Last checked at 27 Mar 2012 07:00
Orogen Gold Plc
("Orogen" or the "Company")
Final Results for the Year Ended 31 December 2011
Orogen Gold Plc (AIM:ORE), the AIM listed mineral exploration company focussed on Gold exploration and development in eastern Europe, announces its final results for the year ended 31 December 2011 .
Corporate Highlights
·; Change of focus to new European gold exploration company
·; Orogen Gold Limited acquired
·; AIM re-admission, new ticker "ORE.L"
·; Highly experienced Board built- with fusion of expertise in Geology and Financial Services
Operational Highlights
·; Historic Deli Jovan mine workings fully accessed on all former operating levels
o 2km of mine shafts and drives cleared at Rusman and Gindusa over 7 months
·; Underground mapping and sampling programme complete
o Underground channel and grab sample assay results due towards end April 2012 which will guide drilling programme
·; Diamond drilling programme scheduled for early Q2 2012
·; New prospective gold targets discovered from soil sampling programme
o Follow up work to commence in Q2 2012 alongside drilling programme
Financial Summary
·; Cash at 31 December 2011 was £2,004,000
·; £549,000 spent on Deli Jovan with further expenditure of £397,000 required to achieve 55% earn-in to Deli Jovan Project
Chief Executive of Orogen Gold Plc, Ed Slowey, commented:
"I am very pleased with what we have achieved in 2011, from a standing start. Deli Jovan was a very interesting prospect to us, but one we knew would require significant input prior to the commencement of drilling. I am delighted that the work involved in clearing and dewatering the shafts at Rusman and Gindusa has run to schedule and is now complete.
"It is pleasing that we have been able to complete both soil sampling and underground sampling/structural mapping programmes at the site within less than a year. We now await the results of the underground sampling which will guide our drilling operation. We will simultaneously be following up on our soil sampling programme, where we will further investigate the anomalies previously highlighted through a surface trenching programme.
"The foundations are in place to make 2012 another year of significant progress for Orogen. We look forward to updating shareholders with operational developments as work progresses."
Orogen Gold Plc Ed Slowey, CEO Alan Mooney, FD |
+353 1662 8395
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Zeus Capital Limited Nominated Adviser and Joint Broker Ross Andrews/Tom Rowley |
+44 (0)161 831 1512 |
XCAP Securities Plc Joint Broker Jon Bellis
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+44 (0) 207 101 7070 |
Newgate Threadneedle Financial PR Guy McDougall/Josh Royston/ Terry Garrett
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+44 (0) 207 653 9842 |
Notes to Editors
CEO Ed Slowey, PGeo, EuroGeol is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.
The Deli Jovan gold project is in eastern Serbia, the site comprising two shallow underground gold mines at Rusman and Gindusa, about 6 kilometres apart along a major shear zone, that were last in production over seventy years ago.
Orogen Gold Plc
Consolidated statement of comprehensive income
For the year ended 31 December 2011
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Notes | Year ended 31 December 2011 | Audited 9 months to 31 December 2010 | ||||||||||
£'000 | £'000 | |||||||||||
- Recurring administrative expenses | (372) | (128) | ||||||||||
- Share based payments | 14 | (511) | (5) | |||||||||
- Impairment of investments in subsidiaries & associates | 10 | (200) | (100) | |||||||||
- AIM re-admission costs | (136) | - | ||||||||||
- Investment acquisition costs | - | (202) | ||||||||||
Administrative expenses | (1,219) | (435) | ||||||||||
Operating loss | 3 | (1,219) | (435) | |||||||||
Finance income | 4 | 5 | - | |||||||||
Loss on ordinary activities before taxation | (1,214) | (435) | ||||||||||
Income tax benefit / (expense) | 6 | - | - | |||||||||
Loss for the year | (1,214) | (435) | ||||||||||
Other comprehensive income | - | - | ||||||||||
Total comprehensive income for the year | (1,214) | (435) | ||||||||||
Loss attributable to parent's equity holders | (1,214) | (435) | ||||||||||
Pence | Pence | |||||||||||
Loss per share - basic and diluted | 7 | (0.07) | (0.06) | |||||||||
Orogen Gold Plc
Consolidated statement of financial position
As at 31 December 2011
Notes | 31 December 2011 | 31 December 2010 | |||
£'000 | £'000 | ||||
Assets | |||||
Non-current assets | |||||
Goodwill | 9 | 3,173 | - | ||
Investments | 10 | 549 | 570 | ||
Total non-current assets | 3,722 | 570 | |||
Current assets | |||||
Trade and other receivables | 11 | 33 | 246 | ||
Cash and cash equivalents | 12 | 2,004 | 1,546 | ||
Total current assets | 2,037 | 1,792 | |||
Total assets | 5,759 | 2,362 | |||
Equity and liabilities | |||||
Capital and reserves attributable to owners of the company | |||||
Share capital | 13 | 2,567 | 2,016 | ||
Share premium | 13 | 10,239 | 6,714 | ||
Share based payments reserve | 14 | 516 | 5 | ||
Retained earnings | 15 | (7,726) | (6,512) | ||
Total equity | 5,596 | 2,223 | |||
Current liabilities | |||||
Trade and other payables | 16 | 163 | 139 | ||
Total current liabilities | 163 | 139 | |||
Total equity and liabilities | 5,759 | 2,362 | |||
Orogen Gold Plc
Consolidated statement of cash flows
Notes | Year ended31 December 2011 | 9 months to 31 December 2010 | |||
£'000 | £'000 | ||||
Cash flows from operating activities | |||||
Operating loss | 3 | (1,219) | (435) | ||
Decrease / (Increase) in trade and other receivables | 213 | (246) | |||
Increase in trade and other payables | 24 | 65 | |||
Impairment loss on investments | 200 | 100 | |||
Share based payments | 511 | 5 | |||
Net cash flow from operating activities | (271) | (511) | |||
Cash flow from investing activities | |||||
Payments to acquire investment in joint venture | 10 | (549) | - | ||
Net cash inflow on acquisition of subsidiary | 166 | ||||
Net cash outflow on acquisition of associate | - | (370) | |||
Finance income | 5 | - | |||
Net cash flow from investing activities | (378) | (370) | |||
Cash flow from financing activities | |||||
Net proceeds from issue of equity instruments | 1,107 | 2,267 | |||
Net cash flow from financing activities | 1,107 | 2,267 | |||
Net change in cash and cash equivalents | 458 | 1,386 | |||
Cash and cash equivalents at beginning of period | 12 | 1,546 | 160 | ||
Cash and cash equivalents at end of period | 12 | 2,004 | 1,546 | ||
Balance sheet | 2,004 | 1,546 | |||
Orogen Gold Plc
Consildated statement of changes in equity
Notes | Share capital | Share premium | Share based payments reserve | Retained earnings | Total equity | |||||
£'000 | £'000 | £'000 | £'000 | £'000 | ||||||
Balance at 1 April 2010 | 1,158 | 5,305 | - | (6,077) | 386 | |||||
Changes in period 1 April 2010 to 31 December 2010 | ||||||||||
Loss for the year | - | - | - | (435) | (435) | |||||
Issue of share capital | 13 | 858 | 1,609 | - | - | 2,467 | ||||
Share issue costs | 13 | - | (200) | - | - | (200) | ||||
Share based payments | 14 | - | - | 5 | 5 | |||||
Balance at 31 December 2010 | 2,016 | 6,714 | 5 | (6,512) | 2,223 | |||||
Changes in year 1 January 2011 to | ||||||||||
31 December 2011 | ||||||||||
Loss for the year | - | - | - | (1,214) | (1,214) | |||||
Issue of share capital | 13 | 551 | 3,624 | - | - | 4,175 | ||||
Share issue costs | 13 | - | (99) | - | - | (99) | ||||
Share based payments | 14 | - | - | 511 | - | 511 | ||||
Balance at 31 December 2011 | 2,567 | 10,239 | 516 | (7,726) | 5,596 | |||||
For the remainder of the report and accounts please see the below link.
http://www.rns-pdf.londonstockexchange.com/rns/1142A_-2012-3-26.pdf