GCM Resources Regulatory News (GCM)

7 Jun 2005 16:19

Glencar Mining PLC07 June 2005 GLENCAR MINING PLC Announcement of Annual Results Notice of AGM and EGM 7 June 2005 Glencar Mining plc ("Glencar" or the "Company") is pleased to announce that ithas posted to shareholders today its Annual Report and Accounts for the yearended 31 December 2004. Highlights from the Report of the Chief Executive: • 2004 was an active and successful year of gold exploration for Glencar in Mali and Ghana in particular. • On the Sankarani Project our exploration programmes have identified 15 high- priority targets over the four concession areas. • Follow up geochemical sampling and detailed structural mapping, carried out during the first quarter of 2005, has led to the definition of four first priority drill targets. • Current work at Sankarani is directed at refining drill hole orientation and geometry on these four targets which will be drilled in the fourth quarter. • Drilling was carried out on the Asheba Project in Ghana during 2004 yielding encouraging mineralised intersections but the deposit is difficult to model. • An ultra high resolution helicopter-borne aeromagnetic and radiometric (HRAM) survey has just been completed at Asheba. • Drilling is to recommence at Asheba with a programme designed to prove extensions to the ore grade mineralisation already drilled there and those targets defined by the HRAM survey. • On the Buinja Project in Uganda the exploration focus has shifted to EPL 4705 near Busia. Geophysics surveys currently underway south of the Tira mine. • Glencar plans to apply for admission to AIM shortly. The Groups Profit & Loss Account and the Balance Sheet for the year ended 31December 2004 are shown below. They show a loss before taxation for the year ofUS$674,272. The full text of the Report of the Chief Executive is available at the companywebsite at www.glencarmining.ie. GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2004 2004 2003 US$ US$ ADMINISTRATIVE EXPENSES (698,462) (508,980) GAIN ON EXCHANGE 1,072 130,112 LOSS ON ORDINARY (697,390) (378,868)ACTIVITIES BEFORE INTEREST BANK INTEREST RECEIVABLE 39,118 8,273 INTEREST PAYABLE AND SIMILAR CHARGES (16,000) - LOSS ON ORDINARY (674,272) (370,595)ACTIVITIES BEFORE EXCEPTIONAL ITEMS EXCEPTIONAL ITEMS - 45,729,773 (LOSS)/PROFIT ON ORDINARY (674,272) 45,359,178ACTIVITIES BEFORE TAXATION Taxation (1,142) (1,641) (LOSS)/PROFIT FOR THE FINANCIAL YEAR (675,414) 45,357,537 (LOSS)/PROFIT PER SHARE (CENTS) (0.40) 42.1 DILUTED (LOSS)/PROFIT PER SHARE (CENTS) (0.39) 41.2 GROUP BALANCE SHEET AS AT 31 DECEMBER 2004 2004 2003 US$ US$ FIXED ASSETSIntangible and tangible assets 2,623,329 2,191,044 CURRENT ASSETSDebtors 5,621 45,164Cash at bank 1,050,729 917,359 1,056,350 962,523 CREDITORS (Amounts falling due within one year) (386,981) (418,052) NET CURRENT ASSETS 669,369 544,471 TOTAL ASSETS LESS CURRENT LIABILITIES 3,292,698 2,735,515 CREDITORS (Amounts falling due after more than one year) (436,156) (435,955) TOTAL NET ASSETS 2,856,542 2,299,560 CAPITAL AND RESERVESCalled up share capital 6,167,555 5,542,033Share premium account 36,136,694 35,529,820Capital conversion reserve fund 82,092 82,092Profit and loss account (deficit) (39,416,889) (38,741,475)TOTAL CAPITAL EMPLOYED 2,969,452 2,412,470 MINORITY INTEREST IN SUBSIDIARY (112,910) (112,910)UNDERTAKING 2,856,542 2,299,560 Notices relating to Glencar's annual general meeting and an extraordinarygeneral meeting have been sent to Shareholders today. Glencar's annual generalmeeting will be held on 30 June, 2005 at 11.30 a.m. at Jurys Hotel, Ballsbridge,Dublin 4, Ireland. Glencar has also convened an extraordinary general meeting at11.45 a.m. on 30 June, 2005 to consider and, if thought fit, pass the followingresolutions: Resolution 1 (Consolidation Resolution) is an ordinary resolution to permit theCompany to effect a 1 for 10 Consolidation of the issued and unissued OrdinaryShares of the Company. The Consolidation will result in the cancellation by theCompany of all current share certificates and the issuance of new sharecertificates to all of the Shareholders. Resolution 2 (Section 23 Resolution) is a special resolution which provides forthe disapplication of statutory pre-emption rights in relation to the allotmentof ordinary shares for cash by the Directors up to a maximum of 30% of theaggregate nominal value of the issued share capital of the Company for a periodof up to fifteen months from the date of the EGM. The authorisation is beingsought to enable the Directors to be in a position to raise sufficient funds todevelop existing and proposed prospects in Ghana, Mali and Uganda if the needarises. This increased authority if granted will supersede the authority soughtat the Company's AGM to be held on 30 June, 2005. Resolution 3 (Scheme Resolution) is an ordinary resolution which seeks approvalfor the adoption of the New Share Option Scheme as the share option scheme ofthe Company, which had been in place for 10 years, expired on 6 October, 2004.The proposed New Share Option Scheme is on almost identical terms to the ExpiredShare Option Scheme. The Company will apply to the Irish Stock Exchange to have the shares, thesubject of the Consolidation Resolution, admitted to trading on the IEX on 1July 2005, though admission to trading is subject to the passing of theConsolidation Resolution by shareholders at the EGM. Further information on the resolutions proposed for the EGM is set out in an EGMCircular sent to Shareholders today. Terms defined in the EGM Circular have thesame meaning in this announcement. Copies of all of the documents posted to Shareholders today have been submittedto the Irish Stock Exchange. These documents will be available for inspectionfor one month from the date of this announcement at the offices of the Companyat 71 Lower Baggot Street, Dublin 2, Ireland. For Further Information: Glencar Mining plcHugh McCullough/Kieran HarringtonTel: +353 1 661 9974e-mail: info@glencarmining.ie Davy Corporate Finance LimitedDes Carville/Brian CorrTel: +353 1 679 6363 This information is provided by RNS The company news service from the London Stock Exchange