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Date/Time	Headline	Source
1
11-11-09	Namibian Resources - Interim Results for six months to 31 August 2009	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 3464C Namibian Resources PLC 11 November 2009 FOR IMMEDIATE RELEASE 11 NOVEMBER 2009 NAMIBIAN RESOURCES PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2009 Namibian Resources PLC ("the Company") is pleased to announce its interim results for the six months ending 31 August 2009. CHAIRMANS STATEMENT I am pleased to announce the unaudited interim results for the six months ending on the 31st August 2009. We reported the current position in our progress report of 15th October 2009 and we will report further in due course. Lord Sheppard KCVO Kt Chairman Enquiries Tony Carlton - Chief Executive - Tel: 020 8726 0900 Oliver Plummer - Finance Director - Tel: 020 7381 0100 Roland Cornish - Beaumont Cornish Limited - Tel 020 7628 3396 Simon Frost Priscilla Ross - Keith Bayley Rogers & Co Limited -Tel: 0203 100 8300 NAMIBIAN RESOURCES P.L.C. INTERIM RESULTS FOR 6 MONTHS ENDED 31 AUGUST 2009 Summarised Income Statement 6 Months Ended 6 Months Ended Year Ended 31-Aug-09 31-Aug-08 28-Feb-09 (Unaudited) (Unaudited) (Audited) GBP � GBP � GBP � Turnover 0 71,782 127,580 Cost of Sales 0 (100,095) (414,848) Gross (Loss) 0 (28,313) (287,268) Administrative Expenses (192,700) (168,123) (206,506) Operating (Loss) (192,700) (196,436) (493,774) Interest Received 141 375 1,289 Interest Payable - - - Net (Loss) for the period (192,559) (196,061) (492,485) (Loss) per Share (0.48) (0.49) (1.23) Total Number of Shares in Issue 39,922,460 39,922,460 39,922,460 NAMIBIAN RESOURCES P.L.C. INTERIM RESULTS FOR 6 MONTHS ENDED 31 AUGUST 2009 Summarised Balance Sheet 6 Months Ended 6 Months Ended Year Ended 31 August 2009 31 August 2008 28 February 2009 (Unaudited) GBP (Unaudited) GBP (Audited) GBP � � � ASSETS Non - Current Assets 1,769,302 1,864,648 1,828,283 Property, Plant & Equipment 856,639 910,325 913,712 Intangible Assets & Exploration Costs - Mining Rights 912,663 954,323 914,571 Current Assets - Inventories 31,967 32,673 31,967 Trade & Other Receivables 32,853 30,304 36,165 Cash and Cash Equivalents 5,189 53,737 36,739 70,009 116,714 104,871 Total Assets 1,839,311 1,981,362 1,933,154 Equity Share Capital 3,992,246 3,992,246 3,992,246 Share Premium Accounts 359,384 359,384 359,384 Retained Earnings (3,194,215) (2,705,232) (3,001,656) Foreign Exchange Reserve 176,507 99,562 176,507 Total Equity 1,333,922 1,745,960 1,526,481 Current Liabilities Trade & Other Payables 505,389 235,402 406,673 Total Liabilities 1,839,311 1,981,362 1,933,154 NOTES TO THE FINANCIAL INFORMATION 1. The interim results are unaudited and do not comprise full accounts within the meaning of Section 240 of the Companies Act 1985. 2. No interim dividend is being paid or proposed. 3. Earnings per share have been calculated on ordinary shares in issue. NAMIBIAN RESOURCES P.L.C. INTERIM RESULTS FOR 6 MONTHS ENDED 31 AUGUST 2009 Cash Flow Statement 6 Months Ended 6 Months Ended Year Ended 31 August 2009 31 August 2008 29 February 2009 (Unaudited) GBP (Unaudited) GBP (Audited) GBP � � � Net Cash inflow/(outflow) from Operating Activities Operating (Loss) (192,700) (196,436) (493,774) Depreciation of Tangible & Intangible Assets 107,468 71,808 209,396 (Increase)/Decrease in Debtors 3,312 (3,941) (9,802) (Decrease)/Increase in Creditors 98,716 184,282 355,553 Decrease/(Increase) in stock - - 706 Net Effect of Foreign Exchange Differences - - (46,625) 16,796 55,713 15,454 Returns on Investment & Servicing of Finance Interest Received 141 375 1,289 Capital Expenditure Payments to Acquire Tangible Fixed Assets - (5,757) (35,605) Payments to Acquire Intangible Fixed Assets (48,487) (100,094) (47,809) Net Cash (outflow) before management of Liquid Resources & Financing (31,550) (49,763) (66,671) Financing - (Decrease) in Cash& cash Equivalents during the period (31,550) (49,763) (66,761) This information is provided by RNS The company news service from the London Stock Exchange END IR BDBDBLBBGGCB More
19-10-09	Namibian Resources - Corporate Update	RNS
RNS Number : 9070A Namibian Resources PLC 19 October 2009 For Immediate Release 19 October 2009 Namibian Resources Plc Progress Report Since the end of the financial year on 28 February 2009, the Company has maintained its equipment and carried out geological studies to refine the geological model of the Pomona area and its diamond deposits. Over the last several months, the diamond market has stabilised and rough diamond prices have risen overall due to a shortage of high quality product in the size ranges produced by the Company. Throughout this difficult period, the Directors have continued to finance the Company with unsecured, interest-free loans. The Directors are now pleased to announce the following actions. (1) The Companys wholly owned subsidiary, Sonnberg Diamonds, is shortly to re-commence production on a limited scale on identified resources. (2) An additional profitable local producer has been identified and negotiations with a view to acquisition are continuing, subject to finance. Further information will be announced as soon as possible. (3) Subject to finance, it is the Companys intention to purchase further equipment for Sonnberg to increase previous production levels and to enable simultaneous mining and sampling. (4) Finance by a placing is being sought from Institutions and sophisticated investors to fund increased production. Shareholders will be informed of progress in due course. For more information, please contact: Tony Carlton Namibia Resources PLC Tel: 020 8726 0900 Roland Cornish Beaumont Cornish Limited Tel: 020 7628 3396 Simon Frost Priscilla Ross Keith, Bayley Rogers & Co. Limited Tel: 0203-100-8300 This information is provided by RNS The company news service from the London Stock Exchange END MSCIIFVAIFLRLIA More
07-10-09	Namibian Resources - Result of Annual General Meeting	RNS
RNS Number : 3903A Namibian Resources PLC 07 October 2009 `For Immediate Release 7 October 2009` NAMIBIAN RESOURCES PLC ("Namibia Resources" or "the Company") `Result of Annual General Meeting` The Company today announces that at the Annual General Meeting, all resolutions were passed. For more information, please contact: Tony Carlton Namibian Resources PLC Tel: 020 8726 0900 Roland Cornish Beaumont Cornish Limited Tel: 020 7628 3396 Simon Frost Priscilla Ross Keith, Bayley Rogers & Co. Limited Tel: 0203-100-8300 This information is provided by RNS The company news service from the London Stock Exchange END RAGMRBBTMMBMBAL More
28-08-09	Namibian Resources - Final Results	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 2048Y Namibian Resources PLC 28 August 2009 For immediate release 28 August 2009 Namibian Resources Plc ("the Company") Annual Report and Accounts for the year ended 28 February 2009 The Company today announces its final results for the year ended 28 February 2009. The Annual Report and Accounts, together with the Notice of Annual General Meeting, are being posted to shareholders today, and are also available on the Company's website www.namibianresources.com. The Annual General Meeting will be held at 36 Dover Street, London W1S 4NH on Tuesday 6 October 2009 at 11.00. Chairman's statement YEAR ENDED 28 February 2009 The year to 28th February 2009 was disappointing with turnover decreasing from �140,622 to �127,580 resulting in a loss of �492,485. The most notable event during the year was the near collapse of the international diamond market in the latter part of 2008. Consequent on this, Namdeb imposed production restrictions on all its contractor operations and in December 2008 Sonnberg Diamonds ceased production. Total production of diamonds during the year was 1,815 ct, a decrease on the previous year's total of 2,126 ct. Because of the halt to mining in December, the actual monthly rate of production was a slight improvement on the previous year. For much of the year mining operations experienced inflationary pressures, primarily due to fuel cost increases but rationalisation of operations meant that monthly costs were slightly reduced up till the close down in December. Since December staff has been reduced to a small core group responsible for care and maintenance of the equipment. Since the year-end Sonnberg's operations in Namibia have remained on a care-and-maintenance basis and the Directors have continued to support the company with unsecured, interest-free loans, which totalled �350,000 at 28 February 2009. In recent weeks the price falls seen in the international diamond market in the early part of the year have ceased and some price stability has returned to the market albeit at lower price levels than in recent years. Renewed demand is being experienced for good quality diamonds and Namibian Resources is currently examining whether Sonnberg's operations can be restarted in the near future. It was announced last year that the company would try and raise funds for expansion but the downturn in the diamond market precluded this. After the year end the company has changed brokers (to Keith, Bayley, Rogers) and Nominated Advisors (to Beaumont Cornish). With continuing stability in the diamond market the board intends to examine again the possibility of raising funds and will make an announcement when appropriate. I would like to thank all members of our staff here and in Namibia for their efforts in the continuing difficult times. Lord Sheppard of Didgemere KCVO Kt. Enquiries: Tony Carlton, Namibian Resources Plc Tel: 020 8726 0900 Roland Cornish, Beaumont Cornish Limited Tel: 020 7628 3396 Namibian Resources Plc Review of Operations YEAR ENDED 28 February 2009 Review of Operations The focus of the company's operations during the year continued to be the SW corner of the Pomona concession and adjacent areas. This area is characterised by large average sized diamonds and the historic sampling that has taken place in the Pomona concession has been inadequate to identify or characterise all the deposits in this area. The major operational event in the year was the sudden downturn in the international diamond market in late 2008. This severely impacted Namdeb, to whom Sonnberg Diamonds is contracted, and as a consequence Sonnberg's active operations were terminated in the second week of December 2008. The operations year has therefore only been of 9� months duration. Since that time equipment has been maintained on a care-and-maintenance basis on site. Total production for the year was 1,815 ct, derived from mining and prospecting activities. This was only slightly below the previous year's level of production despite the short operating year. However, compared with previous years the level of production is down significantly reflecting the lower grade of the deposits being mined and poor equipment availability. The greatest part of the production (1,369 ct) came from the Salzpfanne deposit. As mentioned in last year's report, mining at the southern end of this deposit continues to be limited by a high water table. Mining has therefore progressed northwards in an upslope direction although this has led to a corresponding reduction in average diamond size from 0.45 ct/st at the beginning of the year to 0.36 ct/st when mining was suspended. To date over 2,300 ct have been produced from this deposit, leaving rather less than 2,000 ct from the original resource estimate. However, not all of the deposit may be mined because of the high water table. A second screening plant was brought into operation at the small East Salztal North deposit which was mined for part of the year producing 407 ct. The screening plant in East Salztal North was also used for processing deposit from prospecting operations. The East Salztal South deposit was prospected. The initial trench sample results produced a number of +1 ct diamonds but subsequent sampling established that only a small deposit is present albeit with an overall average diamond size of 0.69 ct/st. Sampling was completed in the main part of the Hannahtal North deposit, with almost all samples being diamond positive. A small side valley remains to be sampled to complete the sampling programme. The average size of diamonds recovered to date is 0.54 ct/st. A programme of bedrock cleaning on either side of a natural bedrock ridge that crossed the floor of the Annatal SE valley was carried out. The volume of deposit was very small and although a relatively elevated grade was encountered actual production was only just over 4 ct. A major factor for operations during the majority of the year was the steady increase in the price of diesel, fuel accounting for over 25% of Sonnberg's operating costs. Continuous efforts have been made to contain all costs and over the year there had been no increase in total operating costs. Since the year end all mining and prospecting operations have been at a standstill and equipment is being maintained on site. Geological studies are being carried out in order to refine the geological model of the Pomona area and the diamond deposits. The objectives are to identify targets for future sampling and to improve resource estimation. Namibian Resources Plc Consolidated income statement for the year ended 28 February 2009 Note 2009 2008 � � Revenue 1.7 127,580 140,622 Cost of sales (414,848) (234,943) ________ ________ Gross loss (287,268) (94,321) Administrative expenses (206,506) (210,317) ________ ________ Operating loss 3 (493,774) (304,638) Other interest receivable and similar income 1,289 6,470 ________ ________ (Loss)/Profit before tax (492,485) (298,168) Income tax expense 4 - - ________ ________ (Loss)/Profit after tax �(492,485) �(298,168) Earnings per share (pence) 5 Basic (1.23) (0.78) Diluted (1.23) (0.78) All amounts relate to continuing activities. Consolidated statement of total recognised income and expense for the year ended 28 February 2009 2009 2008 � � Exchange difference on translation of foreign 76,945 (178,543) operations ________ ________ Net income (expense) recognised directly in equity 76,945 (178,543) (Loss)/Profit for the financial year (492,485) (298,168) ________ ________ Total recognised income and expense for the year �(415,540) �(476,711) ________ ________ Namibian Resources Plc Consolidated balance sheet at 28 February 2009 Note 2009 2009 2008 2008 Assets � � � � Non current assets Intangible assets: Mining rights and exploration 7 914,571 860,499 costs ________ ________ 914,571 860,499 Property, Plant and Equipment 8 913,712 970,106 ________ ________ 1,828,283 1,830,605 Current assetsInventories 10 31,967 32,673 Trade and other receivables 11 36,165 26,363 Cash and cash equivalents 13 36,739 103,500 ________ ________ 104,871 162,536 Total Assets �1,933,154 �1,993,141 ________ ________ Equity and Liabilities Share capital 14 3,992,246 3,992,246 Share premium account 15 359,384 359,384 Foreign exchange reserve 17 176,507 99,562 Retained earnings 16 (3,001,656) (2,509,171) ________ ________ Total equity 1,526,481 1,942,021 Current Liabilities Trade and other payables 12 406,673 51,120 ________ ________ Total Equity and liabilities 18 �1,933,154 �1,993,141 ________ ________ Namibian Resources Plc Company balance sheet at 28 February 2009 Note 2009 2008 � � Assets Non-current assets Investments 9 4,392,108 4,091,729 Current assets Cash and cash equivalents 25,681 103,338 ________ ________ Total Assets 4,417,789 4,195,067 ________ ________ Equity Share capital 14 3,992,246 3,992,246 Share premium account 15 359,384 359,384 Retained earnings 16 (308,394) (175,438) ________ ________ Total Equity 18 4,043,236 4,176,192 Current Liabilities Trade and other payables 12 374,553 18,875 ________ ________ Total Liabilities �4,417,789 �4,195,067 ________ ________ Namibian Resources Plc Statement of changes in equity for the year ended 28 February 2009 2009 2008 � � Group Opening balance 1,942,021 2,218,732 Loss for financial year (492,485) (298,168) Issue of shares - 200,000 Translation reserve 76,945 (178,543) ________ ________ Closing balance �1,526,481 �1,942,021 ________ ________ 2009 2008 � � Company Opening balance 4,176,192 3,076,564 Loss for financial year (132,956) (411,991) Issue of shares - 200,000 Prior years adjustments - 1,311,619 ________ ________ Closing balance �4,043,236 �4,176,192 ________ ________ Namibian Resources Plc Consolidated cash flow statement for the year ended 28 February 2009 Note 2009 2008 � � Cash generated from operating activities 20 15,454 (70,548) Cash flow from investing activities Purchase of intangible assets (47,809) (279,457) Purchase of property plant and equipment (35,695) (125,003) Interest Received 1,289 6,320 ________ ________ Net cash used in investing activities (82,215) (398,140) Cash flow from financing activities Proceeds from issue of shares - 200,000 ________ ________ Net decrease in cash and cash equivalents 22 �(66,761) �(268,688) ________ ________ Namibian Resources Plc Notes forming part of the financial statements for the year ended 28 February 2009 1 Accounting policies 1. Presentation of Annual Financial Statements The annual financial statements have been prepared for the first time in accordance with International Financial Reporting Standards as adopted by the European Union, and the Companies Act of 1985. The adoption of International Financial Reporting Standards has resulted in the restatement of 2008 balances to provide a like for like comparison. The financial impact of this change in reporting is detailed after each of the above financial reports. The annual financial statements have been prepared on the historical cost basis, and incorporate the principal accounting policies set out below. The group has not yet applied the following Accounting Standards and Interpretations, which will be applicable to their annual financial statements, that have been issued but are not yet effective: IFRIC 15 Arrangements for the Construction of (Effective 1 January Real Estate 2009) IAS 1 Presentation of Financial Statements * (Effective 1 January Comprehensive revision including 2009) required a statements of comprehensive income.Amendments resulting from May 2009 AnnualImprovements to IFRSs IAS 16 Property, plant and equipment * (Effective 1 January Amendments resulting 2009) from May 2009 Annual Improvements to IFRSs IAS 23 Borrowing costs (Effective 1 January 2009) IAS 32 Financial Instruments: Presentation * (Effective 1 January Amendments relating to puttable 2009) instruments and obligations arising on liquidation IAS 36 Impairment of Assets * Amendments (Effective 1 January resulting from 2009) May 2009 Annual Improvements to IFRSs IAS 38 Intangible Assets * amendments resulting from May 2009 (Effective 1 January 2009)Annual Improvements to IFRSs IAS 39 Financial Instruments: Recognition and (Effective 1 MeasurementAmendments resulting from May January 2009) 2009 Annual Improvements to IFRSs. IAS 40 Investment Property (Effective 1 January 2009) IAS 41 Agriculture (Effective 1 January 2009) The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the company or the group. 1.1 Basis of Consolidation The consolidated income statement account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to 28 February 2009. The results of subsidiaries sold or acquired are included in the income statement up to, or from the date control passes. Intra-group sales and profits are eliminated fully on consolidation. The results of a holding in Oletu Investments Holdings (see Note 10) have not been consolidated on account of it being immaterial. 1.2 Going Concern Following the disruption and down turn in the Diamond Market in November 2008 the company has continued on a care and maintenance basis pending a resumption of normal conditions. The company's ability to raise finance to expand operations was curtailed by market conditions. However, the company will seek additional finance to expand its operations when conditions in the Diamond Market improve. To date, the company and the group have accumulated trading losses since the commencement of mining activities and there are inherent uncertainties in the mining industry, which make it impossible to predict when the company will become profitable. Nevertheless, the directors remain confident that the company and the group will trade profitably in the foreseeable future and will be able to continue to meet its liabilities as they fall due. We consider the company is a going concern because all equipment and services are being maintained in order. All contracts and liabilities have been complied with and met. Since February 28 2008 the Group has no outstanding liabilities other than in the normal course of business and this will continue at least until February 28 2010. There are no borrowings of any nature other than from the Directors. * Significant Judgements In preparing the annual financial statements, management is required to make estimates and assumptions that affect the amounts represented in the annual financial statements and related disclosures. Use of available information and the application of judgement is inherent in the formation of estimates. Actual results in the future could differ from these estimates which may be material to the annual financial statements. Significant judgements include: Trade Receivables The group assesses its trade receivables for impairment at each balance sheet date. In determining whether an impairment loss should be recorded in the income statement, the company makes judgements as to whether there is observable data indicating a measurable decrease in the estimated future cash flows from a financial asset. Mining assets The group assesses the proportion of exploration costs incurred which will provide future economic benefits in identifying areas of interest where future mining could be focused. These costs are capitalised and amortised over the period of the mining licence. Mining rights The right of mining on the assigned area was initially valued by an independent geologist. This right is yearly re-assessed for impairment by comparing the value-in-use to the carrying value of the mining right. 1.4 Underlying concepts The financial statements are prepared on the going concern basis using accrual accounting. Assets and liabilities and income and expenses are not offset unless specifically permitted by an accounting standard. Financial assets and financial liabilities are offset and the net amount reported only when a currently legally enforceable right to set off the amounts exists and the intention is either to settle on a net basis or to realise the asset and settle the liability simultaneously. The accounting policies adopted are consistent with those used in previous financial periods except for * Adoption of IFRS Previously the company and its subsidiaries prepared the financial statements in accordance with UK GAAP. The group elected to publish its first consolidated interim financial statements to 31 August 2008 under IFRS with its transition date to IFRS being 1st March 2006 * Introduction of IFRS - First time adoption The rules for first time adoption of IFRS are set out in IFRS1, First-Time Adoption of International Financial Reporting Standards. In general, selected accounting policies must be applied retrospectively in determining the opening balance sheet under IFRS. However, IFRS1 allows a number of exemptions to this general principle. Changes in accounting estimates are recognised in profit or loss. Prior period errors are retrospectively restated unless it is impractical to do so, in which case they are applied prospectively. Accounting policies are not applied when the effect of applying them is immaterial. 1.5 Recognition of Assets and Liabilities Assets are only recognised if they meet the definition of an asset, it is probable that future economic benefits associated with the asset will flow to the company and the cost or fair value can be measured reliably. Liabilities are only recognised if they meet the definition of a liability, it is probable that future economic benefits associated with the liability will flow from the company and the cost or fair value can be measured reliably. Financial instruments are recognised when the company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities as a result of firm commitments are only recognised when one of the parties has performed under the contract. Regular purchases and sales are recognised using trade date accounting. 1.6 Derecognition of Assets and Liabilities Financial assets or parts thereof are derecognised when the contractual rights to receive cash flows have been transferred or have expired or if substantially all the risks and rewards of ownership have passed. Where substantially all the risks and rewards of ownership have not been transferred or retained, the financial assets are derecognised if they are no longer controlled. However, if control in this situation is retained, the financial assets are recognised only to the extent of the continuing involvement in those assets. All other assets are derecognised on disposal or when no future economic benefits are expected from their use or on disposal. Financial liabilities are derecognised when the relevant obligation has either been discharged or cancelled or has expired. * Revenue The total revenue of the group for the year has been derived from its principal activity, mining, wholly undertaken by its subsidiary in Namibia, Sonnberg Diamonds (Namibia) (Proprietary) Limited ("Sonnberg"). All sales are made in Namibia and the majority of assets are also located in Namibia. Turnover comprises of sales to customers and services rendered to customers. Turnover is stated at the invoice amount and is exclusive of value added taxation. Revenue from the sale of goods is recognised when all the following conditions have been satisfied: * the company has transferred to the buyer the significant risks and rewards of ownership of the goods; * the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; * the amount of revenue can be measured reliably; * it is probable that the economic benefits associated with the transaction will flow to the company; and * the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for goods provided in the normal course of business, net of trade discounts and volume rebates, and value added tax. Interest is recognised, in profit or loss, using the effective interest rate method. * Tax Current tax assets and liabilities Current tax for current and prior periods is, to the extent unpaid, recognised as a liability. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess is recognised as an asset. Current tax liabilities (assets) for the current and prior periods are measured at the amount expected to be paid to (recovered from) the tax authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities A deferred tax liability is recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from the initial recognition of an asset or liability in a transaction which at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss). A deferred tax asset is recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised. A deferred tax asset is not recognised when it arises from the initial recognition of an asset or liability in a transaction at the time of the transaction and affects neither accounting profit nor taxable profit (tax loss). A deferred tax asset is recognised for the carry forward of unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. Tax expenses Current and deferred taxes are recognised as income or an expense and included in profit or loss for the period, except to the extent that the tax arises from: * a transaction or event which is recognised, in the same or a different period, directly in equity, or * a business combination. Current tax and deferred taxes are charged or credited directly to equity if the tax relates to items that are credited or charged, in the same or a different period, directly to equity. 1.9 Leases A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Rentals payable under operating leases are charged against income on a straight-line basis over the lease term. 1.10 Foreign Currency Translation Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. The results of overseas operations are translated at the rate ruling at the date of the transaction. However the balance sheet is translated at the rate ruling at the date of the balance sheet. Exchange differences arising on translation of opening assets are reported in the consolidated statement of recognised income and expense. 1.11 Mining Assets Exploration and evaluation costs other than future site identification costs are expensed as incurred. Site identification costs related to areas of interest are capitalised and carried forward to the extent that they are expected to be recoverable. Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation. Accordingly, the costs have been determined on the basis that the restoration will be completed within one year of abandoning the site. Mining assets are reviewed for impairment when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount. When facts and circumstances suggest that the carrying amount exceeds the recoverable amount, the mining asset is written down to their recoverable amount. 1.12 Rehabilitation Costs Costs of site restoration are recognised when incurred. Site restoration costs include the dismantling and removal and rehabilitation of the site in accordance with the clauses of the mining permits. Such costs are charged to direct costs. 1.13 Intangible Assets An intangible asset is recognised when: * it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and * the cost of the asset can be measured reliably. Intangible assets are initially recognised at cost. Intangible assets are carried at cost less any accumulated amortisation and any impairment losses. Expenditure on acquired intangible assets are capitalised and amortised using the straight-line method over their useful lives. Intangible assets are not revalued. The carrying amount of each intangible asset is reviewed annually and adjusted for impairment where it is considered necessary. An intangible asset is regarded as having an indefinite useful life when, based on all relevant factors, there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows. Amortisation is not provided for these intangible assets. For all other intangible assets amortisation is provided on a straight line basis over their useful life. The amortisation period and the amortisation method for intangible assets are reviewed every period-end. Amortisation is provided to write down the intangible assets, on a straight line basis, to their residual values as follows: Items Useful life Mining Rights 20 Years Exploration Costs 10 Years 1.14 Investments Fixed assets investments are stated at cost less provision for diminution in value. 1.15 Property, Plant and Equipment The cost of an item of property, plant and equipment is recognised as an asset when: * it is probable that future economic benefits associated with the item will flow to the company; * and the cost of the item can be measured reliably. Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it. If a replacement cost is recognised in the carrying amount of an item of property, plant and equipment, the carrying amount of the replaced part is derecognised. The initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located is also included in the cost of property, plant and equipment. Property, plant and equipment is carried at cost less accumulated depreciation and any impairment losses. Depreciation is calculated on the straight-line method to write off the cost of each asset to their residual values over their estimated useful lives. Depreciation begins when an item of property, plant and equipment is available for use and ends when the item is derecognised, even if during that period the item was idle. The depreciation rates applicable to each category of property, plant and equipment are as follows: Item Average useful Life Plant and Machinery 10 years Motor Vehicles 8 years Office Equipment 5 years The residual value and the useful life of each asset are reviewed at each financial period-end. Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item shall be depreciated separately. The depreciation charge for each period is recognised in profit or loss unless it is included in the carrying amount of another asset. The gain or loss arising from the derecognition of an item of property, plant and equipment is included in profit or loss when the item is derecognised. The gain or loss arising from the derecognition of an item of property, plant and equipment is determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item. * Impairment of Assets The company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the group estimates the recoverable amount of the asset. Irrespective of whether there is any indication of impairment, the company also: * tests intangible assets with an indefinite useful life or intangible assets not yet available for use for impairment annually by comparing its carrying amount with its recoverable amount. This impairment test is performed during the annual period and at the same time every period. * tests goodwill acquired in a business combination for impairment annually. If there is any indication that an asset may be impaired, the recoverable amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss of assets carried at cost less any accumulated depreciation or amortisation is recognised immediately in profit or loss. Any impairment loss of a revalued asset is treated as a revaluation decrease. A reversal of an impairment loss of assets carried at cost less accumulated depreciation or amortisation other than goodwill is recognised immediately in profit or loss. Any reversal of an impairment loss of a revalued asset is treated as a revaluation increase. * Inventories This represents inventories of consumable stores, held at the lower of cost and net realisable value. 1.18 Financial Instruments Initial Recognition The group classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. Financial assets and financial liabilities are recognised on the group's balance sheet when the company becomes party to the contractual provisions of the instrument. Loans to (from) Group Companies These include loans to the subsidiary company and are recognised initially at fair value plus direct transaction costs. Subsequently these loans, where it is practicable to do so and it would have a material effect on consolidated reporting, are measured at amortised cost using the effective interest rate method, less any impairment loss recognised to reflect irrecoverable amounts on loans receivable an impairment loss is recognised in profit or loss when there is objective evidence that it is impaired. The impairment is measured as the difference between the investment's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. Impairment losses are reversed in subsequent periods when an increase in the investment's recoverable amount can be related objectively to an event occurring after the impairment was recognised, subject to the restriction that the carrying amount of the investment at the date the impairment is reversed shall not exceed what the amortised cost would have been had the impairment not been recognised. Trade and other Receivables Trade receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. Trade and other Payables Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These are initially and subsequently recorded at fair value. 1.19 Provisions and Contingencies Provisions are recognised when: * the company has a present obligation as a result of a past event; * it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and . * a reliable estimate can be made of the obligation. Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement shall be recognised when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset. The amount recognised for the reimbursement shall not exceed the amount of the provision. Provisions are not recognised for future operating losses. If an entity has a contract that is onerous, the present obligation under the contract shall be recognised and measured as a provision. Contingent assets and contingent liabilities are not recognised. * Executive Share Options For equity-settled share-based payment transactions the group, in accordance with IFRS2 (effective from 1st January 2006), measures their value, and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted. The fair value of those equity instruments is measured at grant date using the trinomial method. Where the expense is material, it is apportioned over the vesting period of the financial instrument and is based on the numbers which are expected to vest and the fair value of those financial instruments at the date of the grant. If the equity instruments granted vest immediately, the expense is recognised in full. 2. Employees The average monthly number of employees, (including 2009Number 2008Number directors), during the year was: Staff of subsidiary 16 17 Staff of head office 1 1 Directors 5 4 ________ ________ 22 22 ________ ________ 3 Operating loss 2009 2008 � � This has been arrived at after charging: Depreciation 169,662 127,010 Amortisation 39,734 12,955 Operating lease rentals * land and buildings 7,200 7,108 Auditors' remuneration * audit (company * �11,500 (2008 - �13,290)) 16,110 16,631 Directors Remuneration 28,200 65,391 ________ ________ The remuneration of the highest paid director is �28,200 (2008 �33,840). 4 Taxation on loss on ordinary activities There has been no tax payable in this or the previous year due to the availability of losses. 2009 2008 � � (Loss)/Profit on ordinary activities before tax (492,485) (298,168) ________ ________ (Loss)/Profit on ordinary activities at the standard rate of corporation tax in the UK of 28% (2008 * 30%) (137,896) (89,450) Effects of: Tax losses 137,896 89,450 ________ ________ Current tax charge for year - - ________ ________ A deferred tax asset of �718,299 (2008 - �548,980) relating to losses in the subsidiary undertakings has not been recognised due to inherent uncertainty regarding the availability of suitable taxable profits against which the losses can be recovered within the foreseeable future. 5 Loss per share Loss per share has been calculated using the weighted average number of shares in issue during the relevant financial periods. The weighted average number of shares in issue is 39,922,460 (2008 - 38,272,187) and the loss, being the loss after tax, is �492,485 (2008 loss * �298,168). Diluted Loss per share has been calculated using a weighted average number of shares of 39,922,460 (2008 - 38,272,187), which includes the share options in issue at the start and end of the year. 6 Loss for the financial period As permitted by Section 230 of the Companies Act 1985, the holding company's profit and loss account has been included in these financial statements. The loss for the financial year is made up as follows: 2009 2008 Holding company's (loss)/profit for the financial year �(132,956) �(411,991) ________ ________ 7 Intangible fixed assets Mining rights and exploration costs Group � Cost At 1 March 2008 1,322,486 Additions 47,809 Exchange difference 73,102 ________ At 28 February 2009 1,443,397 ________ Amortisation At 1 March 2008 461,987 Charge for the year 39,734 Exchange differences 27,105 ________ At 28 February 2009 528,826 ________ Net book values At 28 February 2009 �914,571 ________ At 28 February 2008 �860,499 ________ 8 Tangible fixed assets Office Equipment Property, PlantAnd Equipment Total � � � Group Cost At 1 March 2008 3,861 1,330,927 1,334,788 Additions - 35,695 35,695 Exchange difference (1,357) 72,724 71,367 ________ ________ ________ At 28 February 2009 2,504 1,439,346 1,441,850 ________ ________ ________ Depreciation At 1 March 2008 2,624 362,058 364,682 Charge for the yearExchange 394(1,395) 169,268(4,811) 169,662(6,206) difference ________ ________ ________ At 28 February 2009 1,623 526,515 528,138 ________ ________ ________ Net book Value At 28 February 2009 �881 �912,831 �913,712 ________ ________ ________ At 29 February 2008 �1,237 �968,869 �970,106 ________ ________ ________ 9 Fixed asset investments Group undertakings Loans to group undertakings Total � � � Company At 1 March 2008 2,110,430 2,609,835 4,720,265 Additions - 300,379 300,379 Exchange differences - - - ________ ________ ________ At 28 February 2009 2,110,430 2,910,214 5,020,644 ________ ________ ________ Provisions for diminution in value At 1 March 2008 and at 28 628,536 - 628,536 February 2009 ________ ________ ________ Net book value At 28 February 2009 �1,481,894 �2,910,214 �4,392,108 ________ ________ ________ At 28 February �1,481,894 �2,609,835 �4,091,729 2008 Investment in group undertakings includes * 100% holding in Sonnberg Diamonds (Namibia) (Proprietary) Limited, a mining company incorporated in Namibia. * 75% holding in Oletu Investment Holding (Proprietary) Limited a company incorporated in Namibia. The company has yet to trade. The loans to group undertakings are denominated in Namibian Dollars, are interest free and are subordinated in favour of other creditors of the subsidiary undertakings. See note 19 for details of the Prior Year Adjustment resulting in the restatement of the opening balances. The directors are of the opinion that it is impractical to measure the loans to subsidiaries at amortised cost using the effective interest rate method and that to do so would have no benefit to the consolidated position of the company and its subsidiaries as the balances due to and from each company eliminate on consolidation. 10 Inventories Group Group 2009 2008 Consumable stores �31,967 �32,673 ________ ________ 11 Trade and Other Receivables Group Group Company Company 2009 2008 2009 2008 � � � � Trade receivables 36,165 26,363 - - ________ ________ ________ ________ All amounts fall due for repayment within one year. 12 Trade and other payables Group Group Company Company 2009 2008 2009 2008 � � � � Trade Payables and Accruals 56,673 51,120 24,553 18,875 Loans from Directors 350,000 - 350,000 - ________ ________ ________ ________ 406,673 51,120 374,553 18,875 ________ ________ ________ ________ There are no terms of repayment for the directors' loans which are interest free. 13 Derivatives and other financial instruments Financial instruments policies and strategies During the period since its incorporation, the group has financed its business with the cash it has raised through the issue of shares. It has used these funds to acquire and develop business in Namibia. The main risk arising from the group's financial instruments is foreign currency risk. At 28 February 2009, the group's financial instruments comprised cash and short-term receivables and payables arising directly from its operations. The group's primary treasury activity has been the management of cash. This has been held so as to maximise interest earned without compromising the group's need for flexibility in meeting its cash needs. The group is not currently actively pursuing a strategy of acquiring investments. Although the group is based in the UK, it has a significant investment in Namibia. As a result, the group's sterling balance sheet can be significantly affected by movements in the Namibian Dollar/Sterling exchange rates. Sales of diamonds are denominated in Namibian Dollars but the price obtained is dependent on market prices set in US Dollars. The group incurs costs in both Sterling and Namibian Dollars. The group has not entered into any derivative transactions during the year. Short-term receivables and payables have been excluded from the numerical disclosures below. Interest rate risk profile of financial Floating rate assets: 2009 2008 � � Sterling 25,681 103,338 Namibian dollar 11,058 162 ________ ________ �36,739 �103,500 ________ ________ The financial assets comprise short-term cash deposits. The group does not have any material interest bearing financial liabilities. As the group's principal financial instruments is cash, the directors do not consider there to be a material difference between the book and fair value of the group's financial assets. 14 Share capital Shares 2009 2008 2009 2008 Number Number � � Authorised Ordinary shares of 10p 50,000,000 50,000,000 each Ordinary shares of 1p each 440,697,860 4,406,979 Deferred shares of 9p each 39,922,460 3,593,021 ________ ________ ________ ________ Total 480,620,320 50,000,000 8,000,000 50,000,000 __________ __________ _________ __________ Allotted, called up and fully paid Ordinary shares of 10p 39,922,460 3,992,246 each Ordinary shares of 1p each 39,922,460 399,225 Ordinary shares of 9p each 39,922,460 3,593,021 ________ ________ ________ ________ 79,844,920 39,922,460 3,992,246 3,992,246 __________79 __________ __________ __________ During the year a capital reorganisation took place. The existing ordinary shares of 10p each were subdivided into:- 39,922,460 ordinary shares of 1p each and 39,922,460 deferred shares of 9p each The holders of the deferred shares shall not be entitled to receive any dividend out of the profits of the company available for distribution and they are non-voting Options The company has in issue the following options to subscribe for ordinary shares: 2009 2008 Number 750,000 4,500,000 Options are exercisable between 9 January 2008 and 9 January 2013 at an exercise price of �0.12p. As at 28 February 2009 these options were still outstanding. The directors estimate, by reference to formal valuations of options issued in prior periods and consideration of movements in component factors of those valuations, that the expense to be recognised under IFRS2 in respect of options issued during the year is not material in the context of group results. They consider that the expense of commissioning a separate valuation would be disproportionate to the benefits obtained. Accordingly no adjustments have been made to reflect the issue of options as an expense of the business and the corresponding increase in equity of the business. 15 Share Premium Account Group and Company Share Premium account At 1 March 2008 and 28 February 2009 �359,384 16 Profit and Loss Account Group � At 1 March 2008 (2,509,171) Loss for the year (492,485) ________ At 28 February 2009 �(3,001,656) ________ Company � At 1 March 2008 (175,438) Loss for the year (132,956) ________ At 28 February 2009 �(308,394) ________ 17 Foreign Exchange Reserve Group � At 1 March 2008 99,562 Gain on foreign translation 76,945 ________ At 28 February 2009 �176,507 ________ 18 Reconciliation of movements in shareholders' funds 2009 2008 � � Group (Loss) for the financial year (492,485) (298,168) Other recognised gains and losses 76,945 (178,543) Issue of shares - 200,000 ________ ________ (415,540) (276,711) Opening shareholders' funds 1,942,021 2,218,732 ________ ________ Closing shareholders' funds �1,526,481 �1,942,021 ________ ________ The conversion from United Kingdom Generally Accepted Accounting Practice to International Financial Reporting Standards has caused no effect on the equity of the group. 2009 2008 Company � � (Loss)/Profit for the financial year (132,956) (411,991) Issue of shares - 200,000 ________ ________ (132,956) (211,991) Opening shareholders' funds 4,176,192 3,076,564 Prior year adjustment - 1,311,619 ________ ________ Closing shareholders* funds �4,043,236 �4,176,192 ________ ________ 19 Prior year adjustment Group Company � � a. Arising from reclassification of inter-company 811,619 loan indebtedness as a Namibian Dollar liability b. Release of provision for impairment on 500,000 revaluation of loan c. Arising from first time introduction of IFRS and 278,105 creation of Foreign Exchange Reserve ________ ________ 1,311,619 ________ 20 Reconciliation of operating loss to net cash outflow from operating activities 2009 2008 � � Operating loss (493,774) (304,638) Depreciation of plant, property and equipment 169,662 121,225 Amortisation of intangible assets 39,734 12,365 Decrease/(Increase) in inventories 706 3,275 (Increase)/decrease in trade and other receivables (9,802) (2,845) Increase/(decrease) in trade and other payables 355,553 13,273 Net effect of foreign exchange differences (46,625) 86,797 Net cash (outflow)/inflow from operating activities �15,454 �(70,548) ________ ________ 21 Analysis of net debt At 1 March 2008 Cash flow At 28 February 2009 � � � Net cash: Cash at bank and in hand �103,500 �(66,761) �36,739 ________ ________ ________ 22 Reconciliation of net cash flow to movement in net funds 2009 2008 � � (Decrease) in cash for the year (66,761) (268,688) ________ ________ Movement in net funds in the year (66,761) (268,688) Opening net funds 103,500 372,188 ________ ________ Closing net funds �36,739 �103,500 ________ ________ 23 Contingent liabilities The mining contract undertaken by the group requires the subsidiary, Sonnberg, to remove all equipment and installations and to rehabilitate all disturbed areas once mining activities have ceased. Sonnberg pay 1% of sales to a fund held by NAMDEB Diamond Corporation (Proprietary) Limited, to provide for the costs of environmental rehabilitation. The directors' best estimate is that there is no additional liability at the balance sheet date to the contributions already made to this fund. Accordingly, no provision has been made. 24 Commitments under operating leases As at 28 February 2009, the company had annual commitments under non-cancellable operating leases as set out below: 2009Land and 2008 Land and buildings buildings � � Expiring in less than one year 2,400 2,400 ________ ________ 25 Related party transactions During the year the company received loans from Lord Sheppard of Didgemere of �200,000 (2008 Nil), B M Moritz �145,000 (2008 Nil) and ACA Carlton �5,000 (2008 Nil). The loans are interest free and with no repayment terms. This information is provided by RNS The company news service from the London Stock Exchange END FR UWSARKRRWUAR More

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Interactive Investor Trading Limited, trading as "Interactive Investor", is authorised and regulated by the Financial Services Authority.

Registered Office: Standon House, 21 Mansell Street, London E1 8AA, telephone 0845 88 00 267. Registered in England with Company Registration number 3699618.
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