Clontarf Regulatory News (CLON)

21 Sep 2006 07:00

Persian Gold PLC21 September 2006 Persian Gold plc 21st September 2006 Interim Results for the six month period to 30 June 2006 Highlights • Drilling programme underway on the promising Chah-e-Zard project. • Initial indications encouraging with the targeted rock extending at depth. • Results expected in the coming weeks. The six months to June 30th 2006 saw a rapid escalation in the level of activityundertaken by your Company. An option to acquire a 70 per cent interest in theChah-e-Zard gold prospect near Yazd in Central Iran, acquired in early 2006, hasrapidly become the focus of operations. We are currently drilling and trenchinga gold anomaly about 1 sq km in size. Chah-e-Zard is thought to be an explosive multi-stage breccia complex involcanic rocks. Very strong alteration of these rock units, which is indicativeof potential mineralization, outlines the area of focus. Second and third stagesurface sampling has been completed and returned very good gold values. Anelongated surface anomaly extending over an area of 1250 metres by 750 metreshas been defined by this sampling. A significant percentage of the surfacesamples contained anomalous gold with multi-gram values found over a large area.This gold mineralization relates directly to the alteration and breccia unitsidentified on site. A ten core hole drill program is now underway and isscheduled to be completed by November of this year. The project area, which is easily accessible all year round, has potential for alarge gold resource. Initial indications suggest that the deposit may beamenable to low cost heap leaching. The gently sloping terrain is suited tothis process. The current drill program aims to test the potential for a largescale bulk tonnage and heap leach gold target in tandem with on going surfaceexploration which it is hoped will further define extensions to themineralization. Initial results from the current drilling and trenching programme will begin tobe reported in October. While the focus is on the Yazd area, we are not neglecting Takestan. We areworking with local authorities in Qazvin to obtain a trenching permit for theTwin Hills prospect which does not intrude on areas of environmental importance.We will undertake a detailed mapping programme on the Zehabad zinc - lead -gold anomaly. Our presence in Iran continues to provide us with a flow of opportunities. Weare now concentrating on gold. The Persian Gold strategy is to discoversignificant volcanic hosted gold deposits similar to those discovered in SouthAmerica in the past 10 years some of which are now among the largest and mostprofitable mines in the world. We are well financed for our current phase of operations and the projectedsecond phase of exploration. Further financing requirements will be areflection of success. Persian Gold is committed to the long-term development of an exploration andmining business in Iran. The current geopolitical situation has resulted inreduced competition for world-class projects. Iran is a safe country. Ourstaff has been made very welcome. We have encountered no serious orinsurmountable obstacles. Persian Gold intends to drive ahead and if possibleexpand our business in Iran. John J Teeling Chairman 21st September For further information please contact: Persian Gold PlcJohn Teeling +353 1 833 2833 College HillPaddy Blewer +44 (0) 20 7457 2020Nick Elwes +44 (0) 20 7457 2020 Corporate SynergyIan Rice +44 (0) 117 933 0020Craig Howie +44 (0) 20 7448 4400 www.persiangoldplc.com Persian Gold plc Financial Information (Unaudited) Six Months Ended 30.06.06 30.06.05 £'000 £'000Company Profit and LossOperating Loss (67) (116)Investment Income 13 2 Loss before Taxation (54) (114)Taxation 0 0 Loss for the period (54) (114) Loss per share (.10p) (.22p) 30.06.06 30.06.05 £'000 £'000Company Balance SheetFixed Assets 413 164 Current Assets 732 1,105Current Liabilities (37) (53) Current Assets less Current Liabilities 695 1,052 1,108 1,216 Share Capital and Reserves 1,108 1,216 30.06.06 30.06.05 £'000 £'000Company Cash FlowNet Cash Inflow from Operating Activities (56) (322) Returns on Investments and Servicing of Finance 13 2Capital Expenditure (154) (83)Financing - Issue of Ordinary Share Capital 0 1,000 (Decrease) / Increase in Cash (197) 597 Notes: 1 The figures for the six months to 30 June 2006 and 30 June 2005 are unaudited. The financial information set out above does not constitute full statutory accounts within the meaning of section 240 of the Companies Act 1985. 2 Copies of this announcement will be sent to shareholders and will be available for inspection at the Company's registered office at 20-22 Bedford Row, London, WC1R 4JS. This information is provided by RNS The company news service from the London Stock Exchange