Altyngold Regulatory News (ALTN)

27 Sep 2006 07:02

Hambledon Mining PLC27 September 2006 HAMBLEDON MINING PLC Interim results and resource estimate update (All references to "£" are to the British pound and "ounces" are to troy ounces) Hambledon Mining plc ("Hambledon" or the "Group" or the "Company"), theAIM-listed mining and exploration company developing precious metal deposits inKazakhstan, announces its interim results for the six months ended 30 June 2006. Highlights £€10.4 million raised in March. €42 per cent expansion in planned process plant capacity to 850,000 tonnes per year. •General Resource Estimate approved by Kazakh authorities in April. •Mining operations commenced in June with own mining fleet. •JORC resource estimate increased to 2.6 million ounces (88 per cent higher than the beginning of the period). •Mine plan now shows an initial mining reserve estimate of 226,700 ounces of mainly open pittable ore. •Work on the underground mine plan is continuing and significant reserve increases are expected as detailed design progresses. €162 staff now employed. •Construction of process plant underway. Nicholas Bridgen, Chief Executive of Hambledon Mining plc, commented: "In reviewing the half year, we are very pleased with what has been achieved,with good progress on all fronts. The JORC resource has almost doubled and as aresult we are building a bigger process plant and have decided that it is morecost effective to operate our own mining fleet. The approval of the GeneralResource Estimate, which is the essential precursor of all other detailedapprovals, was obtained and we are well on the way to recruiting our fullcomplement of staff" "Since the end of the half year, we have completed the open pit mine plan and aplan for the development of the westerly Orebody 11 from underground and can nowannounce initial mining reserves of 226,700 ounces." Note to editors Hambledon Mining plc is an AIM-listed mining and exploration company which ismining an open pit and stockpiling ore in readiness for completion of an 850,000tonnes per year treatment plant at its Sekisovskoye gold deposit in EastKazakhstan. After the start of processing, the Company will start to develop themuch larger underground resources. Production from the open pit will average over 40,000 ounces per annum for fiveyears, but total annual output will rise to around 100,000 ounces as the highergrade underground ore is added to the feed. The Group also holds the rights toand is exploring the adjacent Tserkovka licence territory which includes severalareas of interest including the Tserkovka deposit itself. The Company has alsobeen notified that it is to be awarded the nearby Glinka and Krugliachka areas.Any ore from these additional areas will be treated in an expanded plant atSekisovskoye. Enquiries Hambledon Mining plc Telephone + 7 701 733 8915 Nicholas Bridgen, Chief Executive +44 7791 327180 Bankside Consultants Michael Spriggs / Michael Padley Telephone +44 207 367 8888 Chairman's Statement I am pleased to announce our financial results for the six months to 30 June2006. Consistent progress has been achieved throughout the period. The increased sizeof the resource indicated that the pit would have a much longer life and thataccordingly a much larger design capacity would be beneficial. To this end, theGroup raised £10m (after expenses) in March 2006 to fund the construction of an850,000 tonnes per year plant, 42 per cent larger than previously planned, andthe purchase of our own mining fleet, which is now operating. In March 2006, the Group concluded a 4,000 metre drilling programme from theexisting 440 level adit. The purpose of the programme was to drill into the openpit area to define further the geological model and resolve previousuncertainty. Significant new mineralisation was intercepted and additional dataon existing ore zones was obtained. These have enabled us to produce a much morerobust model. Comparison of the new data with old Soviet data has enabled us tostatistically demonstrate that Soviet data consistently underestimated grade byaround 19 per cent. Despite this, the current resource estimate has not beenadjusted and, to the extent that it is based on Soviet data, a significantuplift in actual mined grades is likely in practice. Furthermore, approximately15 per cent (over 6 per cent within the planned open pit) of the drilled goldintercepts have not been incorporated into the new model due to our limitedunderstanding of the geological structure in those areas. This can be expectedto produce more ore when actual mining commences, with a commensurate drop inthe stripping ratio. In general, the new data indicated higher grades, but the effect was compensatedby a more tightly defined modelling style that has resulted in lower overalltonnages. The overall gold content is therefore little changed in the indicatedcategory, and the inferred category has been slightly reduced. Nevertheless, theDirectors are pleased with the result, which means that a similar number ofounces can be produced by processing fewer tonnes. There is also a reasonableexpectation that the results of actual mining will be significantly better thanthose predicted by the model. In April 2006, the Kazakhstan authorities approved our General ResourceEstimate, a fundamental step in the approval process, which has enabled us tobegin mining, acquire the necessary land use rights and seek the other detailedapprovals required to put the mine and process plant into operation. In June 2006, we announced that a further consequence of the winter undergrounddrilling programme had been increased confidence in the previously quoted Sovietprognosticated category of resource at Sekisovskoye, to the extent that ourindependent geologist had been able to reclassify it as JORC compliant inferredresource. This resulted in an increase of our JORC resource to 2.6 millionounces. A further 740,000 ounces of Soviet category resource remains outside theJORC basis, pending the receipt of sufficient further information to enable anupdated analysis to be carried out. In June 2006, mining operations began; a significant milestone in ourdevelopment. Initially, the mine fleet was being used for site preparation forthe process plant, ore dumps and tailings facilities. Mining is now concentratedon pre-stripping waste from the open pit so that it can be used for constructionof roads, the tailings dam walls and developing access to the main orebodies. Anight shift has recently commenced work in order to stockpile ore in readinessfor the start of the process facilities. We are pleased to announce a mining reserve based on mine plans for both openpit and underground. The planned open pit contains 4.2 million tonnes of ore atan average grade of 1.6 grams per tonne. The stripping ratio will be 4.7:1. Assaid above, the out-turn is expected to improve significantly in practice as aresult of the underestimation of grade by Soviet drilling and the large quantityof drill intercepts that have not been included in the model. The scale of the open pit has been reduced because of the relative benefits ofmining some of the near-surface ore from underground. In particular, we havedecided that a major ore body lying to the west of the main deposit is bettermined from underground, and that it is better to restrain open pit mining to the340 level (approximately 100 metres depth) so that access to the existingunderground development and shaft can be maintained. In the absence of suchconsiderations, computerised open pit optimisation studies have shown that amuch larger open pit would have been economically minable. As a part of the process of applying for approval of the General ResourceEstimate by the Kazakh authorities, work was carried out on the development ofan underground mine plan. This work concentrated on access developmentstrategies and general infrastructure development. A high level of design detailwas carried out on Orebody 11 that would otherwise have been mined in a separateopen pit to the west of the main pit. This area was chosen for detailed designas it can be accessed during the life of the open pit. This design work hasallowed the indicated resource in this area to be classified as a probablereserve. While the level of design in other areas is not yet sufficient toclassify the resources as reserves it is anticipated that this will be achievedas further detailed work is carried out. The initial underground mining reservein Orebody 11 is 82,000 tonnes, at a grade of 5.1 grams per tonne, containingabout 13,400 ounces of gold. Progress on the construction of the process plant has continued apace. Thecrushing plant has been delivered and is now expected to be in operation aroundNovember 2006. Site preparation and the foundations for the process equipmentare now largely complete. The latest estimate of the completion date of theprocess plant is within the first half of 2007. George Eccles27 September 2006 Resource and reserve estimates Resource estimate This mineral resource estimate of the 100% owned Sekisovskoye deposit has beenprepared under the JORC Code and is an update to the resource as reported inJune 2006. Resources include reserves. +------------+----------+----------+-------+---------+------+---------+-------+| Location | Resource | Tonnes |Au g/t |Contained|Ag g/t|Contained|Au g/t || | | | | | | |Cut-off|| | Category |(millions)| | Metal | | Metal | || | | | | | | | || | | | | Au oz * | | Ag oz * | |+------------+----------+----------+-------+---------+------+---------+-------+| Open pit |Indicated | 9.55| 1.8| 552,671| 3.0| 921,119| 0.5 || area +----------+----------+-------+---------+------+---------+ || |Inferred | 6.06| 1.8| 350,700| 2.0| 389,667| || |(b) | | | | | | |+------------+----------+----------+-------+---------+------+---------+-------+|Underground |Indicated | 2.21| 5.1| 362,371| 6.2| 440,529| 2.0 || +----------+----------+-------+---------+------+---------+ || |Inferred | 7.16| 5.2|1,197,036| 7.1|1,634,415| || |(b) | | | | | | |+------------+----------+----------+-------+---------+------+---------+-------+| Marginal |Indicated | 3.40| 0.7| 76,519| 1.4| 153,037| 0.5 || | | | | | | | ||underground +----------+----------+-------+---------+------+---------+ || (a) |Inferred | 0.96| 0.6| 18,519| 1.2| 37,038| || | | | | | | | |+------------+----------+----------+-------+---------+------+---------+-------+| Totals |Indicated | 15.16| 2.0| 991,561| 3.1|1,514,685| || +----------+----------+-------+---------+------+---------+-------+| |Inferred | 14.18| 3.4|1,566,255| 4.5|2,061,120| |+------------+----------+----------+-------+---------+------+---------+-------+| |Indicated | | | | | | || |& Inferred| | | | | | || Total | | 29.34 | 2.7|2,557,816| 3.8|3,575,805| |+------------+----------+----------+-------+---------+------+---------+-------+ \* Troy oz = 31.10348 grams (a) underground low grade material associated with high grade gold zones. (b) includes resources that have been defined beyond the current limits of thegrade model. Note: "Inferred" resources cannot be used for ore reserves untilthey have been upgraded. The re-modeling of the open pit area, above the 250m level, has resulted in aslight increase in contained gold for the higher "indicated" category, but thelower "inferred" resource shows an 11 per cent drop in contained gold for theSekisovskoye deposit as a whole, with higher grades but lower tonnage. The totalnet reduction in estimated contained gold is 6.7 per cent. Results from therecently completed underground drilling programme have provided a betterunderstanding of the gold distribution, and this has resulted in a resourcemodel that we believe will better reflect the actual geometry and continuity ofmineralisation. The previous model was based upon a more "open" delineation of themineralisation, whereby larger tonnages and lower grade material were modeled,resulting in higher tonnages of "inferred" resource. This new model is muchtighter with less low grade mineralisation, resulting in lower tonnages buthigher grades. A total of 244 separate gold zones were delineated, indicatingthe complexity of this deposit. In practice, open pit mining is likely toencounter additional sources of gold. Drill-hole samples above the 0.5 grams pertonne cut-off level, but not in the model, imply that over 6 per cent ofadditional contained gold should be found within the planned pit. In addition, resources in our new licence areas of Tserkovka, Feodulikha andAreas 4 & 5 contain former Soviet-based resources categorized as C2 and P1 whichare estimated to contain 740,000 ounces of gold. It is expected that some ofthese resources can be re-classified under the JORC Code after assessment ofexploration drilling results. Reserve estimate This ore reserve estimate of the Sekisovskoye deposit has been prepared underthe JORC Code. Location Reserve Tonnes Au g/t Contained Ag g/t Contained Au g/t Category (million) Metal Metal Cut-off Au oz Ag oz Open pit area Probable 4.19 1.6 213,352 2.6 346,665 0.5 Underground Probable 0.83 5.1 13,384 7.4 19,615 2.0 Total 226,736 366,280 \* Troy oz = 31.10348 grams The Sekisovskoye open pit ore reserve model is based on the ordinary kriging ofthe mineral resource model using a 0.5 grams per tonne cut-off, taking intoconsideration the expected dilution and losses. Whittle optimisations resultedin a pit shell containing 7.25 million tonnes of ore representing a conversionof 76 per cent of the indicated resource to probable reserve in this area.However, development of this pit shell would have resulted in the loss of theexisting underground infrastructure and made the process of bringing theunderground operation into production much more difficult and on a much longertimeframe. It has therefore been decided to leave the existing 320 level intactand access this level from a decline developed from outside the pit limit. Thiswill allow the western ore bodies to be mined from underground concurrently withthe open pit and other ore zones below the pit bottom at the 340 level, whichmight otherwise have been included in the open pit mine plan, to be mined fromunderground. The resultant reserve estimate is calculated by applying mining costs, miningdilution (4 per cent) and recoveries (97.5 per cent) to that portion of theIndicated Resource falling entirely within the optimised open pit design. Thearea of this open pit reserve is contained within the mineral resource asreported above. The Sekisovskoye underground ore reserve has been determined from the minedesign work carried out as a part of the approval of the General ResourceEstimate by the Kazakh authorities using a 2.0 gram per tonne cut-off. TheGeneral Resource Estimate covered both the open pit resource and undergroundresource. Mine designs were therefore required for both the open pit and theunderground areas. The underground design was carried out in detail on theresources from Elevation 340 up and in less detail in the lower areas. Thedesign on some of the orebodies, notably Orebody 11, included stope design downto detailed stope blast ring design. This level of design and financial analysishas allowed for the ore tonnages in these orebodies to be classified as aprobable reserve. It is anticipated that as further detailed design andfinancial evaluation is carried out on the indicated resources in these areasthen these too will be convertible to reserves. The underground reserve estimate is calculated by applying mining costs, miningdilution (8 per cent) and recoveries (96 per cent) to that portion of theIndicated Resource falling entirely within the stope design. The area of thisunderground reserve is contained within the underground mineral resource asreported above. Glossary of technical terms used +---------------+--------------------------------------------------------+|Grade |The tenor or concentration by weight of a metal in a || |mineral deposit or ore |+---------------+--------------------------------------------------------+|Indicated |A category of Mineral Resource of higher confidence than||Resource |an Inferred Resource, the estimation of which is || |prescribed by the JORC Code. This is the minimum level || |of resource classification required for Ore Reserve || |estimation under the JORC Code. |+---------------+--------------------------------------------------------+|Inferred |A category of Mineral Resource the estimation of which ||Resource |is prescribed by the JORC Code. Inferred Resources || |cannot be used as a basis for Ore Reserve estimation. |+---------------+--------------------------------------------------------+|JORC Code |Australasian Code for the Reporting of Exploration || |Results, Mineral Resources and Ore Reserves (Joint Ore || |Reserves Committee). See www.jorc.org/main.php |+---------------+--------------------------------------------------------+|Kriging |A class of methods of estimating mathematically the || |distribution of a metal in three dimensions within the || |earth, together with the confidence of the estimate |+---------------+--------------------------------------------------------+|Mineral |An estimated tonnage and grade of mineralisation in the ||Resource |ground determined as prescribed by the JORC Code |+---------------+--------------------------------------------------------+|Ore Reserve |That part of a Mineral Resource which can be || |demonstrated to be worked profitably when all modifying || |factors are taken into account. |+---------------+--------------------------------------------------------+|Tonne |A metric tonne of 1000 kilograms |+---------------+--------------------------------------------------------+ Qualified Person These resource and reserve estimates have been prepared by Roger Rhodes BSc,MSc, MIMMM, independent geological consultant with Computer Resource Services.He has over 35 years of relevant experience and is a qualified person for thepurpose of reporting resources under the JORC Code and the AIM rules. Consolidated profit and loss accountFor the six months ended 30 June 2006 Six months to Six months to Year ended 30 June 2006 30 June 2005 31 December 2005 (unaudited) (unaudited) (audited) restated restated Note £000s £000s £000s Administrative expenses 2 (395) (358) (846)Operating loss (395) (358) (846)Net interest andsimilar items 3 354 55 249Loss on ordinary 6 (41) (303) (597)activities before andafter taxation retainedfor the financialperiodLoss per ordinaryshare:- Basic 5 (0.01)p (0.13)p (0.24)p- Diluted 5 (0.01)p (0.13)p (0.24)p Consolidated balance sheetAs at 30 June 2006 30 June 2006 30 June 2005 31 December 2005 (unaudited) (unaudited) (audited) restated restated Note £000s £000s £000sFixed assetsIntangible assets 61 - 52Tangible assets 5,571 988 3,060 5,632 988 3,112Current assetsStock 30 - -Debtors 2,059 107 213Cash at bank and in hand 9,753 5,418 4,021 11,842 5,525 4,234Creditors:Amounts falling due within oneyear (643) (450) (444) 11,199 5,075 3,790 Provisions for liabilities andcharges (1,118) - (1,127) Net assets 15,713 6,063 5,775 Capital and reservesCalled up equity share capital 366 262 262Share premium account 16,690 6,813 6,820Merger reserve (148) (148) (148)Other reserves 6 (1,195) (864) (1,159)Equity shareholders' funds 15,713 6,063 5,775 Consolidated cash flow statementFor the six months ended 30 June 2006 Six months to Six months to Year ended 30 June 2006 30 June 2005 31 Dec 2005 (unaudited) (unaudited) (audited) restated restated £000s £000s £000sNet cash outflow from continuing (2,038) (400) (889)operating activitiesReturns on investments andservicing of financeInterest received 153 61 150Interest paid (12) (12) (21)Miscellaneous non-operating income - - 17 141 49 146 Capital expenditure and financialinvestmentPayments to acquire intangiblefixed assets (5) - (988)Payments to acquire tangiblefixed assets (2,340) (300) (277) (2,345) (300) (1,265) Net cash outflow before financing (4,242) (651) (2,008) FinancingIssue of ordinary share capital (net of share issue expenses) 9,974 4,806 4,813Share issue expenses relating to previous period - - (47) 9,974 4,806 4,766Increase in net cash in the period 5,732 4,155 2,758 Consolidated statement of total recognised gains and lossesFor the six months ended 30 June 2006 +--------------------------------+-----------------+-----------------+-----------------+| | Six months to| Six months to| Year ended|| | | | || | 30 June 2006| 30 June 2005| 31 Dec 2005|| | | | || | (unaudited)| (unaudited)| (audited)|| | | | || | | restated| restated|+--------------------------------+-----------------+-----------------+-----------------+| | £000s| £000s| £000s|+--------------------------------+-----------------+-----------------+-----------------+|Loss for the financial period | (41)| (303)| (597)|+--------------------------------+-----------------+-----------------+-----------------+|Share based payment | 13| -| 10|+--------------------------------+-----------------+-----------------+-----------------+|Currency translation differences| (8)| 11| -||on foreign currency net | | | ||investments | | | |+--------------------------------+-----------------+-----------------+-----------------+|Total recognised losses relating| (36)| (292)| (587)||to the financial period | | | |+--------------------------------+-----------------+-----------------+-----------------+ Reconciliation of movements in equity shareholders' fundsFor the six months ended 30 June 2006 +--------------------------------+-----------------+-----------------+-----------------+| | Six months to| Six months to| Year ended|| | | | || | 30 June 2006| 30 June 2005| 31 Dec 2005|| | | | || | (unaudited)| (unaudited)| (audited)|| | | | || | | restated| restated|+--------------------------------+-----------------+-----------------+-----------------+| | £000s| £000s| £000s|+--------------------------------+-----------------+-----------------+-----------------+|Total recognised losses | (36)| (292)| (587)|+--------------------------------+-----------------+-----------------+-----------------+|New capital subscribed (net of | 9,974| 4,806| 4,813||costs) | | | |+--------------------------------+-----------------+-----------------+-----------------+|Net increase in equity | 9,938| 4,514| 4,226||shareholders' funds | | | |+--------------------------------+-----------------+-----------------+-----------------+|Equity shareholders' funds - | 5,775| 1,549| 1,549||opening balance | | | |+--------------------------------+-----------------+-----------------+-----------------+|Equity shareholders' funds - | 15,713| 6,063| 5,775||closing balance | | | |+--------------------------------+-----------------+-----------------+-----------------+ Notes to the interim consolidated financial statements 1 Presentation of financial information and accounting policies These interim consolidated financial statements are for the six months ended 30June 2006 and are unaudited. The information for the year ended 31 December 2005does not constitute statutory accounts as defined in Section 240 of theCompanies Act 1985. The financial information for the year ended 31 December 2005 has been extractedfrom the statutory accounts of Hambledon Mining plc ("the Group") for that year.A copy of the statutory accounts for that year has been delivered to theRegistrar of Companies. The auditors' report on those accounts was unqualifiedand did not contain any statement under Section 237 of the Companies Act 1985. The interim financial information has been prepared in accordance with allrelevant financial reporting standards. The accounting bases and policies areapplied on a basis consistent with those set out in notes 1 and 2 in the AnnualReport and Accounts for the Group for the year ended 31 December 2005. From 1January 2006 the Group has adopted Financial Reporting Standard 20, "Share-basedPayment" as set out in note 2. 2 Change in accounting policy and comparatives for share based payment. The Group has adopted Financial Reporting Standard 20 ("FRS 20"), "Share-basedPayment" which is effective for accounting periods commencing on or after 1January 2006. Prior to the adoption of FRS 20, the Group did not recognise anycharge or credit in its profit and loss account in respect of any grant ofequity instrument. The Group had not granted any equity instruments prior to 7November 2002, and therefore FRS 20 has been applied to all grants of equityinstruments that had not vested as of 1 January 2006. The Group issues equity-settled share based payments in the form of shareoptions to certain employees. Equity-settled share-based payments are measuredat fair value at the date of grant. The fair value determined at the grant dateof the equity-settled share-based payments is expensed on a straight line basisover the vesting period, based on the Group's estimate of shares that willeventually vest. Fair value is estimated by an independent third party using a proprietarybinomial probability valuation model. The expected life used in the model hasbeen adjusted, on the basis of management's best estimate for the effects ofnon-transferability, exercise restrictions and behavioral considerations. The new accounting policy for share based payment has been adoptedretrospectively and the comparative profit and loss accounts for the six monthsended 30 June 2005 and year ended 31 December 2005 have been restated. Thischange in accounting policy has resulted in an increase in administrativeexpenses and accordingly the loss on ordinary activities for the six monthsended 30 June, 2005 and 2006 of £nil and £13,000 respectively and for the yearended 31 December 2005 of £10,000 Any profit and loss charge in a period in respect of share-based payments iscredited to the Group's other reserves. The change in accounting policy hastherefore had no effect on the consolidated balance sheets of the Group at 30June, and 31 December, 2005. A revised statement of the movements in otherreserves is shown in note 6 3 Net interest and similar items +---------------------------+------------+----------------+---------------+| | Six months| Six months to| Year ended|| | to| | |+---------------------------+------------+----------------+---------------+| |30 June 2006| 30 June 2005| 31 December|| | | | 2005|+---------------------------+------------+----------------+---------------+| | (unaudited)| (unaudited)| (audited)|| | | restated| restated|+---------------------------+------------+----------------+---------------+| | £000s| £000s| £000s|+---------------------------+------------+----------------+---------------+| | | | |+---------------------------+------------+----------------+---------------+|Interest payable to related| (12)| (12)| (25)||party | | | |+---------------------------+------------+----------------+---------------+|Foreign exchange gain | 213| 6| 107|+---------------------------+------------+----------------+---------------+|Miscellaneous income: | -| -| 17||non-operating | | | |+---------------------------+------------+----------------+---------------+|Bank interest receivable | 153| 61| 150|+---------------------------+------------+----------------+---------------+| | 354| 55| 249|+---------------------------+------------+----------------+---------------+ 4 Dividend The directors do not recommend the payment of a dividend. 5 Basic and diluted loss per share The calculation of basic and diluted earnings per share is based on the retainedloss for the financial period (for the comparative periods - as restated). The weighted average number of ordinary shares for calculating the basic lossper share and diluted loss per share after adjusting for the effects of alldilutive potential ordinary shares are as follows: +----------------+------------------+------------------+------------------+| | Six months to| Six months to| Year ended|+----------------+------------------+------------------+------------------+| | 30 June 2006| 30 June 2005| 31 December 2005|+----------------+------------------+------------------+------------------+| | (unaudited)| (unaudited)|(audited) restated|| | | restated| |+----------------+------------------+------------------+------------------+| | | | |+----------------+------------------+------------------+------------------+|Basic | 314,265,328| 231,187,980| 246,854,369|+----------------+------------------+------------------+------------------+| | | | |+----------------+------------------+------------------+------------------+|Diluted | 317,430,012| 232,885,051| 249,308,944|+----------------+------------------+------------------+------------------+ 6 Other reserves +------------------------+---------------+----------------+---------------+| | Six months to| Six months to| Year ended|+------------------------+---------------+----------------+---------------+| | 30 June 2006| 30 June 2005| 31 December|| | | | 2005|+------------------------+---------------+----------------+---------------+| | (unaudited)| (unaudited)| (audited)|| | | restated| restated|+------------------------+---------------+----------------+---------------+| | £000s| £000s| £000s|+------------------------+---------------+----------------+---------------+| | | | |+------------------------+---------------+----------------+---------------+|Start of period | (1,159)| (572)| (572)|+------------------------+---------------+----------------+---------------+|Shared based payment | 13| -| 10|+------------------------+---------------+----------------+---------------+|Currency translation | | | ||differences on foreign | | | ||currency net investments| | | || | | | || | (8)| 11| -|+------------------------+---------------+----------------+---------------+|Retained loss for the | (41)| (303)| (597)||period | | | |+------------------------+---------------+----------------+---------------+|End of period | (1,195)| (864)| (1,159)|+------------------------+---------------+----------------+---------------+ 7 Approval of interim financial statements The interim report for the six months to 30 June 2006 was approved by theDirectors on 27 September 2006. 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