Last checked at 28 Aug 2012 07:00
28 August 2012
Bushveld Minerals (the "Company")
Final Audited Results for the year ending 29 February 2012
Highlights
·; Bushveld Minerals successfully admitted to AIM on 26 March 2012
·; Raised £5.46m gross proceeds on Admission to AIM
·; Drilling at Mokopane iron ore and tin projects well underway
·; Mokopane iron ore scoping study underway and due to be completed in Q1 2013
·; Revised JORC resource for Mokopane iron ore project anticipated for Q4 2012
The Company is today pleased to announce the results, for the year ending 29 February 2012, for Bushveld Resources Limited ("BRL") and Greenhills Resources Limited ("GRL"). Both BRL and GRL were acquired by the Company as part of the Admission to AIM on 26 March 2012. BRL and GRL hold the Mokopane iron ore and the tin projects respectively.
The first consolidated group results for the Company will be reported for the period to 31 August 2012 and the Company looks forward to announcing these results no later than 30 November 2012. The first consolidated group results will include the capital raised as part of the Admission to AIM and the activities of the Company thereafter.
The attached accounts reflect both BRL and GRL as private entities prior to their acquisition by the Company.
Financial overview for BRL and GRL
The companies did not earn any revenue and expenditure was largely attributable to exploration work and professional costs. BRL and GRL both recorded a net loss for the period, of £8,922 and £633,405 respectively.
Both companies were supported by loans from related parties as detailed in the attached accounts. The Net Assets for BRL was £338,784 and Net Liabilities for GRL was £684,537.
Accounts for the year ended 29 February 2012
http://www.rns-pdf.londonstockexchange.com/rns/7611K_1-2012-8-24.pdf
http://www.rns-pdf.londonstockexchange.com/rns/7611K_2-2012-8-24.pdf
Fortune Mojapelo, the chief executive officer commented:
"In the year ahead, our top priority is to maintain the momentum of our technical studies in order to complete the scoping studies and to achieve our target of higher JORC-defined resources at both our iron ore and tin projects. We will bring to bear our technical, capital and strategic resources to deliver on our interim milestones towards bringing on stream our first productive assets in the medium term."
Enquiries: info@bushveldminerals.com
Bushveld Minerals Fortune Mojapelo | +27 11 268 6555 |
Fox Davies Capital Jonathan Evans/Simon Leathers | +44 (0) 20 3463 5000 |
Tavistock Communications Jos Simson/ Lydia Eades / Jessica Fontaine | +44 (0) 20 7920 3150 |
Notes to the editor
Bushveld is a mineral development company focused on exploring and developing mineral projects on the Bushveld Complex in South Africa. The Company's primary project is the Bushveld Iron Ore Project and in addition the Company holds the Mokopane Tin Project, both located on the northern limb of the Bushveld Complex.
The Bushveld Complex is approximately 66,000 square kilometre metallogenic province hosting deposits that rank among the world's top three largest for platinum group metals, chrome and vanadium. The province also hosts significant resources of tin, fluorspar, uranium and Ti-magnetite.