Sosandar Regulatory News (SOS)

16 September 2014

Orogen Gold plc

("Orogen" or "the Company")

Interim Results for the six months ended 30 June 2014

Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration company, announces its interim results for the six months ended 30 June 2014.

Highlights

· Results from Orogen's new phase of drilling have confirmed a substantial discovery at Mutsk in Armenia

· Substantial widths of hydrothermally altered gold-bearing rocks seen in step-out holes at Mutsk

· Follow-up 3,000m drilling programme underway, with initial assay results received in September 2014

· Results included 60m @ 1.21g/t Au in hole OG14-27, which included 10m @ 3.11g/t Au

· Mutsk warrants a further drilling programme both to explore the limits of the mineralisation and to undertake infill drilling that can define a maiden resource

· Cash at 30 June 2014 stood at £713,000 (31 December 2013: £1,208,000)

· Raised £1,125,000 (before expenses) through the placing of 1,022,727,272 ordinary shares in the Company in September 2014 at a price of 0.11p per share

· Anthony Venus appointed as a non-executive director, adding further deep sectoral and international experience to the Board

· 'Equity-for-drilling' agreement with a Lebanese drilling contractor with an agreed issue price of 0.20p per share, representing a significant premium to the recent price. Shares issued under the agreement are subject to a two year lock in

Enquiries:

Chairman and Chief Executive's Statement

Our focus in the first half of 2014 has been to follow-up on the impressive prior year results achieved at our Mutsk gold project in Armenia. Significant progress has been made this year with very encouraging results arising from our on-going drilling campaign. Mutsk is shaping up to be a significant new gold discovery.

Mutsk project, Armenia

Early in the 2014 fieldwork season we undertook a geophysical programme over the target area as prior drilling results had suggested that moderate to lower grade mineralisation at Mutsk could be more widespread and over greater widths than had been previously believed. We were very encouraged by the strength and extent of the anomalies identified.

In June we commenced a follow-up 3,000m drilling programme to test both the extent of the wider mineralised zone and the sources of the geophysical anomalies. This new phase of drilling has confirmed our earlier belief that we have made a substantial gold discovery at Mutsk. The previously reported high grade intercepts in vertical holes along the 2km Mutsk structure have been shown to be connected to much more substantial widths of hydrothermally altered gold-bearing rocks in step-out holes. Encouragingly, gold grades through these wide zones have increased in tenor as the drilling has moved northwards and include some higher grade intervals. Several wide gold-bearing intervals were encountered, such as 60m @ 1.21g/t Au in hole OG14-23, which included 10m @ 3.11g/t Au.

Deli Jovan project, Serbia

At Deli Jovan, Orogen was encouraged by the gold grades and widths encountered during the 2013 drilling programme but continuity of the gold-bearing veins proved more difficult to establish and further detailed infill drilling will be required to demonstrate continuity. Together with our partners on the project, a decision has been made to look for a new partner to advance the work on the Deli Jovan property and we are actively working towards that end.

Financial and Corporate Review

In order to maximise our resources and put as much of our funds as possible into work on the ground the Company has continued to keep a tight rein on corporate overheads.

We signed an agreement with a Lebanese drilling company whereby Orogen secured the option of part payment for drilling in Orogen equity, reducing our cash cost for drilling by more than half. Shares issued under this agreement will be subject to a two-year lock-in.

At 30 June 2014 cash stood at £713,000 (31 December 2013: £1,208,000). The loss for the period amounted to £214,000 (6 months to 30 June 2013: £185,000). In September 2014, the Company raised £1,125,000 (before expenses) through the placing of 1,022,727,272 ordinary shares in the Company at a price of 0.11p per share.

In July 2014, Anthony Venus was appointed as a non-executive director. Anthony adds further deep sectoral and international experience to the Board, which will help support the Company's next phase of development.

Outlook

This work of the first half of 2014 has led us to a promising position, as we move towards the final quarter of the year. Confirmation of a substantial gold discovery at Mutsk is a pleasing milestone, and we look forward to driving towards a maiden resource at the project. The Board looks forward to reporting back to shareholders with developments as they are achieved.

________________ 

Adam Reynolds

Chairman

________________

Ed Slowey

Chief Executive Officer

Date: 16 September 2014

Consolidated statement of profit or loss and other comprehensive income

For the six months ended 30 June 2014

Consolidated statement of financial position

As at 30 June 2014

Consolidated cash flow statement

For the six months ended 30 June 2014

Consolidated statement of changes in equity

For the six months ended 30 June 2014

1. General information

Orogen Gold plc is a company incorporated and domiciled in England and Wales. The Company's

offices are in London and Dublin. The Company is quoted on the AIM market of the London Stock

Exchange (ticker: ORE.L). The Company is focussed on gold and minerals exploration in Europe. Exploration operations are based in London and Dublin. The Company is focused on gold and minerals exploration in Europe. Exploration operations are based in Armenia (Mutsk project) and in Serbia (Deli Jovan project).

2. Basis of preparation

The financial information for the six months ended 30 June 2014 and 30 June 2013 is unaudited.

The Interim Report has been prepared using thesame accounting policies as were applied in the Group's audited financial statements to 31 December 2013, which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The Directors consider that the financial information presented in this Interim Report represents fairly the financial position, operations and cash flows for the period, in conformity with IFRS. The Interim Report for the six months ended 30 June 2014 was approved by the Directors on 15September 2014.

The financial information presented for the period ended 31December 2013 is an extraction from the 

Group's audited accounts onwhich the auditors issued an unqualified report. The information presented 

does not constitute full accounts for that period.

3. Loss per share

Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period:

Basic and diluted earnings per share are the same, since where a loss is incurred the effect of outstanding share options and warrants is considered anti-dilutive and is ignored for the purpose of the loss per share calculation. The share options outstanding as at 30 June 2014 totalled 225,000,000 (30 June 2013: 265,000,000, 31 December 2013: 225,000,000) and are potentially dilutive.

4. Exploration and evaluation assets

5. Cash and cash equivalents

6. Share capital

On 24 October 2013, 216,666,667 new ordinary shares of £0.001 each were issued at £0.003 per share by way of share placing. The cash consideration received by the Company was £595,000.

7. Subsequent events

On 1 July 2014, the Company announced that it had entered into an agreement with DEM Geosciences SAL ("DEM), a Lebanese registered company, for the provision of diamond drilling services to the Company. The agreement is for up to 10,000 metres of drilling in 2014 and 2015 at a fixed price. The agreement includes part payment in ordinary equity to be issued for work completed at 0.2p per ordinary share. The total consideration is at an overall discount to the cost per metre of the Company's most recent drilling programmes. 

On 8 September 2014, the Company announced an update on the drilling programme at the Mutsk gold project in Armenia. Step-out drilling confirmed the discovery of wide zones of gold mineralisation with intercepts up to 60m @ 1.21g/t Au, including 10m @ 3.11 g/t Au.

On 9 September 2014, the Company announced that it had conditionally placed 1,022,727,272 new ordinary shares of 0.1p with existing and new investors at a price of 0.11p per share, raising £1.125 million before costs.

8. Copy of the Interim Report

Copies of the Interim Report are available to download from the Company's website at www.orogengold.com.