Interim Management Statement
Glencar Mining plc
Interim Statement for the six months ended 30 June 2008
21 August 2008
Glencar Mining plc ("Glencar" or the "Company"), the AIM and IEX
quoted company with gold exploration interests in Africa, today
announces its results for the six months ended 30 June, 2008.
Highlights from the Chairman's statement:
* Independent Resource Estimation underway for the Komana
Project
* Excellent drilling results from Komana East and from Gonka
target 4.5 kilometres to the south
* Glencar continues to build on strong exploration results
on three targets on Solona Concession
* Drilling set to continue on Sankarani Project in joint
venture with Gold Fields
* Successful US$2 million fundraising completed in June 2008
Commenting on the results, Hugh McCullough, Managing Director of
Glencar said:
"Intensive drilling on the Komana Concession continues to demonstrate
its strong potential to host a significant commercial gold deposit.
We are expecting to receive the SRK Consulting resource estimation
for Komana before the end of September and we have already reserved
our drill rigs for both reserve definition and exploration for the
coming season. We expect it to be just as exciting as the last and
we are hopeful that its completion will see us well advanced towards
the definition of our third commercial gold find in Africa.
"We are also delighted to have demonstrated the presence of a
significant mineralized zone over strike lengths of up to 1,200
metres at each of three targets that we have drilled so far on the
Solona Concession. Taken together with the very exciting recent
results returned from Glencar's adjoining Komana Concession, this
area as a whole has emerged as a highly prospective one, which has
delivered significant intersections wherever we have drilled. The
Sankarani Project joint venture with a subsidiary of Gold Fields is
also moving into an exciting phase. Gold Fields has already
completed expenditures on this project which earns it a 51% interest
in the project.
"We are pleased to have completed a financing for US$2 million in
June last. This funding will allow us to continue our intensive and
escalated drilling programme in Mali as soon as the rainy season
comes to a close in October. "
Chairman's Statement
We have completed a total of 50,350 metres of drilling on our Mali
projects during the last drilling season. It is our expectation that
this metreage will be exceeded during the next drilling season which
will commence in October next. We have experienced considerable
success in the drilling to date, most notably at Komana, Solona and
at a number of the targets within the area being explored as part of
the joint venture with a subsidiary of Gold Fields Limited.
KOMANA
The Komana Concession hosts the Komana West and the Komana East
deposits, which are separated from one another by a distance of seven
kilometres.
8,500 metres of diamond and reverse circulation drilling have been
completed at Komana East and we have already identified a persistent
zone of ore grade mineralisation, extending over a known strike
length of 1,600 metres but with significant potential for extension
along strike and at depth. The grades and thicknesses within the
Komana East ore zone are very promising and we are confident that,
with additional drilling, the Komana East ore zone will be shown to
be a significant deposit, which, when combined with the nearby Komana
West deposit, will mark the Komana region as the next centre of
commercial mine development in Mali.
Rotary Air Blast ("RAB") drilling at the Gonka target, for instance,
4.5 kilometres along strike to the south of Komana East, intersected
14 metres at 2.5 grams/tonne and the hole finished in ore grade
material. There are at least five other targets, with very similar
geological and structural settings to Komana East and Gonka, along
the 23 kilometres of the Sankarani Shear Zone within the Komana
Concession.
Drilling also continued at the Komana West deposit and, to date, a
total of 21,120 metres of RC and diamond drilling have been carried
out there. Targets to the south of Komana West at Soloba and Kama
were also drilled. The results of this additional drilling have been
incorporated in the database for both Komana East and West deposits,
which has been given to SRK Consulting (UK) Limited, who are carrying
out a resource estimate for the Komana East deposit and a revision of
their resource evaluation study of the Komana West deposit, which was
completed in October 2007. The results of this study will be
published when it is completed, expected before the end of September.
SOLONA
The Solona Licence is approximately 250 square kilometers in area and
is held 95% by Glencar's Malian subsidiary, Glencar Mali s.a.r.l.
The area is just east of and contiguous with Glencar's Komana
Concession. The licence is underlain by Birimian metasediments,
metavolcanics and intrusive, granitic rocks. Significant,
northeast-southwest trending shear structures are evident from the
aeromagnetic surveys.
Surface rock sampling and mapping had suggested that the Faliko,
Niechilela and Badigo Malikila targets are prospective and the
recently completed RAB drilling programme was designed to investigate
such potential. In all, 176 holes were drilled to an average depth
of 54m for a total of 9,422 drilled metres. Significantly, ore-grade
gold mineralisation was intersected at all three targets.
At Faliko, towards the north of the concession, disseminated gold
mineralization has been located in an extensive alteration zone over
a strike length of 1,000 metres. The gold mineralisation is open
both along strike and at depth. Significant mineralisation has been
encountered in four holes including the following intersections:
To
Hole From (m) (m) Width (m) Grade (g/t)
SARAB022 4 8 4 2.3
SARAB030 24 28 4 3.1
SARAB030 36 44 8 1.3
SARAB033* 24 32 8 2.3
* Intersection previously reported
At Niechilela, towards the centre of the concession, significant
mineralization extends over a strike length of 1,200 metres and is
open along strike and at depth. Including the previously reported
hole SARB096 which intersected 4 metres at 9.28 grams/tonne,
significant mineralisation was encountered in fifteen holes including
the following intersections:
To
Hole From (m) (m) Width (m) Grade (g/t)
SARAB083 0 4 4 3.3
SARAB088 48 52 4 2.2
SARAB096* 56 60 4 9.3
SARAB097 28 32 4 2.0
SARAB105 16 20 4 3.6
SARAB112 24 36 12 3.2
* Intersection previously reported
At Badigo Malikila, where the previously reported hole SARAB114
intersected 4 metres at 154.7 grams/tonne, significant mineralization
was encountered in nine holes including the following
intersections:
To
Hole From (m) (m) Width (m) Grade (g/t)
SARAB114* 52 56 4 154.7
SARAB157 44 52 8 1.1
SARAB167 12 24 12 1.3
SARAB192 48 56 8 1.1
* Intersection previously reported
SARAB114 was drilled on a fenceline some 400m north of the previously
drilled reverse circulation drillhole SARC009 which had intersected
two mineralized horizons, 8m at 2.6 grams/tonne between 6 and 14
metres depth and 2m at 25.2 grams/tonne between 30 and 32 metres
depth.
All of the targets drilled to date within the Solona concession lie
on structures identifiable in the recently completed aeromagnetics
survey data. RAB drilling is a first pass drilling technique used to
identify broadly mineralized target zones which may then be followed
up with reverse circulation ("RC") drilling which we expect will be
carried out during the next drilling season.
Plans showing the locations of the holes referred to above will be
uploaded shortly onto the Company's website at www.glencarmining.ie.
THE SANKARANI PROJECT
The Sankarani Project comprises three licences, at Bokoro, Sanioumale
and Farasaba.
These three licences are the subject of a Framework Agreement signed
with a subsidiary of Gold Fields Limited, ("Gold Fields"), the
world's third largest gold producer. Under the terms of that
agreement, the Gold Fields subsidiary, may earn up to a 65% interest
in the licences through exploration expenditures of US$12 million.
To date, over US$4 million has been spent on exploration and the Gold
Fields subsidiary has now earned a 51% interest in the project.
We have completed a total of 13,500 metres of RAB drilling this
season and 12,570 metres of reverse circulation and diamond drilling
last season. The Bokoro, Sanioumale Main and Kabaya South targets
continue to be the focus of attention with assay results from hole
KSRAB162 at Kabaya South, for example intersecting 3 metres at 75.0
grams/tonne between 0 and 3 metres depth. Next season's drilling
campaign is currently being finalised, and an ambitious drilling
programme is planned, comprising diamond coring and reverse
circulation and RAB drilling. In particular, RAB drilling will be
carried out on some new, as yet undrilled targets which have been
delineated through field mapping, geochemistry and the high
resolution aeromagnetic survey completed in early 2008.
A further statement on the Sankarani Project will be made following
approval of the programme and budget for the 2008/09 drilling season.
GHANA
We are expecting to complete an agreement shortly on a farm-in
arrangement on our Asheba Project in Ghana. Further details will be
given when the agreement is signed.
UGANDA
We are expecting to complete an agreement with Grey Crown Resources
shortly on a farm-in arrangement on our Makina Project in southeast
Uganda. Further details will be given when the agreement is signed.
FINANCIAL
Our Income Statement for the six months ended 30 June, 2008 shows a
marginally increased loss compared to the same period last year. The
Balance Sheet and Cashflow Statement do not reflect the proceeds of
the US$2 million placing which was completed immediately after the
end of the period under review.
Hugh McCullough, EurGeol., PGeo, Managing Director of Glencar, is a
member of the Institute of Geologists of Ireland. He is a qualified
person as defined in the Guidance Note for Mining, Oil and Gas
Companies, March 2006, of the London Stock Exchange. He has reviewed
and approved the technical information contained in this announcement
For further information please contact:
Glencar Mining plc
Hugh McCullough, Managing Director
Tel: +353 1 661 9974
e-mail: info@glencarmining.ie
Bishopsgate Communications
Nick Rome/Michael Kinirons
Tel: +44 20 7562 3350
e-mail: nick@bishopsgatecommunications.com
Davy
Stephen Barry
Tel: +353 1 679 63 63
GLENCAR MINING PLC
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
FOR THE PERIOD ENDED 30 JUNE 2008
Unaudited Unaudited
6 months 6 months
ended ended
30 June 2008 30 June 2007
US$ US$
ADMINISTRATIVE EXPENSES (297,194) (369,552)
GAIN ON EXCHANGE (45,312) 32,743
BANK INTEREST RECEIVABLE 45,265 66,466
INTEREST PAYABLE AND SIMILAR CHARGES (13,000) (9,650)
LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION (310,240) (279,993)
TAXATION 0 0
LOSS ON ORDINARY ACTIVITIES AFTER
TAXATION (310,240) (279,993)
MINORITY INTEREST 0 0
LOSS FOR THE FINANCIAL PERIOD (310,240) (279,993)
LOSS PER SHARE (CENTS) (.12) (.12)
DILUTED LOSS PER SHARE (CENTS) (.12) (.11)
These results will be posted on the company's website. Copies of this
interim report will be available
from the Company's registered office at 71 Lower
Baggot Street, Dublin 2
For further information:
Glencar Mining plc
Hugh McCullough
Chief Executive
Tel: +353 1 661 9974
Fax: +353 1 661 1205
e-mail: info@glencarmining.ie
GLENCAR MINING PLC
CONSOLIDATED BALANCE SHEET (UNAUDITED)
AS AT 30 JUNE 2008
Unaudited Unaudited
30 June 2008 30 June 2007
US$ US$
ASSETS
Non current assets
Intangible assets 12,891,855 7,802,908
Property plant and equipment 522,118 410,205
13,413,973 8,213,113
Current assets
Debtors 14,647 73,192
Cash 495,885 4,686,511
510,532 4,759,703
Total assets 13,924,505 12,972,816
EQUITY
Capital and reserves attributable to the
Group's equity shareholders
Called up share capital 9,457,194 9,457,194
Capital conversion reserve fund 82,092 82,092
Share premium account 41,617,993 41,638,593
Profit and loss account (deficit) (41,846,667) (41,236,428)
9,310,612 9,941,452
Minority interest 3,899,008 2,386,230
Total equity 13,209,620 12,327,682
LIABILITIES
Non curent liabilities
Creditors and accrued expenses 327,895 360,482
Current liabilities
Trade and other payables 386,990 284,652
Current corporation tax liabilities 0 0
386,990 284,652
Total liabilities 714,884 645,134
Total equity and liabilities 13,924,505 12,972,816
GLENCAR MINING PLC
GROUP CASH FLOW (UNAUDITED)
FOR THE PERIOD ENDED 30 JUNE 2008
Unaudited Unaudited
6 months ended 6 months ended
30 June 2008 30 June 2007
Cash flows from operating activities US$ US$
Cash used in operations (320,319) (555,104)
Corporation tax paid 0 0
Net cash generated from operating
activities (320,319) (555,104)
Cash flows from investing activities
Purchase of intangible assets (2,542,313) (1,039,287)
Interest received 45,265 66,467
(2,497,048) (972,820)
Cash flows from financing activities
Proceeds from the issuance of ordinary
shares 0 4,579,040
Net cash generated from financing
activities 0 4,579,040
Net increase in cash (2,817,366) 3,051,116
Cash at beginning of period 3,313,251 1,635,394
Cash at end of period 495,885 4,686,510
- ---END OF MESSAGE---
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