Pan African Resources Regulatory News (PAF)

23 Dec 2005 07:01

Pan African Resources PLC23 December 2005 23 December 2005 PAN AFRICAN RESOURCES PLC "Pan African" or "the Company" Interim Statement at 30 September 2005 and Operational Review Business Highlights • Appointment of Mr Jan Nelson to the Board as Chief Executive Officer on 1st September 2005 Post Interim Period Events • Entered into a joint venture agreement for exploration work in the Central African Republic ("CAR") • Upgrade of resource at the Manica Gold Project, Mozambique to 800,000oz Chairman Colin Bird commented: "The Company has consolidated its overall position during the period underreview and together with asset acquisition in the CAR, the Board is confidentthat the coming year will see significant advances in Pan African's mission toenhance shareholder value." For Further information please contact: Pan African Resources Ambrian Partners Parkgreen CommunicationsJan Nelson, CEO Richard Brown / Justine Howarth /+27 11 886 1211 Emma Priestley Victoria ThomasColin Bird, Chairman +44 (0) 207 776 6400 +44 (0) 20 7493 3713+44 (0) 20 7584 2155 PAN AFRICAN RESOURCES PLC Interim Statement at 30 September 2005 and Operational Review Chairman's Statement As the Company has extended its period-end to 31 March 2006, your Board hasissued a Second Interim Statement to shareholders for the twelve months to 30September 2005. Result for the period During the twelve month period under the review, the Group returned a loss of£227,089 as compared with a loss of £164,231 in the eighteen month period to 30September 2004. Operational Review The Company has reviewed all of its data from the Manica Project, its goldproject in Mozambique and has established a resource of some 800,000 oz (5.3 mts@ 4.84 g/t average grade). This resource derives from the investigation of 2.4km out of the total 22 kms currently targeted. The Company believes that thereis an excellent further opportunity for resource expansion within the 22kms.The company has engaged an independent consultant to audit this resource with aview to commencing a feasibility study in the near future. The Wa Project in Ghana is also subject to review and the Board anticipates thatthe results will be released early in the New Year. On 5 October 2005, the company announced that it had acquired a position in theCentral African Republic (CAR). This position is substantial and is in two ofthe four recognised Major Green Stone Belts of the CAR. The Company's jointventure licences contain a number of shallow intercepts with the most promisingtwo being 19 m @ 17.38 g/t and 20 m of 5.05 g/t. Pan African has carried out an extensive geochemical programme, the data fromwhich is currently being reviewed. Once the assay results are available andinterpreted they will be released to the market, which your Board anticipateswill also be early in the New Year. The Company is building on its already significant position in the CAR and theBoard has an optimistic view of the potential for future gold discovery. Outlook There is a general market view that the gold price will remain strong and tothis end the company believes that its explorations are of the type which couldlead to low cost/high margin operations. With this in mind, the company willadvance its feasibility study in Mozambique and accelerate its explorationprogramme in the CAR to target the exploitation of the low cost/high marginmodel. The company has consolidated its overall position during the period under reviewand together with asset acquisition in the CAR, the Board is confident that thecoming year will see significant advances in the company's mission to enhanceshareholder value. By Order of the BoardColin BirdChairman 22 December 2005 PAN AFRICAN RESOURCES PLC UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT Twelve Months Ended 30 September 2005 Twelve Months Ended Eighteen Months Ended 30.09.2005 30.09.2004 Notes £ £ Administrative expenses - (operating loss) (253,500) (178,374) Interest receivable 26,411 14,143 ___________ ___________ Loss on ordinary activities before taxation (227,089) (164,231) Tax on loss on ordinary activities - - ___________ ___________ Loss for the financial period (227,089) (164,231) ___________ ___________ Loss per ordinary share - basic (0.06p) (0.09p) ___________ ___________ PAN AFRICAN RESOURCES PLC UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2005 Twelve Months Eighteen Months Ended Ended 30.09.2005 30.09.2004 £ £ £ £ FIXED ASSETS Intangible assets 4,397,609 3,831,710Investments 24,200 24,200 ----------- ----------- 4,421,809 3,855,910 CURRENT ASSETS Debtors 12,310 18,434Cash at bank 431,517 1,224,133 ----------- ----------- 443,827 1,242,567 Creditors: amounts falling due within one year (101,410) (107,163) ---------- ---------- 342,417 1,135,404 ---------- ----------- Total assets less current liabilities 4,764,226 4,991,314 ========= ========= CAPITAL AND RESERVES Share capital 3,520,000 3,520,000Share premium account 2,404,829 2,404,829Merger reserve 1,485,000 1,485,000Profit and loss account (2,645,603) (2,418,515) ---------- ---------- Shareholders' funds 4,764,226 4,991,314 ========= ========= PAN AFRICAN RESOURCES PLC UNAUDITED CONSOLIDATED CASH FLOW STATEMENT Twelve Months Ended 30 September 2005 CASHFLOW STATEMENT Twelve Months Ended Eighteen Months Ended 30.09.2005 30.09.2004 Notes £ £Net cash outflow from operating activities (253,129) (118,199) Returns on investments and servicing of finance 26,411 14,143 Capital expenditure and financial investment (565,899) (777,405) Acquisitions - (43,724) Financing - 1,578,674 __________ _________ Increase/(Decrease) in cash (792,617) 653,489 __________ _________ PAN AFRICAN RESOURCES PLC NOTES TO THE UNAUDITED INTERIM ACCOUNTS Year Ended 30 September 2005 1 The calculation of earnings per share is based on the losses of £227,088 and on the number of shares in issue being the adjusted weighted average number of shares in issue totalling 352,000,000 The fully diluted earnings per share are based on 352,000,000 ordinary shares allowing for the full exercise of outstanding share purchase options and the earnings as stated above. There is no dilutive effect in the period and in the previous period in accordance with FRS 14 paragraph 56. 2 The current period for the company is an eighteen-month period ending 31 March 2006. 3 The comparative figures were for the eighteen-month period ended 30 September 2004. 4 The interim statement for the twelve months ended 30 September 2005 is unaudited and was approved by the Directors on 22 December 2005. The financial information set out above does not constitute statutory accounts within the meaning of s.240 of the Companies Act 1985. 5 Copies of the Interim Report are available to the public free of charge from the company at Manfield House, 2nd Floor, 1 Southampton Street, London WC2R 0LR during normal office hours, Saturdays, Sundays and bank holidays excepted, for 31 days from today. This information is provided by RNS The company news service from the London Stock Exchange