Canal+ Regulatory News (CAN)

30 Sep 2005 07:03

Central African Gold PLC30 September 2005 Central African Gold Plc: Ticker: CAN / Index: AIM / Sector: Exploration CENTRAL AFRICAN GOLD PLC INTERIM RESULTS Central African Gold Plc ('CAG' or 'the Company'), the AIM listed mining andexploration company, announces its results for the six months ended 30th June2005. CHAIRMAN'S STATEMENT It gives me great pleasure to report our interim results for the period ending30th June 2005, where we have made good progress on two fronts. Firstly, we have been active in evaluating a range of opportunities across anumber of African countries with the intention of identifying suitable goldprojects to acquire, in order to increase the size of our portfolio. Althoughthe process has taken a little longer than we would have hoped, we areoptimistic that we will be able to acquire a substantial project that willsignificantly enhance the value of the Company in the near future. Secondly, we have also made progress through our 53% controlling interest inGolden Tau Mining Ltd ('Golden Tau') which has been carrying out an explorationprogramme over its 872 square kilometres Kraaipan Project in southern Botswana.The project covers most of the area underlain by the Kraaipan GreenstoneTerrane, an Archaean greenstone belt that is an extension of the greenstone beltin South Africa which hosts gold mines and reportedly has up to 4 million ouncesof gold contained in it or produced from it. In 2004 the Company flew a trial helicopter EM survey (known as a VTEM survey)over a portion of the licence. On completion of this survey, Golden Tau Miningcombined the interpretation by consultants of the data from this survey with aninterpretation of re-processed aeromagnetic surveys that covered the tenementarea. The interpretation identified over 50 specific target areas which have nowbeen located and tested on the ground using a ground TEM geophysical survey.This work effectively enabled the detailed geological mapping of the belt forthe first time. An additional number of over 50 geological targets, someco-incident with the geophysical targets, were defined. An initial programme of seven reverse circulation drilling (1025 metres) wasundertaken to test three strong geophysical and geological target zones. In allholes, 16 to 30 metres of sand and younger cover rocks were intersected.Relevant portions of all holes were assayed and petrographic descriptions wereprepared for each hole. All holes intersected a greenstone succession comprisingmafic volcanics, invariably interspersed with banded iron formation and sedimentrock units and occasional ultramafic rock units (talcose). The sedimentsincluded graphitic black shales. Gossans and disseminated sulphides wereintersected, which in drill hole KRC05-005 were hosted by a sheared siliceousaltered rock with elevated nickel values (up to 1494 ppm nickel) interpreted tobe an ultramafic rock. The highest gold value is 0.83 g/t gold and thedisseminated sulphides would explain the VTEM anomaly. The strongest VTEManomalies have yet to be drill tested. Although no economic mineralization was encountered in the drilling, greaterunderstanding of the geology and mineral potential of the Kraaipan GreenstoneTerrane has been obtained. This work has identified new areas within theCompany's licences that are prospective for gold mineralization. For the six month period ending 30th June 2005 we are reporting a pre and posttax loss of £111,084 and a current cash position of £1,062,555. As I mentioned,we are investing both time and finance in identifying and acquiring suitableprojects, although we are conscious that we must manage our costs prudently andensure we are adequately financed to achieve our corporate objectives. Finally, I'd like to thank our staff for their efforts and our shareholders fortheir continued support and look forward to a bright future for CAG. Phil EdmondsChairman CENTRAL AFRICAN GOLD PLC UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNTFor the six months ended 30th June 2005 SIX MONTHS 26 NOVEMBER 26 NOVEMBER ENDED 30 2003 TO 2003 TO 31 JUNE 30 JUNE DECEMBER 2005 2004 2004 £ £ £TURNOVER - - -Net operating expenses (122,670) (39,838) (123,257) -------- -------- --------- OPERATING LOSS (122,670) (39,838) (123,257) Interest receivable 11,586 1,684 7,149 -------- -------- ---------Loss on ordinary activities (111,084) (38,154) (116,108)before taxationTaxation - - - -------- -------- ---------LOSS ON ORDINARY ACTIVITIES (111,084) (38,154) (116,108)AFTER TAXATIONMinority interests 15,344 - 632 -------- -------- ---------Loss for the financial (95,740) (38,154) (115,476)period ======== ======== =========LOSS PER SHAREBasic and diluted (0.058p) (0.04p) (0.094p) ======== ======== ========= UNAUDITED CONSOLIDATED BALANCE SHEETAs at 30th June 2005 30 JUNE 30 JUNE 31 DECEMBER 2005 2004 2004 £ £ £FIXED ASSETS - Intangible 262,041 - 179,823assets --------- --------- ---------CURRENT ASSETSDebtors 89,896 321,240 67,254Cash at bank and in hand 1,306,415 796,626 1,436,502 --------- --------- --------- 1,396,311 1,117,866 1,503,756 CREDITORS: Amounts following (128,089) (22,560) (52,845) due within one year --------- --------- ---------NET CURRENT ASSETS 1,268,222 1,095,306 1,450,911 --------- --------- ---------NET ASSETS 1,530,263 1,095,306 1,630,734 ========= ========= ========= CAPITAL AND RESERVESCalled up share capital 165,743 158,500 165,743Share premium account 1,459,793 974,960 1,459,793Profit and loss account (200,862) (38,154) (110,661) --------- --------- ---------EQUITY SHAREHOLDERS' FUNDS 1,424,674 1,095,306 1,514,875Minority interests 105,589 - 115,859 --------- --------- --------- 1,530,263 1,095,306 1,630,734 ========= ========= ========= UNAUDITED CONSOLIDATED CASH FLOW STATEMENTFor the six months ended 30 June 2005 SIX MONTHS 26 NOVEMBER 26 NOVEMBER ENDED 2003 TO 2003 TO 30 JUNE 2005 30 JUNE 2004 31 DECEMBER 2004 £ £ £ Cash outflow from operating (59,455) (93,658) (133,256)activities Returns on investments and 11,586 1,684 7,149servicing of finance Capital expenditure and (82,218) - (55,046)financial investment Acquisitions and disposals - (244,860) (7,881) -------- --------- ---------- CASH OUTFLOW BEFORE (130,087) (336,834) (189,034)FINANCING Management of liquid - - (168,007)resources Financing - 1,133,460 1,625,536 -------- --------- ----------(DECREASE)/INCREASE IN CASH (130,087) 796,626 1,268,495IN THE PERIOD ======== ========== ==========Reconciliation of Net CashFlow to Movement in NetFunds (Decrease)/Increase in cash (130,087) 796,626 1,268,495in the period Cash outflow from increase in - - 168,007liquid resources Net funds at beginning of 1,436,502 - -period -------- --------- ----------Net funds at end of period 1,306,415 796,626 1,436,502 ======== ========== ========== 1. The financial information contained in this unaudited interim report does not constitute statutory accounts as defined in section 240 of the Company Act 1985. 2. Basic and diluted loss per share is calculated by reference to the loss for the financial period and the weighted average number of shares in issue during the period of 165,742,856 (26 November 2003 to 30 June 2004 - 86,958,716: 26 November 2003 to 31 December 2004 - 122,387,988). * * E N D S * * Contacts:Phil Edmonds Central African Gold Plc Tel: 0845 108 6060Hugo de Salis St. Brides Media & Finance Tel: 0207 242 4477 Ltd This information is provided by RNS The company news service from the London Stock Exchange