Tethyan Resources Regulatory News (TETH)

5 Jan 2005 07:00

Triple Plate Junction Plc05 January 2005 For Immediate release 5 January 2005 Triple Plate Junction plc INTERIM RESULTS for the six months ended 30 September 2004 Triple Plate Junction Plc (TPJ) has now been admitted to the AlternativeInvestment Market for almost 12 months during which time it has grown itsexploration portfolio significantly through joint ventures and the applicationfor and granting of highly prospective exploration licences in Papua New Guinea.Management has also continued to progress the licence applications in Vietnam,in particular Pu Sam Cap. Capital expenditure to 30th September, 2004 was £228,000 being primarily inrespect of exploration activities in Papua New Guinea, preparation forexploration activities in Vietnam and satisfying the conditions precedent to thegranting of the Pu Sam Cap licences referred to above. Vietnam Management has worked tirelessly to secure the issue of the Vietnamese licences,particularly Pu Sam Cap; however they have not yet been issued. Our continuedstrong relationship with the relevant governing bodies in Vietnam has meant thatwe have now successfully completed the crucial government Mineral EvaluationCouncil Meeting in Vietnam, which is normally the final step in the lengthyprocess of granting an exploration licence. In preparation for onsite exploration we have re-interpreted existing data andcommissioned a program of satellite imagery interpretation by our consultants(ACA Howe). This has highlighted the very favourable geological setting for amajor mineralising system. Howe has identified a number of strong targets toassist in focusing our exploration program in 2005. Papua New Guinea(PNG) We continue to make significant progress in Papua New Guinea. • We have completed a ground magnetics survey with Rift Resources (PNG) Limited, a privately owned Australian Company, on our joint venture Lambuso Project in New Ireland which has confirmed the existence of some significant magnetic anomalies. The data is currently being remodelled prior to a drilling program planned for early 2005. • There has been significant activity at Crater Mountain with the renewal of a key licence (EL 1115) and the re-establishment of facilities at site for a comprehensive exploration program which has already commenced. A drill program is planned to commence in Q1/Q2 2005. • Six of the eight licences applied for by TPJ have already been issued by the Minister for Mining giving TPJ a substantial landholding in the gold rich north-west trending structural corridor that extends from Kainantu to south of Wau-Bulolo in the Eastern Highlands and Morobe Provinces of PNG. This corridor is geologically characterised by late-gold mineralising porphyries that appear to be closely related to the prolific gold distribution within the corridor (which is both historic and the result of current developments). • TPJ has completed satellite and aerial photograph interpretation on all of its licence areas in PNG which have shown multiple structurally related anomalies many of which correspond with the geochemical anomalies identified earlier by TPJ. The Government of PNG has maintained its strong drive to discover and bringon-stream new deposits after many years of diminished exploration expendituredue to sustained weak gold and copper prices. During 2004 management has built a balanced exploration portfolio for theCompany focusing on exploration acreage with world-class potential for gold andcopper-gold deposits that provides a strong platform for growth. I R Gowrie-SmithChairman 4 January 2005 For further information please contact: Triple Plate Junction plc 020 7499 1400Geoff Walsh, Chief ExecutiveDavid Lees, Finance Director Buchanan Communications 020 7466 5000Tim AndersonIsabel PoddaBen Willey TRIPLE PLATE JUNCTION PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended 30 September 2004 Note Six months Six months Year ended30 ended 30 to 31 September September March 2004 2003 2004 £'000 £'000 £'000 Turnover - 671 1,132 Cost of sales - (216) (366) Gross profit - 455 766 Administrative expensesAmortisation of goodwill - (50) (75)Other administrative expenses (425) (482) (1,129) (425) (532) (1,204) Operating loss (425) (77) (438) Net interest 38 (9) 3 Loss on ordinary activities before taxation (387) (86) (435) Tax on loss on ordinary activities 2 - - - Loss after taxation for the year (387) (86) (435) Loss per share 4 (1.00)p (0.71)p (2.52)p There were no recognised gains or losses other than the loss for the financialperiod. TRIPLE PLATE JUNCTION PLC CONSOLIDATED BALANCE SHEET AT 30 SETPEMBER 2004 30 September 30 September 31 2004 2003 March 2004 £'000 £'000 £'000Fixed assetsIntangible assets 3,749 217 3,521Tangible assets 12 111 9 3,761 328 3,530 Current assetsDebtors 195 33 178Cash at bank and in hand 2,123 78 2,844 2,318 111 3,022 Creditors: amounts falling due within one year (97) (584) (189) Net current assets/(liabilities) 2,221 (473) 2,833 Total assets less current liabilities 5,982 (145) 6,363 Creditors: amounts falling due after more than - (3) -one yearNet assets/ (liabilities) 5,982 (148) 6,363 Capital and reservesCalled up share capital 386 4,242 386Share premium account 6 11,371 -Profit and loss account 5,590 (15,761) 5,977Shareholders' funds 5,982 (148) 6,363 Equity shareholders' funds 5,982 (4,269) 6,363Non-equity shareholders' funds - 4,121 - 5,982 (148) 6,363 TRIPLE PLATE JUNCTION PLC CONSOLIDATED CASH FLOW STATEMENT For the six months ended 30 September 2004 Note Six months Six months Year ended 30 ended 30 to 31 September September March 2004 2003 2004 £'000 £'000 £'000 Net cash outflow from operating activities 5 (532) (2) (222) Returns on investments and servicing offinanceInterest received 38 - 15Interest paid - (9) (12)Net cash inflow/(outflow) from returns on 38 (9) 3investments and servicing of finance Capital expenditurePurchase of tangible fixed assets (5) (11) (23)Purchase of intangible fixed assets (228) - (410)Net cash outflow from capital expenditure (233) (11) (433) Acquisitions - - (111) DisposalsNet cash disposed of with subsidiaries - - (94)Net cash outflow before financing (727) (22) (857) FinancingIssue of ordinary share capital 6 - 4,204Expenses paid in connection with share - - (590)issuesCapital element of finance lease rentals - (2) (5)Net cash inflow/(outflow) from financing 6 (2) 3,609 (Decrease)/increase in cash 6 (721) (24) 2,752 TRIPLE PLATE JUNCTION PLC NOTES TO THE INTERIM RESULTS For the six months ended 30 September 2004 1. basis of preparation The interim unaudited financial statements have been prepared in accordance withapplicable accounting standards and under the historical cost convention. Theprincipal accounting policies of the group have remained unchanged from thoseset out in the group's 2004 annual report and financial statements. The financial information herein does not constitute the statutory accounts asdefined in section 240(5) of the Companies Act 1985. The Report and Accountsfor the year ended 31 March 2004, on which the auditors' report was unqualified,have been filed with the Registrar of Companies. Copies of the interim report will be available to the public from the Company'sregistered office at 105 Piccadilly, London, W1J 7NJ. 2. Taxation On the grounds that losses have been made in this and prior periods, there is notaxation charged to the profit and loss account in this period. 3. dividends The directors have not declared a dividend for the six months ended 30 September2004. 4. LOSS PER SHARE The calculation for the basic loss per share is based upon the loss attributableto ordinary shareholders divided by the weighted average number of shares inissue during the year. Reconciliation of the loss and weighted average number of shares used in thecalculations are set out below: Six months Six months Year ended 30 ended 30 to 31 September September March 2004 2003 2004 Basic loss per shareLoss on ordinary activities before tax (£'000) (387) (86) (435)Weighted average number of shares ('000) 38,568 12,078 17,257Amount of loss per share (pence) (1.00) (0.71) (2.52) The options and warrants are anti-dilutive so there is no diluted loss pershare. 5. Net cash outflow from operating activities Six months Six months Year ended 30 ended 30 to 31 September September March 2004 2003 2004 £'000 £'000 £'000 Operating loss (425) (77) (438)Depreciation 2 19 38Amortisation - 50 75Loss on disposal of business - - 25Increase in debtors (17) (9) (77)(Decrease)/increase in creditors (92) 15 155Net cash outflow from operating activities (532) (2) (222) 6. Reconciliation of net cash flow to movement in net debt Six months Six months Year ended 30 ended 30 to 31 September September March 2004 2003 2004 £'000 £'000 £'000 (Decrease)/increase in cash in the period (721) (24) 2,752Cash inflow from debt and lease financing - 3 5Finance leases disposed of - - 9Conversion of debt to equity - - 246Inception of finance leases - (12) (12)Change in net funds/(debt) during the period (721) (33) 3,000Net funds/(debt) at beginning of period 2,844 (156) (156)Net funds/(debt) at end of period 2,123 (189) 2,844 This information is provided by RNS The company news service from the London Stock Exchange