![](../style/all/img/drapeau/grand/Australia.gif) | | Publié le 22 mars 2011 | - Half-Year Results |
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Uranium Resources Plc ('Uranium Resources' or
'the Company')
Half-Year Results
Uranium Resources Plc, the AIM listed uranium exploration and
development company operating in Tanzania,
announces its results for the six month period ended 31 December 2010.
Managing Director's Report
During the period under review we have made strong progress on all
fronts in building a uranium focussed resource
development company. In particular, we have undertaken a very successful
drilling programme at our flagship Mtonya project ('Mtonya') in
southern Tanzania.
The results of the 2010 programme have enabled us to
verify our geological and structural model of Mtonya
and demonstrated that conditions favourable for
roll-front uranium mineralisation exist well below
the already known horizons. Furthermore the characteristics of the
intercepted sandstone and other strata suggest that Mtonya
would be amenable to in-situ uranium recovery. This technology is
currently the most cost-effective and environmentally-friendly process for
extracting uranium.
In addition to Mtonya, we are currently
building a pipeline of projects on our extensive exploration holdings in Tanzania.
We are using the same comprehensive approach as we utilised
at Mtonya to evaluate, prioritise
and advance our other targets, which include Likuyu,
Foxy, Eland and Pedro.
Exploration
Update
Mtonya
The Company's main asset is its 1,200 sq km Mtonya
uranium project located approximately 100 km east of the district capital of Songea. Its geology comprises Usagaran
orogenic basement rocks and clastic
sediments of the Luwegu subbasin.
Roll-front style uraniferous mineralisation
is hosted by the Karoo sandstone units and is
thought to be analogous to that of Mantra's Nyota
deposit, which contains a Measured and Indicated Resource of 65.5 million
pounds U3O8.
A comprehensive analysis of the results of earlier exploration drilling
was followed by an extensive and thorough compilation of regional data, such as
airborne and heliborne magnetics
and radiometrics, satellite imagery and
topography. Synthesising these various data has
led to adjustments in our exploration strategy and the development of new drill
targets at Mtonya.
Following this analysis, we designed the 2010 drilling programme which was launched in June last year. The
2010 programme was designed to verify our geological
and structural model and generate both near-surface and deep mineralisation targets. The programme
comprised 11 vertical diamond drill holes totalling
4,170 m. These holes, 300 m to 500 m deep and 500 m to 4,000 m apart,
were positioned in three intersecting fences covering a large area 8 km long
and 4 km wide.
The data obtained during the 2010 drilling programme
confirmed our expectations and
demonstrated that conditions favourable for
roll-front uranium mineralisation exist well below
the already known horizons. Of particular note were holes 1, 2, 8, 9, 10
and 11 which intersected beds of permeable arkose
sandstone and extensive zones of reduction and pervasive oxidation down to a
depth of 400 m. The lithological composition of
the host rock units, porosity, location and extent of the oxidised
zones indicate ideal geological settings for multiple mineralised
roll-fronts. The scale and intensity of the observed redox
processes is particularly encouraging as they are considered adequate for
producing significant uranium deposits. Roll-front uranium deposits form
in flat-lying, permeable clastic sediments at the interface of advancing
oxidising groundwater and reducing conditions. The intensity of oxidation
and its spatial extent are indicative of the duration of these processes and
volume of the sedimentary rock that has been altered and depleted of uranium
and associated elements.
Of particular importance are the characteristics of the intercepted sandstone
(grain size, porosity and permeability), thicknesses of these sandstone beds
and the 'stacked' nature of sandstone strata confined
between impermeable mudstone units. All of these features make Mtonya
ideal for hosting a sandstone-hosted roll-front deposit that is amenable to
in-situ uranium recovery ('ISR'). This technology is currently the most
cost-effective and environmentally-friendly process for extracting uranium.
The uranium minerals are dissolved by pumping a slightly acidic solution
(much like table vinegar) in the ground and pumping out pregnant solution to
the surface where the minerals are recovered by conventional methods.
There is very little land disturbance and no waste rock or tailings is
produced. This technology has been advanced to the point where it is
controllable, safe, and an environmentally benign method of mining. In
addition, the low capital and operating cost requirements (in comparison to
conventional open-pit or underground mining) make uranium deposits amenable to
ISR very attractive exploration targets.
The ongoing in-depth interpretation of geological and geochemical
results of the 2010 programme will significantly narrow our search radius and
generate defined drill targets for the 2011 programme. To compress the
timeframe and minimise exploration risks, the Company is utilising
sophisticated geological and geochemical modelling to process the 2010
data. Since acquiring control of the Tanzanian projects, we have
developed a complex, proprietary geological model by using remote sensing,
geophysical, field mapping, and structural interpretation data. This
model is continuously enhanced and updated.
Within the areas with previously known mineralisation, the drilling
produced contiguous intercepts with significant U3O8
grades in holes 1, 9, 10, and 11, reaching 731 ppm U3O8.
Details of the significant uranium grades are given in the table below.
Table 1. 2011 Mtonya Drilling Results (composited intercepts, 100 ppm cutoff)
Drill
Hole
|
Longitude
|
Latitude
|
From, m
|
To, m
|
Width, m
|
U3O8 ppm
|
URAMT
01
|
36.52
|
-10.56
|
76.60
|
79.60
|
3..00
|
122
|
92.60
|
96.60
|
4..00
|
215
|
Including 731 ppm U3O8 at 93.6-94.6 m
|
URAMT
09
|
36.54
|
-10.54
|
20.00
|
26.00
|
6..00
|
157
|
URAMT
10
|
36.52
|
-10.55
|
15.60
|
18.10
|
2..50
|
144
|
46.70
|
54.60
|
7..90
|
141
|
Including 436 ppm U3O8 at 50.6-52.0 m
|
66.60
|
69.40
|
2..80
|
163
|
Including 425 ppm U3O8 at 67.6-68.4 m
|
74.30
|
75.80
|
1..50
|
106
|
URAMT
11
|
36.47
|
-10.55
|
7..00
|
11.00
|
4..00
|
239
|
Including 460 ppm U3O8 at 10.0-11.0 m
|
14.00
|
16.00
|
2..00
|
142
|
29.00
|
34.00
|
5..00
|
118
|
The 2010 drilling programme has provided the Company with important data
which is particularly noteworthy because of the extensive lateral coverage,
far-reaching depths, large-diameter core, and geochemical assays (33 elements)
on all of core. The drill core was thoroughly logged and systematically
photographed before and after splitting and sampling. The Company adheres
to the industry's best quality assurance practices and protocols.
Uranium Resources intends to undertake further drilling on this project
in 2011 and will publish details of this programme in due course.
Likuyu
The Likuyu target area ('Likuyu') is located about 65 km northeast of
Songea. The 197 sq km area is underlain by the Precambrian basement
gneisses to the west and the Mesozoic Karoo clastic sediments to the east and
southeast. The project area occupies the western margin of the Luwegu
Rift and is in part comprised of the same sedimentary sequences that host
Mantra's Nyota deposit, about 50 km to the east.
A number of prominent northwest-southeast airborne radiometric anomalies
and uranium occurrences have been identified in the project area during
previous reconnaissance campaigns. The airborne anomalies appear to be
trailing the northeast-trending regional structures similar to the Mkuju
River fault along which
Mantra's Nyota deposit is hosted. The presence of uranium anomalism,
similar structural framework and the same lithologies indicates a good
potential for Nyota-like deposits in this area.
Likuyu is one of the Company's priority targets for the 2011 exploration
programme and we plan to conduct a ground follow-up, mapping traverses and rock
sampling in H1 2011 with a view to generating exploration targets for drilling
by the end of 2011.
Foxy
The Foxy project ('Foxy') is situated some 60 km to the southeast of
Mtonya. The area covers approximately 914 sq km and is underlain by the Karoo
clastic sediments within a sub-basin that opens up to the north into the Luwegu
basin. In a setting similar to that of Mantra's Nyota deposit and Mtonya,
Foxy features a 400 m long radiometric anomaly which was identified by a
heliborne radiometric survey and a 13,400 ppm U3O8 grab
sample collected during the 2007 reconnaissance programme. The same
reconnaissance work also isolated several 'hotspots' ranging up to 20,000 cps
('counts per second') along two northeast-southwest trends (about 0.5 sq km on
surface) during a ground scintillometer survey. In a limited follow-up
campaign, we drilled 19 reverse circulation shallow holes that identified
limited and poddy near-surface uranium mineralisation. The Company is now
working on making a very thorough compilation of data for Foxy and augmenting
its regional database to enhance the understanding of the project with a view
to generating drill targets based on the geological model. The
exploration strategy for Foxy will be developed once this analysis is
completed.
Eland
The Eland project is located in south-western Tanzania,
about 105 km to the south of Mtonya. The area covering some 197 sq km is
thought to be underlain by Precambrian basement gneiss with a large, scarp-like
outcrop of fenitized gneiss and nepheline syenite in the southern part of the
tenement. The occurrence is situated in the hanging wall of a significant
NE-striking, NW-dipping structure.
In 2008, the Company undertook a field follow-up on a contrast
radiometric anomaly (with an average tenor of 300 cps over an area of 0.6 sq
km). During follow-up work over 70 rock samples were collected.
These samples defined a U-Th-Nb-Ta anomaly with magnetic and geochemical
characteristics typical for Nb-Ta-REE carbonatite deposits. Significant
rare-earth deposits of this type are being developed in Tanzania
by Montero Mining and Exploration Ltd (Wigu Hill) and in Malawi
by Lynas Corporation Ltd (Kangakunde). During the uranium-focussed field
programme in 2008, samples were analysed only for La, Ce and Y and not for the
entire suite of rare earth elements and no fieldwork was conducted in the
central part of the inferred carbonatite complex. In 2010, we carried out
a thorough review of all available data on Eland with the objective of
determining the merits of further work. The management views Eland as a
valid carbonatite target and is planning a REE-focussed field programme on the
property in 2011.
Pedro
The Pedro target is located in the Ruhuhu basin, some 70 km northwest of
the district capital of Songea. The target area comprises radiometric
anomalies hosted in the coarse arkose sandstone of the Karoo
age. The area was identified through reviewing historical airborne data
and a follow-up heliborne radiometric survey. In 2007, we conducted a
limited ground fieldwork programme with helicopter support when a grab sample
grading 2,400 ppm U3O8 was collected. The geology
of Pedro appears to bear similarities with Paladin Energy Ltd's Kayelekera
deposit and is being considered for follow-up work. The Company is
currently conducting a thorough collation of all available data and review of
past work in order to generate field follow-up targets.
Regional
Generative Work
As the compilation of data and enhancement of the Company's databases
continues, we remain confident that
new exploration opportunities will be generated on our ground. We
consider most of our holdings in Tanzania
prospective for a number of commodities.
Financial
Results
With Uranium Resources being at the exploration stage, we are not
producing revenue and as such I am reporting a pre-tax loss of �560,135
(31/12/09 half-year: �256,414; 30/06/10 full year: �641,714) (including a share
based payments charge of �144,000 (31/12/09: �Nil; 30/06/10: �Nil)) for the six
months ended 31 December 2010.
During the period under review, we completed two placings, raising
approximately �1.7 million through investors including our cornerstone
shareholder, Estes Limited.
Outlook
2010 was a very productive year for Uranium Resources, particularly the
last six months covered by these half-year results. Having confirmed
our geological model at Mtonya, we look forward to executing the 2011 drill
programme. In addition, we are developing a pipeline of projects by
advancing other properties in Tanzania.
Finally, I would like to take this opportunity to thank my fellow
directors and our shareholders for their dedication and support through what
has been a transitional period for the Company, and look forward to what I
believe will be a fruitful future.
Alex
Gostevskikh
Competent Persons declaration
The information in this report that relates to Exploration Results,
Mineral Resources or Ore Reserves is based on information assessed by Alex
Gostevskikh who is a Member of the Mining and Metallurgical Society of America.
Mr Gostevskikh has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Gostevskikh consents to the inclusion in the
report of the matters based on his information in the form and context in which
it appears.
For further information please visit www.uraniumresources.co.uk or
contact:
Alex Gostevskikh
|
Uranium Resources
plc
|
Tel: +255 (0) 752 968 062
|
Ross
Warner
|
Uranium Resources
plc
|
Tel: +44 (0) 7760 487769
|
Hugh Warner
|
Uranium Resources
plc
|
Tel: +61 (0) 413 621 652
|
Samantha Harrison
|
Ambrian Partners Ltd (Nomad)
|
Tel: +44 (0) 20 7634 4700
|
Ben
Wright
|
Ambrian Partners Ltd (Nomad)
|
Tel: +44 (0) 20 7634 4700
|
Jeremy
King
|
Optiva Securities Ltd
|
Tel +44 (0)20 3137 1904
|
Jason Robertson
|
Optiva Securities Ltd
|
Tel +44 (0)20 3137 1906
|
Hugo
de Salis
|
St Brides Media & Finance Ltd
|
Tel: +44 (0) 20 7236 1177
|
Felicity Edwards
|
St Brides Media & Finance Ltd
|
Tel: +44 (0) 20 7236 1177
|
Definitions
U - Uranium; Th - Thorium; Nb - Niobium; Ta -
Tantalum; La - Lanthanum; Ce - Cerium; Y - Yttrium; REE - Rare Earth Elements
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2010
|
|
Half-year ended
31 Dec 2010
(Unaudited)
�
|
Half-year ended
31 Dec 2009
(Unaudited)
�
|
Year ended
30 June 2010
(Audited)
�
|
|
Notes
|
|
|
|
Administrative expenses
|
|
(414,254)
|
(322,620)
|
(710,228)
|
Share-based
payments charge
|
|
(144,000)
|
-
|
-
|
Foreign exchange (loss)
/ gain
|
|
(1,955)
|
62,971
|
65,279
|
Total operating expenses
|
|
(560,209)
|
(259,649)
|
(644,949)
|
Group operating loss
|
|
(560,209)
|
(259,649)
|
(644,949)
|
Interest receivable
|
|
74
|
3,235
|
3,235
|
Loss before taxation
|
|
(560,135)
|
(256,414)
|
(641,714)
|
Taxation
|
|
-
|
-
|
-
|
Loss for the period
|
|
(560,135)
|
(256,414)
|
(641,714)
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
Exchange differences on translating foreign operations
|
|
(45,232)
|
-
|
108,707
|
Total comprehensive loss attributable to the equity holders of the
parent
|
|
(605,367)
|
(256,414)
|
(533,007)
|
|
|
|
|
|
Loss per share (pence)
|
|
|
|
|
Basic
|
4
|
(0.12p)
|
(0.09p)
|
(0.18p)
|
Diluted
|
4
|
(0.12p)
|
(0.09p)
|
(0.18p)
|
UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT 31 DECEMBER 2010
|
|
31 Dec 2010
(Unaudited)
|
31 Dec 2009
(Unaudited)
|
30 June 2010
(Audited)
|
|
Note
|
�
|
�
|
�
|
|
|
|
|
|
Assets
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Property, plant & equipment
|
|
8,661
|
-
|
10,187
|
Exploration & evaluation assets
|
6
|
4,190,365
|
1,325,591
|
3,323,406
|
|
|
4,199,026
|
1,325,591
|
3,333,593
|
|
|
|
|
|
Current assets
|
|
|
|
|
Receivables
|
|
27,390
|
228,725
|
13,213
|
Cash and cash equivalents
|
|
691,640
|
2,201,961
|
365,529
|
|
|
719,030
|
2,430,686
|
378,742
|
Total Assets
|
|
4,918,056
|
3,756,277
|
3,712,335
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
|
(134,042)
|
(186,647)
|
(131,954)
|
|
|
|
|
|
Total Liabilities
|
|
(134,042)
|
(186,647)
|
(131,954)
|
Net Assets
|
|
4,784,014
|
3,569,630
|
3,580,381
|
|
|
|
|
|
Equity
|
|
|
|
|
Share capital
|
7
|
481,744
|
291,000
|
406,494
|
Share premium
|
|
6,834,411
|
3,094,360
|
5,244,661
|
Share application
|
|
-
|
1,978,451
|
-
|
Share-based
payments reserve
|
|
1,421,879
|
1,869,879
|
1,869,879
|
Foreign exchange reserve
|
|
63,475
|
-
|
108,707
|
Retained losses
|
|
(4,017,495)
|
(3,664,060)
|
(4,049,360)
|
Total Equity
|
|
4,784,014
|
3,569,630
|
3,580,381
|
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2010
|
Share capital
|
Share premium
|
Share application
|
Share-based payment
reserve
|
Foreign currency translation reserve
|
Retained losses
|
Total shareholders equity
|
|
�
|
�
|
�
|
�
|
�
|
�
|
�
|
|
|
|
|
|
|
|
|
As at
1 July 2009
|
291,000
|
3,094,360
|
-
|
1,869,879
|
-
|
(3,407,646)
|
1,847,593
|
Total comprehensive income
|
-
|
-
|
-
|
-
|
-
|
(256,414)
|
(256,414)
|
Transactions with owners:
|
|
|
|
|
|
|
|
Shares subscribed
for, but not yet issued
|
-
|
-
|
1,996,800
|
-
|
-
|
-
|
1,996,800
|
Cost of shares
subscribed for, but yet not issued
|
-
|
-
|
(18,349)
|
-
|
-
|
-
|
(18,349)
|
Total transaction with owners
|
-
|
-
|
1,978,451
|
-
|
-
|
-
|
1,978,451
|
Balance at 31 December 2009
|
291,000
|
3,094,360
|
1,978,451
|
1,869,879
|
-
|
(3,664,060)
|
3,569,630
|
|
|
|
|
|
|
|
|
As at
1 July 2009
|
291,000
|
3,094,360
|
-
|
1,869,879
|
-
|
(3,407,646)
|
1,847,593
|
Total comprehensive income
|
-
|
-
|
-
|
-
|
108,707
|
(641,714)
|
(533,007)
|
Transactions with owners:
|
|
|
|
|
|
|
|
Issue of share capital
|
115,494
|
2,168,650
|
-
|
-
|
-
|
-
|
2,284,144
|
Cost of share issue
|
-
|
(18,349)
|
-
|
-
|
-
|
-
|
(18,349)
|
Total transaction with owners
|
115,494
|
2,150,301
|
-
|
-
|
-
|
-
|
2,265,795
|
Balance at 30 June 2010
|
406,494
|
5,244,661
|
-
|
1,869,879
|
108,707
|
(4,049,360)
|
3,580,381
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
-
|
-
|
-
|
-
|
(45,232)
|
(560,135)
|
(605,367)
|
Transactions with owners:
|
|
|
|
|
|
|
|
Issue of share capital
|
75,250
|
1,624,750
|
-
|
-
|
-
|
-
|
1,700,000
|
Cost of share issue
|
-
|
(35,000)
|
-
|
-
|
-
|
-
|
(35,000)
|
Cancellation of options
|
-
|
-
|
-
|
(592,000)
|
-
|
592,000
|
-
|
Share based payments
|
-
|
-
|
-
|
144,000
|
-
|
-
|
144,000
|
Total transaction with owners
|
75,250
|
1,589,750
|
-
|
(448,000)
|
-
|
592,000
|
1,809,000
|
Balance at 31 December 2010
|
481,744
|
6,834,411
|
-
|
1,421,879
|
63,475
|
(4,017,495)
|
4,784,014
|
|
|
|
|
|
|
|
|
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2010
|
|
Half-year ended
|
Half-year ended
|
Year ended
|
|
|
31 Dec 2010
|
31 Dec 2009
|
30 June 2010
|
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
�
|
�
|
�
|
Cash flows from operating activities
|
|
|
|
Operating loss
|
|
(560,209)
|
(259,649)
|
(644,949)
|
Adjustments for non-cash items:
|
|
|
|
Share-based
payments charge
|
|
144,000
|
-
|
-
|
Depreciation
|
|
1,262
|
-
|
178
|
(Increase)
/ decrease in receivables
|
(14,177)
|
(9,761)
|
12,292
|
Increase / (decrease)
in payables
|
12,052
|
74,349
|
(28,323)
|
Net cash used in operating activities
|
(417,072)
|
(195,061)
|
(660,802)
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Acquisition of subsidiaries, net of cash acquired
|
|
-
|
(193,459)
|
(1,418,815)
|
Funds used for exploration and evaluation
|
|
(921,891)
|
(90,474)
|
(225,444)
|
Funds used for plant and equipment
|
|
-
|
-
|
(10,365)
|
Interest received
|
|
74
|
3,235
|
3,235
|
Net cash used in investing activities
|
(921,817)
|
(280,698)
|
(1,651,389)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Proceeds from share application/issue of shares
|
1,700,000
|
1,996,800
|
1,996,800
|
Cost of share
application
|
|
(35,000)
|
(18,349)
|
(18,349)
|
Net cash from
financing
|
|
1,665,000
|
1,978,451
|
1,978,451
|
|
|
|
|
|
Increase / (decrease) in cash and cash equivalents
|
326,111
|
1,502,692
|
(333,740)
|
|
|
|
|
|
Cash and cash equivalents at beginning of the period
|
365,529
|
699,269
|
699,269
|
Cash and cash equivalents at the end of the period
|
691,640
|
2,201,961
|
365,529
|
|
|
|
|
|
NOTES TO THE UNAUDITED HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS
ENDED 31 DECEMBER 2010
1 General information
Uranium Resources Plc ('the Company') is domiciled in England.
The condensed consolidated half-year accounts of the Company for the six months
ended 31 December 2010 comprise the Company and its subsidiaries (together
referred to as 'the Group').
The condensed half-year accounts for the period 1 July
2010 to 31 December 2010 are unaudited. In the opinion of the Directors the
condensed half-year accounts for the period presents fairly the financial
position, and results from operations and cash flows for the period in conformity
with the generally accepted accounting principles consistently applied. The
condensed half-year accounts incorporate unaudited comparative figures for the
interim period 1 July 2009 to 31 December 2009 and the audited financial year
to 30 June 2010.
The financial information contained in this half-year
report does not constitute statutory accounts as defined by section 434 of the
Companies Act 2006.
The comparatives for the full year ended 30 June 2010
are not the Company's full statutory accounts for that year. A copy of the
statutory accounts for that year has been delivered to the Registrar of
Companies. The auditors' report on those accounts was unqualified,
included references to the going concern note in the accounts to which the
auditors drew attention by way of emphasis without qualifying their report and
did not contain a statement under section 498 (2) - (3) of the Companies Act
2006.
2 Accounting policies
The condensed half-year accounts have been prepared
using policies based on International Financial Reporting Standards (IFRS and
IFRIC interpretations) issued by the International Accounting Standards Board
("IASB") as adopted for use in the EU. The condensed half-year
accounts have been prepared using the accounting policies which are expected to
be applied in the Group's statutory financial statements for the year ending 30
June 2011.
Basis of preparation and going concern
During the period ended 31 December 2010 the Group
made a loss of �560,135 (31/12/09: �256,414, 30/06/10: �641,714). Included in
this loss is a share based payments charge of �144,000 (31/12/09: �Nil,
30/06/10: �Nil). At the period end date the Group had net assets of
�4,784,014 (31/12/09: �3,569,630, 30/06/10: �3,580,381) and cash balances of
�691,640 (31/12/09: �2,201,961, 30/06/10: �365,529).
The Group currently has cash balances of approximately
�300,000 and therefore will require further funds to meet its budgeted
operating and committed drilling costs of �1,000,000 for the period ending 31
March 2012 (being 12 months from approval of these half-year results).
The Directors are confident that they
will be able to raise the additional funds and continue to meet their
obligations, as they fall due. In coming to this conclusion, the
Directors noted their previous capital raisings and the continued support
received from its major shareholder, Estes Limited.
The operations of the Group are currently being
financed from funds which the Company raised from private and public placings
of its shares. The Group has not yet earned revenue as it is still in the
exploration phase of its business. The Group is reliant on the continuing
support from its existing and future shareholders..
The Board believes that the
Group will have sufficient cash and other resources to fund its activities and
to continue its operations for the foreseeable future and for the Group to
continue to meet its liabilities as they fall due, and for at least the next
twelve months from the date of approval of these financial statements.
The financial statements have, therefore, been prepared on the going concern
basis.
3 Taxation
No taxation has been provided due to losses in the
period.
4 Loss per share
The basic loss per share has
been calculated using the loss attributable to equity shareholders for the
financial period of �560,135 (six months ended 31 December 2009: �256,144; year
ended 30 June 2010: �641,714) and the weighted average number of ordinary
shares in issue of 448,198,913 (31 December 2009: 291,000,000; 30 June 2010:
349,888,887).
The diluted loss per share has been calculated using a
weighted average number of shares in issue and to be issued of 494,462,615 (31
December 2009: 360,000,000; 30 June 2010: 418,888,887). The diluted loss per
share has been kept the same as the basic loss per share as the conversion of
share options decreases the basic loss per share, thus being anti-dilutive.
5 Subsidiary
undertakings
Subsidiary undertakings
|
Principal activities
|
Percentage of ordinary share
capital held
|
Direct
|
|
|
Deep Yellow Tanzania Limited
|
Uranium exploration
|
100%
|
URA (St Henri) Limited
|
Applied for exploration licences
|
100%
|
WML Uranium Holdings Limited
|
Holding company
|
100%
|
Indirect
|
|
|
Western Metals Tanzania Limited
|
Uranium exploration
|
100%
|
Western Metals Exploration
Limited
|
Applied for exploration licences
|
100%
|
Western Metals Uranium
Limited
|
Applied for exploration licences
|
100%
|
|
|
|
The Directors have assessed the carrying value of the
investments in subsidiaries, all of which are incorporated in Tanzania,
and in their opinion no impairment provision is considered necessary.
6
Exploration and evaluation assets
|
Unaudited
31 Dec 2010
�
|
Unaudited
31 Dec 2009
�
|
Audited
30 June 2010
�
|
Exploration and evaluation
|
|
|
|
Cost
|
|
|
|
At beginning of period
|
3,356,184
|
1,268,644
|
1,268,644
|
Acquired during the period
|
-
|
-
|
1,707,343
|
Additions
|
909,125
|
89,725
|
261,871
|
Currency translation adjustment
|
(42,166)
|
-
|
118,326
|
Total cost
|
4,223,143
|
1,358,369
|
3,356,184
|
Impairment
|
|
|
|
At beginning of period
|
(32,778)
|
(32,778)
|
(32,778)
|
Impairment charge
|
-
|
-
|
-
|
Total impairment
|
(32,778)
|
(32,778)
|
(32,778)
|
Net book value
|
4,190,365
|
1,325,591
|
3,323,406
|
The exploration and evaluation ("E & E")
asset represents costs incurred in relation to the Group's Tanzanian licences.
These amounts have not been written off to the statement of comprehensive
income as exploration expenses, as commercial reserves have not yet been
established or the determination process has not been completed, and there are
no indicators of impairment. The outcome of ongoing exploration and evaluation,
and therefore whether the carrying value of E & E assets will ultimately be
recovered, is inherently uncertain. The Directors have assessed the value of
the uranium exploration and evaluation expenditure carried as intangible assets
and in their opinion no further provision for impairment is currently
necessary.
7. Share capital and share options
|
Unaudited
31 Dec 2010
�
|
Unaudited
31 Dec 2009
�
|
Audited
30 June 2010
�
|
Authorised share capital
|
|
|
|
10,000,000,000 ordinary shares of 0.1p each
|
10,000,000
|
10,000,000
|
10,000,000
|
|
|
|
|
Allotted, called up and fully paid share capital
|
|
|
|
481,743,750 (31/12/09: 291,000,000; 30/06/10 406,493,750) ordinary
shares of 0.1p each
|
481,744
|
291,000
|
406,494
|
During the period the Company issued the following
Ordinary 0.1 pence fully paid shares for cash:
Date
|
Issue Price
|
Number of
Shares
|
Nominal Value
�
|
1 July 2009
|
Opening balance
|
291,000,000
|
291,000
|
31 December 2009
|
Closing balance
|
291,000,000
|
291,000
|
4 January 2010
|
Placing at 1.92p per share for cash
|
104,000,000
|
104,000
|
12 January 2010
|
Consideration shares at 2.50p per share
|
11,493,750
|
11,494
|
30 June 2010
|
Closing balance
|
406,493,750
|
406,494
|
23 July 2010
|
Placing at 2.00p per share for cash
|
40,000,000
|
40,000
|
26 November 2010
|
Placing at 2.55p per share for cash
|
35,250,000
|
35,250
|
31 December 2010
|
Closing balance
|
481,743,750
|
481,744
|
Share
options and warrants
The following equity instruments have been
issued by the Company and have not been exercised at 31 December 2010:
|
Date of grant
|
Number of options
|
Exercise price
|
Exercisable between
|
28 November 2006
|
15,000,000
|
2.5p
|
Up to 28 November
2011
|
28 November 2006
|
15,000,000
|
5.0p
|
Up to 28 November
2011
|
15 April 2007
|
2,500,000
|
2.5p
|
Up to 28 November
2011
|
15 April 2007
|
2,500,000
|
5.0p
|
Up to 28 November
2011
|
24 July 2008
|
2,000,000
|
5.0p
|
Up to 23 July 2013
|
24 July 2008
|
2,000,000
|
15.0p
|
Up to 23 July 2013
|
24 July 2008
|
2,000,000
|
35.0p
|
Up to 23 July 2013
|
12 July 2010
|
8,000,000
|
2.5p
|
1 January 2011 to 23 July 2013
|
12 July 2010
|
10,000,000
|
5.0p
|
Up to 23 July 2013
|
12 July 2010
|
10,000,000
|
10.0p
|
Up to 23 July 2013
|
|
69,000,000
|
|
|
On the 12 July 2010, the Company cancelled 28,000,000
options with exercise prices at 5p, 15p & 35p and issued 28,000,000 options
with exercise prices at 2.5p, 5p and 10p.
8.
Share
based payments
The assessed fair value at the grant date has been
determined using the Black-Scholes Model that takes into account the exercise
price, the term of the option, the share price at grant date, the expected
price volatility of the underlying share, the expected dividend yield and the
risk free interest rate for the term of the option. Share based payments
are recognised over the vesting period of the options.
During the period, the Company granted options to
Directors, management and consultants as tabled below.
The inputs into the Black Scholes model are as
follows:
Grant date
|
Share price at
date of grant
|
Exercise price
|
Volatility
|
Option life
|
Dividend yield
|
Risk-free investment rate
|
Fair value per option
|
12/07/2010
|
1.77p
|
2.50p
|
83%
|
23/07/2013
|
0%
|
1.37%
|
0.8p
|
12/07/2010
|
1.77p
|
5.00p
|
83%
|
23/07/2013
|
0%
|
1.37%
|
0.5p
|
12/07/2010
|
1.77p
|
10.00p
|
83%
|
23/07/2013
|
0%
|
1.37%
|
0.3p
|
Expected volatility was determined by calculating the
historical volatility of the Group's share price for the past three years.
The Group recognised �144,000 (30 June 2010: �Nil; 31
December 2009: �Nil) related to equity-settled share based payment transactions
during the period.
**ENDS**
Felicity Edwards
St Brides Media and Finance Ltd
Chaucer House
38 Bow Lane
London
EC4M 9AY
Tel: +44 (0) 207 236
1177
Mob: +44 (0) 7748
843871
Fax: +44 (0) 207 236
1188
Email:
felicity@sbmf.co.uk
Web: www.stbridesmedia.co.uk
|
Mariana Resources Ltd
|
|
EXPLORATEUR |
CODE : MARL.L |
ISIN : GB00B12GJ720 |
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Mariana Res. est une société d’exploration minière d'argent et d'or basée en Australie. Ses principaux projets en exploration sont BUENAVENTURA et PERRO CHICO au Chili et LA BORITA, CAÑADON LARGO, LOS CALANDRIAS, LOS AMIGOS (ARGENTINA) et SIERRA BLANCA en Argentine. Mariana Res. est cotée au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 18,3 milliards GBX (20,6 milliards US$, 18,1 milliards €). La valeur de son action a atteint son plus bas niveau récent le 10 juin 2016 à 0,34 GBX, et son plus haut niveau récent le 10 juillet 2017 à 100,00 GBX. Mariana Res. possède 182 602 930 actions en circulation. |
Rapports annuels de Mariana Resources Ltd |
Nominations de Mariana Resources Ltd |
Rapports Financiers de Mariana Resources Ltd |
Projets de Mariana Resources Ltd |
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31/01/2014 | St Brides Client News Weekly and Stock to Watch 31.01.14 |
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05/11/2013 | London Presentation |
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16/09/2013 | Goldplat - Director Change |
13/09/2013 | Half Year Report for 2013 |
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10/09/2013 | Horizonte - Final Resource Drill Results from World-Class Ar... |
05/08/2013 | Wishbone - Interim Results - Delivering on strategy to acqui... |
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11/07/2013 | Board Change |
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18/09/2012 | Ferrex - Resource upgrade at Nayega Manganese Project Togo t... |
23/07/2012 | Uranium Resources - RFC Ambrian BUY note - High-grade interc... |
26/06/2012 | Private & Commercial Finance Group - Final Results show pr =... |
29/03/2012 | Uranium Resources - Exploration Update at Mtonya Project, Ta... |
05/12/2011 | Plexus Holdings - Breakthrough Licensing, Manufacturing, Dis... |
26/10/2011 | Uranium Resources - Ambrian Coverage Initiation & 2011 Drill... |
25/10/2011 | Anglo Asian Mining - Exploration Update, Positive Infill Dri... |
13/09/2011 | Goldplat - Final Results - 76% increase in profit before t =... |
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15/08/2011 | releases its Half-Yearly Report and the Quarterly Management... |
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11/07/2011 | Half Million Ounce Gold Equivalent Maiden Resource For Las C... |
07/06/2011 | Goldplat - Banka Gold Mining Lease Ghana - Technical report |
03/06/2011 | Uranium Resources - 2011 Exploration Update |
26/05/2011 | Goldplat - Completion of purchase of Banka Mining Licence - ... |
24/05/2011 | Ascent Resources - Peti=B9ovci Project in Slovenia - Pg-11A ... |
24/05/2011 | Stratex - Strategic Alliance Agreement with Antofagasta to E... |
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12/05/2011 | Goldplat - Conclusion of payment to IGE for Kilimapesa Gol =... |
11/05/2011 | Kalahari Minerals - Annual General Meeting Statement |
03/05/2011 | GoIndustry-DoveBid - Final Results - Back to Profitability |
12/04/2011 | Goldplat - Gold Producer in Africa - Operations Update |
11/04/2011 | =?iso-8859-1?Q?Plexus_Holdings_-_BG_Egypt_=A3200,000_contrac... |
29/03/2011 | Stratex - Gold Resource doubled at =D6ks=FCt Project Turke =... |
29/03/2011 | Plexus Holdings - Multi-well contract with Centrica Consorti... |
08/03/2011 | =?iso-8859-1?Q?Plexus:_=A3700,000_Contract_Win_with_Statoil_... |
07/03/2011 | Goldplat - Interim Results: Operating profits increased 17.1... |
01/03/2011 | Horizonte - Araguaia nickel project maiden resource - 76.6 M... |
28/02/2011 | Sratex International - Discovers New Epithermal Gold Mineral... |
22/02/2011 | Anglo Asian Mining - Notice of Gold Discovery and Exploratio... |
16/02/2011 | FoxDavies Daily Monitor - Ascent Resources (sp 8.75p BUY, 20... |
16/02/2011 | =?iso-8859-2?Q?Ascent_Resources_-_Peti=B9ovci,_Slovenia_Dril... |
23/07/2010 | Subscription to raise £800,000 |
23/06/2010 | Placement to Raise £6.75 million |
31/05/2007 | DMM And Mariana Resources Join Forces |
Publication de commentaires terminée |
|
|