Kemin Resources Regulatory News (KEM)

3 Oct 2005 15:00

GMA Resources PLC03 October 2005 GMA RESOURCES Plc NEWS RELEASE FOR IMMEDIATE RELEASE London, 3 October 2005 Interim Report 2005 GMA Resources Plc (the "Company"), the gold mining company, is pleased torelease it's results for the half year ended 30 June 2005. The Interim Report isattached. ENDS For further information contact:GMA Resources Tel: + 61 400 228 234Colin Ikin, Chief Executive 4C-Burvale Tel: + 44 (0)20 7907 4761Carina Corbett Website: www.gmaresources.plc.uk GMA Resources plc Interim Report 30 June 2005 CHAIRMAN'S STATEMENT Dear Shareholder, I am pleased to report on the progress made by your Company in the six monthsended 30 June 2005. ENOR Spa The Company owns a 52% controlling interest in the promising Tirek Gold mine andexploration project in Algeria through its shareholding in the Algerian companyENOR Spa. At the time of writing the Amesmessa Gold Project Feasibility Studyhas been completed. The Study confirmed the technical and commercial viabilityof a new processing plant at Amesmessa, and several open cut mines at bothAmesmessa and Tirek. Amesmessa is located approximately 60 kilometres south ofthe existing Tirek plant. The improving gold price combined with the premium the Company obtains from goldsales in Algeria have further improved the project economics since the Studycompletion. The Company continued to operate and optimise the existing pilot plant operationat the Tirek mine site. I am pleased to state that gold production for the halfyear was 10,138 ounces, significantly better than the 6,746 ounces produced inthe corresponding 6 months in 2004. Gold recovery rates continue to be good andmined tonnes improve significantly in the first half of the year providing animportant increase in ore stockpiles in advance of the plant. The production performance still has room for improvement and the Company willcontinued to implement its plans to improve the plant reliability and operatingperformance through the procurement of spares, expenditure on capitalimprovements and the training of local staff. We continue to place significant emphasis on safety performance through theimplementation of training and risk management programmes. The result has been acontinuing reduction in injuries and injury rates and a pro-active response tosafety issues. More detailed explanations of the Company's performance have been reported inthe June 2004 quarterly report released to the market in August 2005. Corporate With the completion of the Study the Company will be proceeding with the fundingof the Company's contribution to the development costs of the Amesmessa GoldProject and to provide working capital for the Company. Results The loss for the half year to 30 June 2005 after accounting for minorityinterests was £570,000 (2004 first half loss - £733,000). The operating loss was£1,728,000 (2004 first half - £1,178,000). Richard Linnell 3 October 2005 UNAUDITED GROUP PROFIT AND LOSS ACCOUNT for the six months ended 30 June 2005 6 months ended 6 months ended Year ended 30.06.05 30.06.04 31.12.04 £000 £000 £000 Operating income (556) (930) (3,219) Administrative expenses (1,172) (248) (1,030) Operating loss (1,728) (1,178) (4,249) Interest receivable 10 41 64Interest payable (78) (82) (136)Finance charges - - Loss of ordinary activities before taxation (1,796) (1,219) (4,321) Taxation - - - Loss for the period (1,796) (1,219) (4,321) Minority Interest 1,226 486 1,855 Net loss attributable to shareholders (570) (733) (2,466) Loss per share - basic and diluted (0.43p) (0.59p) (1.90p) UNAUDITED GROUP BALANCE SHEET as at 30 June 2005 at 30.06.05 at 30.06.04 at 31.12.04 £000 £000 £000 Fixed assetsIntangible assets 1,550 1,724 1,504Tangible assets 7,513 5,777 6,081Investments - - - 9,063 7,501 7,585 Current assetsStocks 2,275 1,369 2,124Debtors 2,027 480 578Cash at bank and in hand 973 4,886 1,839 5,274 6,735 4,541 CreditorsAmount falling due within one year (5,736) (2,643) (4,544) Net current assets (462) 4,092 (3) Total assets less current liabilities 8,601 11,593 7,582 CreditorsAmount falling due after one year - (633) (452)Minority interests (4,665) (4,688) (3,144) Total assets less liabilities 3,936 6,272 3,986 Capital and reservesCalled up share capital 1,337 1,337 1,337Share premium 8,816 8,666 8,816Profit and loss account (6,217) (3,733) (6,167)Equity shareholders' fund 3,936 6,272 3,986 UNAUDITED GROUP STATEMENT OF CASH FLOWS for the six months ended 30 June 2005 6 months ended 6 months ended Year 30.06.05 30.06.04 ended £000 £000 31.12.04 £000 Net cash inflow/(outflow) from operating activities 85 (893) (2,449) Returns on investment and servicing of financeInterest received 10 41 64Interest paid (78) (82) (136)Finance charges - - - Net cash inflow/(outflow) from investments and servicing of (68) (41) (72)finance Capital expenditure Expenditure on other tangible assets (1,478) (1,209) (2,869) AcquisitionsPurchase of subsidiary undertakings - - - Net cash acquired with subsidiaries - - - Net cash inflow/(outflow) from capital expenditure and (1,478) (1,209) (2,869)acquisitions Net cash inflow/(outflow) before financing (1,461) (2,143) (5,390) FinancingProceeds from the issue of convertible loan stock - - -Proceeds from issue of shares - 1,967 1,967Share issue expenses - (150) -Loan repayments (361) (175) (476)Loan advances 956 718 1,069 Net cash inflow/(outflow) from financing 595 2,360 2,560 Increase/(decrease) in cash (866) 217 (2,830) NOTE TO THE INTERIM REPORT Accounting policies and basis of preparation The interim financial information has been prepared on the basis of accountingpolicies consistent with those set out in the Group's statutory accounts for theyear ended 31 December 2004 which can be downloaded from the Company's website. The interim financial information has not been audited nor has it been reviewedunder Bulletin 99/4 of the Auditing Practices Board. The above unauditedfinancial information does not constitute statutory accounts as defined inSection 240 of the Companies Act 1985. The financial information for the yearended 31 December 2004 has been extracted from the statutory accounts for thatyear, which included an unqualified auditors report, have been filed with theRegistrar of Companies. ADDRESSES AND ADVISERS Registered and Principal Office Independent Auditors30 Farringdon Street Grant Thornton UK LLPLondon EC4A 4HJ The Explorer BuildingUnited Kingdom Fleming Way, Manor Royal Crawley, West Sussex RH10 9GTTelephone: +44(0) 20 7544 5677 United KingdomFacsimile: +44(0) 20 7544 5565Website: www.gmaresources.plc.uk Nominated Advisor and Broker Canaccord Capital (Europe) LimitedCompany Number: 04674237 Brook House 27 Upper Brook StreetCompany Secretaries London W1K 7QFJohn Bottomley United KingdomTrevor Matthews Australia SolicitorsGold Mines of Algeria Pty Ltd Field Fisher Waterhouse48 Lake Street 35 Vine StreetNorthbridge, WA 6000 London EC3N 2AAAustralia United Kingdom Registrars Capita Registrars The Registry, 34 Beckenham Road Beckenham, Kent BR3 4TW United Kingdom This information is provided by RNS The company news service from the London Stock Exchange