today announces an update on drilling of the J1 kimberlite target in the Jwaneng South Project Area in Botswana. HIGHLIGHTS THE FIRST DIAMOND BOREHOLE INTERSECTS KIMBERLITE FROM A DEPTH OF 17M TO THE END OF THE HOLE AT 340.02M VERTICAL DEPTH. AT LEAST TWO KIMBERLITE VARIETIES HAVE BEEN POSITIVELY IDENTIFIED. THE J1 KIMBERLITE LIES UNDER SHALLOW KALAHARI SAND COVER. UPDATE The Company's first diamond drill hole, J1/001 located in the western portion of the approximately 10 hectare geophysical anomaly outlining the J1 kimberlite target, has been completed to a vertical depth of 340.02m. The drill hole intersected kimberlite from 17m vertically down hole to the end of the bore hole. Logging of the core reports Kalahari sand to 17m, severely calcretised kimberlite from 17m to 69m, weathered massive volcaniclastic kimberlite ("MVK") from 69m to 74m and 'relatively fresh' MVK kimberlites from 74m to the bottom of the bore hole at 340m. The bore hole comprises HQ size core (63.m mm diameter) from 17m to 87m, and NQ size core (47.7mm) to the end of the hole. The drill rig has now been relocated 200 metres to the east-north-east of bore hole J1/001 to test the eastern portion of the anomaly. At the completion of the second hole, the core will be shipped to MSA Analytical Laboratories in Johannesburg for microdiamond recoveries. Petrographic analyses of the differing kimberlites will be undertaken by Mr Paul Zweistra of VP3 Geoservices (Pty) Limited ("VP3"). DiamondCorp managing director and CEO, Paul Loudon, said: "We are pleased with the rapid progress in drilling J1 and delighted with the shallow sand cover which could facilitate early bulk testing if microdiamond analysis is positive. We look forward to updating the market as the programme progresses." DiamondCorp is earning a 77.5 per cent interest in various exploration licences in Botswana from Geoperspectives (Pty) Limited by funding exploration activities. The J1 kimberlite is located 8km southeast of De Beers Jwaneng mine, the richest diamond mine in the world measured by value. The Competent Person responsible for the technical information contained in this announcement is Mr Paul Zweistra (Pr. Sci. Nat., Registration number 400016/93) a full-time employee of VP3. VP3 and Mr Zweistra have given their permission for their work to be quoted in this announcement. 17 November 2009 London Sponsor: Investec Bank Limited For further information, please contact: Paul Loudon, DiamondCorp plc +44 20 7256 2651 Joe Nally/Liz Bowman/Ivonne Cantu, Cenkos Securities plc +44 20 7397 8900 Ana Ribeiro/Tim Blythe, Blythe Weigh Communications +44 20 7138 3204 Robert Smith/Tanis Crosby, Investec Bank Limited +27 11 286 7662 Charmane Russell/Matthew Ross, Russell & Associates +27 11 880 3924 This information is provided by RNS The company news service from the London Stock Exchange END DRLEAKFKFAPNFFE More
Mon 15:30	Diamondcorp Plc - Issue of Equity	RNS
RNS Number : 5755C Diamondcorp Plc 16 November 2009 DiamondCorp Plc JSE share code: DMC & AIM share code: DCP ISIN: GB00B183ZC46 (Incorporated in England and Wales) (Registration number 05400982) (SA company registration number 2007/031444/10) ("DiamondCorp" or "the Company") ISSUE OF SHARES DiamondCorp, the South African diamond mining and exploration company, announces that in accordance with the general authority approved by shareholders at the annual general meeting held on 6 May 2009, the Company has issued 145,000 fully paid ordinary shares ('new shares') of 3p par value to Wills & Co. Registrars Limited in satisfaction of investor relations services for the 12 months to 13 November 2010. The new shares represent 0.30% of the Company's issued share capital and will rank pari passu with all existing shares. The Company has applied for the new shares to be listed on the JSE Limited ('JSE') and the AIM Market of the London Stock Exchange ('AIM'). The admission of the shares to trading on AIM is expected on 20 November 2009. The shares have been issued at 13.8 pence per share (the equivalent of R1.72 per share) at the prevailing exchange rate of 12.45R to new a "public" shareholder within the meaning of paragraphs 4.25 and 4.26 of the Listings Requirements of the JSE. Financial effects The issue of the shares will have no impact on basic loss per share, headline loss per share or tangible net asset value per share. 16 November 2009 London Sponsor: Investec Bank Limited For further information, please contact: Paul Loudon DiamondCorp plc +44 20 7256 2651 Joe Nally/Liz Bowman Cenkos Securities plc +44 20 7397 8900 Robert Smith/Tanis Crosby Investec Bank Limited +27 11 286 7662 Charmane Russell Russell & Associates +27 11 880 3924 This information is provided by RNS The company news service from the London Stock Exchange END IOEBFBITMMIBBRL More
03-11-09	BRIEF-Diamondcorp to place up to 6,000,000 shares	AFX UK Focus
LONDON, Nov 3 (Reuters) - Diamondcorp Plc: WILL PLACE UP TO 6,000,000 FULLY PAID ORDINARY SHARES FOR GROSS PROCEEDS OF `up to £600,000.` ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
03-11-09	Diamondcorp Plc - Issue of Equity	RNS
RNS Number : 8707B Diamondcorp Plc 03 November 2009 DiamondCorp plc ("DiamondCorp" or "the Company") 3 November 2009 Proposed Placing DiamondCorp, the South African diamond mining and exploration company, is pleased to announce that in accordance with the general authority approved by shareholders at the annual general meeting held on 6 May 2009, the Company will place up to 6,000,000 fully paid ordinary shares ('new shares') of 3p par value for gross proceeds of up to £600,000. The new shares represent 14.60% of the Company's issued share capital and will rank pari passu with all existing shares. The Company has applied for the new shares to be listed on the JSE Limited ('JSE') and the AIM Market of the London Stock Exchange. The admission of the shares to trading on AIM is expected on Friday, 6 November 2009. The shares have been placed at 10 pence per share (the equivalent of R1.27 per share) at the prevailing exchange rate of 12.68R to new and existing "public" shareholders within the meaning of paragraphs 4.25 and 4.26 of the Listings Requirements of the JSE, as well as directors of the Company. The Directors of Diamondcorp, with the exception of the directors taking part in the Placing as set out below, consider, having consulted with the Nominated Adviser that the terms of the transaction are fair and reasonable insofar as shareholders are concerned. The proceeds of the placing will be used to complete a drilling programme on the Company's Jwaneng South kimberlite exploration project in Botswana and for general working capital purposes. The Company is paying to regulated firms placing the shares a 5% commission and a 5% broker warrant at the placing price exercisable at any time for 36 months after the issue date of the new shares. The broker warrant will be subject to shareholder approval at the next general meeting of shareholders. Financial effects The table below reflects the pro forma financial effects of the placement. This table has been prepared for illustrative purposes only in terms of the Listings Requirements of the JSE and therefore, due to its nature may not truly reflect DiamondCorp's financial position or results. The directors of DiamondCorp are responsible for the preparation of the pro forma financial effects. `Before issue of new After issue of new shares % change (iii)` `shares (i) (ii)` Basic loss per share (pence) `2.4 2.1 12.75` Headline loss per share `(pence) 2.4 2.1 12.75` Net asset value per share `(pence) 30.0 27.4 8.67` Tangible net asset value per `share (pence) 9.5 9.5 0.00` Number of shares in issue `41,086,995 47,086,995 14.60` Notes THE "BEFORE ISSUE OF NEW SHARES" FIGURES ARE BASED ON THE DIAMONDCORP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009. THE "AFTER ISSUE OF NEW SHARES" IS BASED ON THE ASSUMPTION THAT THE COMPANY ISSUES 6,000,000 SHARES AND THAT THE ISSUE OF NEW SHARES WAS EFFECTIVE ON 1 JANUARY 2009. IT IS ASSUMED THAT THE PROCEEDS WILL BE UTILIZED FOR WORKING CAPITAL AND WILL THEREFORE NOT AFFECT EARNINGS FOR THE PERIOD. THE PERCENTAGE CHANGE HAS BEEN CALCULATED ON ROUNDED NUMBERS. Additional Information In accordance with Schedule 13.6 of the JSE Listing Rules, the Company provides the following additional information. `(a) The placing price is an average discount of 45% to the 30 trading price` `for the Company on the AIM Market of the London Stock Exchange.` `(b) The shareholdings of the Directors participating in the placing prior to` `the issue of the new shares is:` `Paul R. Loudon 1,798,052 4.37%` `Euan A. Worthington 90,000 0.21%` `Jonathan Willis-Richards 75,000 0.18%` `The shareholdings of the Directors participating in the placing after the` `issue of the new shares will be:` `Paul R. Loudon 2,088,052 4.40%` `Euan A. Worthington 190,000 0.40%` `Jonathan Willis-Richards 125,000 0.27%` `(c) The working capital from this placing will allow the Company to meet its` `financial obligations for the remainder of the financial year.` `(d) The Directors of the Company believe that the issue of shares for cash is` `in the best interests of the Company and shareholders as a whole, and` `that if it is not completed, the Company may not be able to meet its` `financial commitments as and when they fall due.` `(e) All documentation supporting the requirement for the issue of shares for` `cash has been supplied to the JSE Limited in accordance with Schedule` `13.5 of the JSE Listing Rules.` `(f) No additional financing arrangements are contingent of the completion of` `the issue of shares for cash.` (g) Directors and interests associated with Directors are participating in `the issue of shares for cash. The board considers this issue of shares` `for cash is fair in so far as all shareholders are concerned and` `independent price discovery was undertaken by the Company's London broker` `Cenkos Securities Limited.` `(h) The working capital provided by this placement will not be sufficient for` `the next 12 months and the Company will need to raise additional capital` `in 2010.` For further information, please contact: Paul Loudon DiamondCorp plc +44 20 7256 2651 Joe Nally/Ivonne CantLiz Bowman Cenkos Securities plc +44 20 7397 8900 This information is provided by RNS The company news service from the London Stock Exchange END IOEBJBJTMMJMBLL More
14-10-09	BRIEF-Diamondcorp no longer in talks about takeover offer	AFX UK Focus
LONDON, Oct 14 (Reuters) - Diamondcorp Plc: IS NO LONGER IN DISCUSSIONS WITH RESPECT TO A POSSIBLE OFFER FOR THE COMPANY PROGRESSING WITH A FUND RAISING TO FINANCE PLANNED OPERATIONAL EXPENDITURE `and to provide working capital` ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
14-10-09	Diamondcorp Plc - Update on Offer Talks and Financial Position	RNS
RNS Number : 7172A Diamondcorp Plc 14 October 2009 DiamondCorp Plc JSE share code: DMC & AIM share code: DCP ISIN: GB00B183ZC46 (Incorporated in England and Wales) (Registration number 05400982) (SA company registration number 2007/031444/10) ("DiamondCorp" or "the Company") CORPORATE AND FINANCIAL UPDATE Further to the Company's interim financial statements released on 30 September 2009 the Company announces that it has been able to allocate existing cash resources to fund the interest payment due on 14 October 2009. Further, the Company advises that it is no longer in discussions with respect to a possible offer for the entire issued share capital of the Company. The Company is now progressing with plans for a fund raising to finance planned operational expenditure and to provide working capital. An update will be provided to shareholders in due course. For further information, please contact: Paul Loudon, DiamondCorp plc +44 20 7256 2651 Ivonne Cantu/ Liz Bowman, Cenkos Securities plc +44 20 7397 8900 Robert Smith/Tanis Crosby, Investec Bank Limited +27 11 286 7662 14 October 2009 London Sponsor: Investec Bank Limited This information is provided by RNS The company news service from the London Stock Exchange END MSCEAKEDFFXNFFE More
05-10-09	BRIEF-Diamondcorp says in offer talks	AFX UK Focus
LONDON, Oct 5 (Reuters) - Diamondcorp Plc: IS IN PRELIMINARY DISCUSSIONS WITH A THIRD PARTY MAY OR MAY NOT LEAD TO AN OFFER BEING MADE FOR THE ENTIRE ISSUED SHARE `capital of the company` ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
05-10-09	Diamondcorp Plc - Statement re Possible Offer	RNS
RNS Number : 1954A Diamondcorp Plc 05 October 2009 DIAMONDCORP PLC ("Diamondcorp" or the "Company") Announcement regarding possible offer The board of Diamondcorp notes the recent press speculation and announces that it is in preliminary discussions with a third party which may or may not lead to an offer being made for the entire issued share capital of the Company. Shareholders of the Company should be aware that there is no certainty that an offer will be forthcoming. A further announcement will be made in due course. Rule 2.10 Requirement In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, Diamondcorp confirms that it currently has in issue 41,086,995 ordinary shares of 3p each. The International Securities Identification Number for the ordinary shares is GB00B183ZC46. Contact: Paul Loudon `DiamondCorp plc +44 20 7256 2651` `Ivonne Cant? Bowman 020 7397 8900` Cenkos Securities plc Dealing Disclosure Requirements:- Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in one per cent. or more of any class of "relevant securities" of the Company, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such relevant securities) must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which any offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of the Company, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of the Company by the Company or by the potential offeror, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the UK Panel on Takeovers and Mergers' (the "Panel") website at www.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel. The Company's Directors accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Company's Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. This information is provided by RNS The company news service from the London Stock Exchange END OFDCKQKPPBDDCKK More
30-09-09	Diamondcorp Plc - Half Yearly Report	RNS
RNS Number : 9579Z Diamondcorp Plc 30 September 2009 DiamondCorp plc JSE share code: DMC AIM share code: DCP ISIN: GB00B183ZC46 (Incorporated in England and Wales) (Registration number 05400982) (SA company registration number 2007/031444/10) ('DiamondCorp' or 'the Company') Interim Results (unaudited) for the period ended 30 June 2009 DiamondCorp plc, the South African diamond mining and exploration company, releases its interim results for the period ended 30 June 2009. The results are unaudited. Commenting on the results, DiamondCorp CEO Paul Loudon said: 'Limited mining activities were undertaken during the period as the Company concentrated on completing the bulk testing and feasibility study on the Lace kimberlites. 'The Company has now received a positive feasibility study on the underground development at the Lace Mine which demonstrates a robust internal rate of return and net present value over a 25 year mine life. Management's efforts are now focussed on financing and progressing the mine plan in the feasibility study. This would access the diamondiferous kimberlite between the -240m and the -330m levels to establish a 1.2 million tonne per annum sub-level caving mining operation. 'The Company has received a number of finance proposals ranging from debt and convertible debt to equity. Management are currently assessing these proposals and will progress the best alternative for maximising shareholder value. The Company has also fulfilled its obligations with respect to a cash call of R26 million (£2.06 million) on its Black Economic Empowerment partners Shanduka Resources and Sphere Investments. 'As investors are aware, the deterioration in the diamond price late in 2008 resulted in the Company ceasing tailings re-treatment operations which impacted negatively on cashflow from operations. Bulk testing of the upper levels of the Lace kimberlite demonstrated the Company must finance development of the decline and vertical shaft to the -330m level before positive cashflow will resume. As a result the Company must raise finance to ensure its on-going development. In the absence of accepting one of the financing proposals on offer, the Company would not have the funds to meet an interest payment due on 14 October 2009 and until one of the proposals is accepted and final agreements executed there remains uncertainty as to the Company's ability to meet its future financial commitments and continue as a going concern. However, the Board is confident that one of the financing proposals will be agreed in the near future and has considered this for the purposes of assessing going concern.' HIGHLIGHTS The net loss for the period was £974,476 (2008 - £1,340,920) after administrative overhead costs of £678,236 (2008 - £667,000) and interest charges of £208,040 (2008 - nil). Non-cash charges for the period included depreciation and amortisation were £472,630 (2008 - £244,998) and a foreign exchange gain on the long term loan of £426,595 (2008 - nil). The cash balance at the date prior to this announcement was £136,892 and current receivables were £281,133. LACE FEASIBILITY STUDY VP3 Geoservices (Pty) Limited ("VP3") has delivered to the company a bankable feasibility study ("BFS") on the underground development at Lace mine (DiamondCorp 74 per cent) which demonstrates the mine generates a robust Internal Rate of Return ("IRR") and Net Present Value ("NPV") over a 25 year Life of Mine, at diamond prices 20 per cent below the prices achieved by DiamondCorp at its last tender in July 2009. The BFS will be delivered to DiamondCorp's Black Economic Empowerment ("BEE") partners, Shanduka Resources and Sphere Investments, fulfilling the Company's obligations with respect to a cash call of R26 million of equity towards the Lace underground development costs. A conceptual mine design for the initial sub-level caving operation between the -240m and -330m levels has been completed by Snowden Mining Industry Consultants ("Snowden"). This has been used by VP3 to determine an annual operating and capital cost of approximately R100 million to deliver an annual production of 1.2 million tonnes. VP3's base case uses diamond prices of US$75 per carat, a grade of 24.4 carats per hundred tonnes (cpht) in the initial mining block, and a discount rate of 14.34%, and concludes the Lace mine has an NPV of R353.8 million (US$47.8 million)and an IRR of 32.5 per cent. Excluding sunk costs to 31 December 2008, the NPV is R449.5 million (US$60.7 million). At diamond prices of US$90 - the price achieved by DiamondCorp at its last tender - and with all other financial model inputs unchanged, the NPV increases to R459.9 million (US$62.1 million) and R554.7 million (US$74.9 million), excluding sunk costs. The BFS incorporates an upgraded resource statement for the Lace mine compliant with the SAMREC Code of mineral reporting. The resource statement now estimates 7.254 million tonnes of kimberlite at a grade of 24.4 cpht in the Indicated category above the -345m level, which was previously unclassified. This adds a further 1.5 million carats to the Company's resource statement. RESOURCE STATEMENT Depth (m) Tonnage (Mt) Grade (cpht) Carats (Mct) Type & Category* -------------- ----------------------- --------------- ------------------------ `Main Satell. Total Main Satell. Main Satell. Total` `Pipe Pipe Pipe Pipe Pipe Pipe` -------------- ----------------------- --------------- ------------------------ 73-345 VK Indicated 5.879 1.375 7.254 24.4 7.1 1.435 0.098 1.533 345-855 VK Inferred 11.163 - 11.163 24.4 - 2.723 - 2.723 345-855 CK Inferred 16.079 - 16.079 56.8 - 9.133 - 9.133 345-600 VK Inferred - 0.025 0.025 - Unknown - Unknown - 345-600 CK Inferred - 1.066 1.066 - Unknown - Unknown - -------------- ----------------------- --------------- ------------------------ TOTAL 33.121 2.466 35.587 40.12 13.389 VK = VOLCANOCLASTIC KIMBERLITE, CK = COHERENT KIMBERLITE In comparison with the Resource Statement published in the Pre Listing Statement dated 18 March 2008, Inferred Resources have decreased by 2.3%, and an additional 7.254Mt has been estimated in the Indicated Resources category, a substantial increase in confidence in the Resource. With this increased confidence, the overall grade has reduced slightly from 42.2 cpht to 40.12 cpht. VP3's resource statement differentiates between the VK and higher grade CK at various levels in the deposit, whereas the Company's previous resource statement incorporated a blended average grade at each level. The Competent Persons responsible for the Resource Statement are Mr Peter Walker (Pr. Sci. Nat., Registration number 400064/99), and Mr Paul Zweistra (Pr. Sci. Nat., Registration number 400016/93) full-time employees of VP3. The Competent Person responsible for the conceptual mine design is Mr S. Kirkpatrick (BSc Eng Mining, MBA, SAIMM), a full-time employees of Snowden. Both VP3 and Snowden have given permission for their work to be quoted in this announcement. The 1.2 million tonne per annum Lace mine processing plant and all mine development remains on care and maintenance while the Company funds development of the decline and vertical shaft to the -330m level. JWANENG SOUTH PROJECT - BOTSWANA DiamondCorp is earning a 77.5 per cent interest in various exploration licences in Botswana from Geoperspectives (Pty) Limited by funding exploration activities. The Company's priority exploration target is kimberlite J-01 in licence PL071/2007, approximately 8km southeast of De Beer's Jwaneng mine. The company is pleased to report the completion of a ground magnetic and gravity survey over the J-01 target carried out by Poseidon Geophysics (Pty) Ltd. The results of the survey are interpreted to confirm that the J-01 kimberlite may potentially be 10 hectares in size. Previous exploration drilling has indicated J-01 may have a grade potential of 35 cpht. 30 September 2009 London Sponsor: Investec Bank Limited For further information, please contact: Paul Loudon, DiamondCorp plc +44 20 7256 2651 Joe Nally/Liz Bowman, Cenkos Securities plc +44 20 7397 8900 Robert Smith/Tanis Crosby, Investec Bank Limited +27 11 286 7662 Charmane Russell/Matthew Ross, Russell & Associates +27 11 880 3924 CONSOLIDATED INCOME STATEMENT Six months ended 30 June 2009 `Six monthsEnded30 Six monthsEnded30` `June2009£ June2008£` `Revenue 67,238 578,847` `Cost of sales (67,238) (557,946)` `GROSS PROFIT - 20,901` `Administrative expenses (1,212,969) (1,381,701)` `OPERATING LOSS (1,212,969) (1,360,800)` `Investment revenues * interest 19,938 2,880` on bank deposits `Interest expense (208,040) -` `Foreign exchange gain on long 426,595 -` term loan `LOSS BEFORE TAX (974,476) (1,357,920)` `Tax - 17,000` `LOSS FOR THE FINANCIAL PERIOD (974,476) (1,340,920)` `ATTRIBUTABLE TO THE EQUITY (974,476) (1,340,920)` HOLDERS OF THE PARENT `BASIC & DILUTED LOSS PER SHARE £0.024 £0.038` `HEADLINE LOSS PER SHARE £0.024 £0.038` All of the activities of the Group are classed as continuing. The Group has no recognised income or expense other than the loss for the period shown above in the consolidated income statement. Accordingly, a statement of recognised income and expense is not presented. STATEMENT OF CHANGES IN EQUITY `Six monthsended30 Six monthsended30` `June2009£ June2008£` `Opening balance 12,734,691 13,264,924` `Loss for the financial period (974,476) (1,340,920)` `New equity share capital - 69,498` subscribed `Premium on new equity share - 1,670,818` capital subscribed `Translation reserve 532,029 (1,000,954)` `Value attributed to warrants - (7,333)` granted `Value of share option reserve 33,347 162,000` `Closing balance 12,325,591 12,818,033` CONSOLIDATED BALANCE SHEET 30 31 `June2009£ December2008£` NON-CURRENT ASSETS `Goodwill 4,606,026 4,606,026` `Other intangible assets 3,833,199 2,311,232` `Property, plant and equipment 6,687,087 5,644,476` `Deferred tax asset - 57,723` `15,126,312 12,619,457` CURRENT ASSETS `Inventories 384,491 463,822` `Other receivables 281,133 566,730` `Cash and cash equivalents 486,535 3,252,276` `1,152,159 4,282,828` `TOTAL ASSETS 16,278,471 16,902,285` CURRENT LIABILITIES `Obligations under finance leases (70,139) (91,269)` `Other payables (900,033) (676,616)` `Current portion of long term loan (302,663) -` `(1,272,835) (767,885)` NON-CURRENT LIABILITIES `Long term loan (2,680,045) (3,399,709)` `NET ASSETS 12,325,591 12,734,691` EQUITY `Share capital 1,232,610 1,232,610` `Share premium 17,460,220 17,460,220` `Warrant reserve 710,514 710,514` `Share option reserve 353,608 320,261` `Translation reserve 741,368 209,339` `Retained losses (8,172,729) (7,198,253)` `EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE 12,325,591 12,734,691` PARENT CONSOLIDATED CASH FLOW STATEMENT `Six months Six months` `ended ended` `30 June 30 June` 2009 2008 `£ £` `Operating loss (994,414) (1,343,800)` `Depreciation and amortisation 472,630 244,998` `Foreign exchange gain on (426,595) -` `long term loan` `Share based payment charge 33,347 162,000` `Other non-cash charge 9,594 -` `Write-off of deferred tax asset 57,723 -` `Effect of foreign exchange 81,683 -` `translation` `Decrease(Increase) in receivables 285,597 (118,005)` `Decrease(Increase) in inventories 79,331 (85,631)` `(Decrease)Increase in other payables 202,287 443,429` `NET CASH USED IN OPERATING (198,817) (697,009)` ACTIVITIES INVESTING ACTIVITIES `Purchase of intangible assets (1,451,642) (424,316)` `Purchase of property, plant and (1,146,423) (796,871)` `equipment` `Interest received 19,938 2,880` `NET CASH USED IN INVESTING (2,578,127) (1,218,307)` ACTIVITIES FINANCING ACTIVITIES `Proceeds on issue of ordinary - 1,712,984` `shares` `Proceeds on exercise of warrants - 19,999` `NET CASH FROM FINANCING ACTIVITIES - 1,732,983` `NET INCREASE(DECREASE) IN CASH (2,776,944) (182,333)` AND CASH EQUIVALENTS `CASH AND CASH EQUIVALENTS AT 3,252,276 1,330,707` BEGINNING OF PERIOD `Effect of foreign exchange 11,203 -` `rate changes` `CASH AND CASH EQUIVALENTS AT 486,535 1,148,374` END OF PERIOD NOTES TO THE FINANCIAL STATEMENTS Six months ended 30 June 2009 1. ACCOUNTING POLICIES These interim financial statements are IAS 34 compliant and were approved by the Board on 25 September 2009 and do not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985. A copy of the statutory accounts for the year ended 31 December 2008 has been delivered to the Registrar of Companies. The auditors' report on those accounts was not qualified and did not contain statements under Section 237 (2) or (3) of the Companies Act 1985. These interim financial statements have been prepared using the accounting policies set out in the Group's 2008 statutory accounts. Results for the six-month period ended 30 June 2009 have not been audited. The comparative information presented in the income statement has been prepared based on the period 1 January 2008 - 30 June 2008. This has been performed in order to comply with the AIM rules and is presented solely for this purpose. 2. LOSS PER SHARE IAS required presentation of diluted earnings per share when a company could be called upon to issue shares that would decrease net profit or increase net loss per share. For a loss-making company with outstanding share options, net loss per share would only be increased by the exercise of out-of-money options. Since it seems inappropriate to assume that option holders would exercise out-of-money options, no adjustment has been made to basic loss per share for out-of-money share options. The calculation of basic and diluted loss per ordinary share is based on the loss of £974,476 for the six months ended 30 June 2009 (30 June 2008: £1,340,920) and on 41,086,995 ordinary shares (30 June 2008: 35,498,771) being the weighted-average number of ordinary shares in issue. 3. SHARE CAPITAL `30 June 30 June` 2009 2008 `£ £` Authorised share capital 166,666,666 ordinary shares `of 3 pence each 5,000,000 5,000,000` Called up, allotted and fully paid `No. £ No. £` Ordinary shares `of 3 pence each 41,086,995 1,232,610 37,086,984 1,112,610` During the six months ended 30 June 2009, there has been no change in the number of ordinary shares in issue. 4. Fundamental Uncertainty: Going Concern These financial statements have been prepared on the Going Concern basis This means that the directors are of the opinion that the Group and Company will have sufficient cash to fund its activities based on forecast cash flow information for a period of twelve months from the date of these financial statements. The current cash balance is not sufficient to meet the Company's interest payment of US$ 300,000 due 14 October 2009. The Company has received a number of finance proposals ranging from debt and mezzanine finance to equity. Management are currently assessing these proposals. Until one of the proposals is accepted and final agreements are executed there remains uncertainty as to the Company's ability to meet its future financial commitments and continue as a going concern. However, the directors are confident that one of the financing proposals will be agreed in the near future and has considered this for the purposes of assessing going concern. The interim financial information does not include any adjustments that might arise if the Group were not to be a going concern. 5. Subsequent events Subsequent to 30 June 2009, the 1.2 million tonne per annum Lace mine processing plant and all mine development remains on care and maintenance. This information is provided by RNS The company news service from the London Stock Exchange END IR SDUFSSSUSELU More

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