82CK Ang.w.s.f.56

RNS Number:9556N
Simmer & Jack Mines Ld
17 July 2000


                          SIMMER AND JACK MINES, LIMITED
                 (Incorporated in the Republic of South Africa)
                    (Registration number 1901/007778/06)
                                ("the company")
      Director: R A R Kebble (Chairman), M McChesney (Chief Executive Officer),
H C Buitendag, R G Rainey, J Stratton (Australian)


Preliminary announcement of results for financial year ended 31 March 2000
(The company's financial year-end has been changed from 30 June to 31 March)
                             
Abridged consolidated income statements

                                          Nine months ended     Year ended
                                              31 March 2000   30 June 1999
                                                 (Unaudited)    (Unaudited)
                                                      R'000          R'000

Turnover                                             15 970          3 328
Operating costs                                      20 452         13 611

Operating loss                                       (4 482)       (10 283)
Net finance charges                                  (1 301)        (5 247)

Loss for the period before taxation                  (5 783)       (15 530)
Taxation                                                  -             (2)

Loss for the period/year                             (5 783)       (15 532)


Abridged consolidated balance sheets          
                                                      R'000          R'000
Capital employed
Ordinary shareholders' funds                         57 122         24 858
Minority shareholders' interest                           1              1
Vendor liability to be settled by issue of shares    32 000         32 000
Shareholder's loan - interest bearing                14 355         42 780
Long-term liabilities:
- interest bearing                                       98              -
- non-interest bearing                                    -            666
     
                                                    103 576        100 305

Employment of capital
Mining asset, land and buildings                    105 958        101 521

Current assets                                        2 335          3 680
  Cash at bank, at call and on deposit                  314          1 852
  Other current assets                                2 021          1 828

Current liabilities                                   4 717          4 896
  Current liabilities
  - non-interest bearing                              3 804          4 039
  Current portion of long-term liability                161              -
  Purchase consideration
  - Transvaal Gold Mining Estates Limited               500            500
  Bank overdraft                                        252            357

Net current liabilities                              (2 382)        (1 216)

                                                    103 576        100 305

Shares in issue (000)**                              86 773         27 064
Net asset value per share (cents)                        66             92
Loss per share (cents)                                   (7)           (57)
**March 200 - weighted average


Notes:

Operating performance continues to improve despite serious setbacks occasioned
by heavy flooding in the areas of operation in the last quarter of the period
under review.

The company remains reliant on the financial support of a major shareholder
during the current development and rationalisation phase.

Vendor settlement for the purchase of Transvaal Gold Mining Estates Limited is
expected to take place in July 2000.

By order of the Board
Consolidated Mining Management Services Limited
Secretaries - 11 July 2000


Transfer secretaries

South Africa                                     United Kingdom
Mercantile Registrars Limited                    Independent Registrars
11 Diagonal Street                               Bourne House
Johannesburg, 2001                               32-34 Beckenham Road
(PO Box 1053), Johannesburg 2000)                Beckenham, Kent BR3 4TU
South Africa                                     England


Registered Office

1st Floor
Consolidated Building 
86 Fox Street
Johannesburg, 2001
(PO Box 11165, Johannesburg 2000)
South Africa

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