|
TBX
TBX
TBX - Thabex - Reviewed Unaudited Provisional Results for year end 28 Feb 2007
Thabex Exploration Limited
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
Young Lions Exploring Africa
JSE share code: TBX
ISIN Code: ZAE000013686
("Thabex or the Company")
REVIEWED UNAUDITED PROVISIONAL GROUP RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2007
CONSOLIDATED BALANCE SHEET
Year Year ended
ended
28 28 Febraury
Febraury 2006
2007
Reviewed Audited
R`000 R`000
Assets
Non-current assets
Mining assets and equipment 3 601 926
Current assets 6 605 13 477
Inventories 1 541 1 559
Trading 912 782
investments
Trade and other receivables 3 139 2 290
Taxation - 4 285
refundable
Cash and cash equivalents 1 013 4 561
Total assets 10 206 14 403
Equity and
liabilities
Capital and
reserves
Share capital 1 701 1 701
Share premium 17 203 17 203
reserve
Treasury shares - (241)
Accumulated loss (10 742) (4 657)
Ordinary shareholders funds 8 161 14 005
Current liabilities
Trade and other payables 2 045 398
Total equity and liabilities 10 206 14 403
Shares in issue 17 006 17 006 887
887
Net asset value per share (cents) 47.99 82.35
Net tangible asset value per share 47.99 82.35
(cents)
CONSOLIDATED INCOME STATEMENT
Revenue 80 46
Cost of sales (71) (43)
Gross profit 9 2
Other operating 472 131
income
Administration (2 995) (1 731)
expenses
Other operating (4 759) (2 885)
expenses
Operating loss before net finance income (7 272) (4 483)
and cost
Finance income 671 1 027
Finance costs (4) (3)
Loss before (6 605) (3 459)
taxation
Taxation - -
Loss for the year (6 605) (3 459)
Atributable to: - -
Equity holders of the parent (6 605) (3 313)
Minority interest - (146)
Weighted average of number of shares 17 006 17 006 887
in issue 887
Basic loss per share (cents) (38.84) (20.34)
Diluted loss per (38.84) (20.34)
share
Headline loss per share (cents) (38.84) (17.99)
RECONCILIATION OF HEADLINE LOSS
Reconciliation between loss and
headline loss
Loss attributable to ordinary (6 605) (3 459)
shareholders
Impairment of - 400
goodwill
Headline loss (6 605) (3 059)
CONSOLIDATED CASHFLOW STATEMENT
Net cash outflow from operating (1 168) (13 560)
activities
Net cash outflow from investing (2 381) (1 763)
activities
Cash effects of financing activities - -
Cash flow from financing activities (3 548) (15 322)
Cash at beginning of period 4 561 19 883
Cash at end of 1 013 4 561
period
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share Capital 1 701 1 701
Share Premium 17 203 17 203
Treasury shares at end of the year - (241)
Purchase of treasury shares - (241)
Disposal of companry equity by 761 -
subsidiary
Transfer to accumulated loss (520) -
Treasury shares at beginning of year (241) -
Accumulated Loss at end of the year (10 742) (4 657)
Loss for the year (6 605) (1 198)
Transfer from treasury shares 520 -
Accumulated Loss at the beginning of (4 657) (3 459)
the year
Review of results
Diamonds in Lesotho
During the past year Thabex acquired a further 20% interest in Angel Diamonds
(Pty) Ltd ("Angel"), which company holds a Prospecting Lease over the Kolo
Kimberlite pipe. Angel is at present commissioning a 20 tonne per hour Dense
Medium Separator ("DMS") plant at Kolo, production is expected to commence
during the third quarter of 2007. Thabex geologists have also investigated two
other kimberlites on the lease area.
Thabex has acquired 8% in Protero Investments (Pty) Ltd ("Protero"), an
exploration company active in the Northern Cape.
Uganda gold and diamonds
Shareholders are referred to the SENS announcement of 21 May 2007, relating to
the discovery of four major gold trends extending over several kilometers in the
Mafuga Forest Gold Project area. The very exciting discovery will be
investigated intensively in order to establish the economic viability of the
area.
Thabex has also entered into a Joint Venture agreement with MinEx Projects (Pty)
Ltd ("MinEx Projects"), and Michael de Villiers ("de Villiers"), a geological
consultant, to form a joint venture to explore for kimberlites in Uganda. In
terms of the agreement a Joint Venture Company ("JVC") will be registered in
Uganda. Thabex and MinEx Projects will hold a 42.5% each and De Villiers a free
carry interest of 15% in the share capital of the JVC. Thabex`s initial
contribution will be R500 000, after which exploration costs will be shared
equally between Thabex and MinEx Projects up to R5 million.
Acquisition of Minnex Exploration Ltd ("Minnex")
Shareholders are referred to the SENS announcement on 1 December 2006, relating
to the acquisition of Minnex as announced on SENS on 29 November 2006. Certain
delays have been experienced in the finalisation of certain information in this
transaction which has caused a delay in publishing the Circular to approve the
acquisition.
The directors of Minnex are attending to the outstanding matters which should be
finalised soon. It is expected that the Circular will be posted during July
2007.
Minnex has several diamond projects in South Africa and Namibia. On 27 February
2007, Minnex disposed of its entire holding in Lehumo Resources Ltd for R5
million.
Acquisition of Monastery Mine (Pty) Ltd "Monastery")
Subsequent to year end Thabex`s wholly owned subsidiary, Tradepost 121 (Pty) Ltd
("Tradepost") has acquired 94% of the issued capital of Monastery, which company
has been granted a Prospecting Right on the well known Monastery kimberlite pipe
in the Marquard district of the Free State Province. Subject to the Minnex
acquisition being completed the Company will issue the present owners of
Monastery 1 million new Thabex shares or 4.76% of Thabex`s issued shared
capital, at 250 cents per share or R2.5 million and an amount of R280 000 in
cash.
Thabex is pleased to announce that Mystic Blue Trading 429 (Pty) Ltd, holding 6%
of Monastery and a 100% held Black Economic Empowerment ("BEE") company, has
been granted an option to acquire, within a period of two years, a further 20%
from Tradepost, should Thabex be successful in its due diligence prospecting
activities to establish a mining operation at the Monastery kimperlite pipe.
Operating results
The headline loss per share increased from 17.99 cents to 38.84 cents. The net
asset value of the group decreased from 82.35 cent per share in 2006 to 47.99
cents per share. The increased headline loss per share was mainly attributable
to the increased depreciation charge as a result of the purchase of mining
equipment for Angel and the increased exploration expenditure by the Group.
Future prospects
The board has decided that Thaba Egoli Mining & Exploration Ltd`s present name
be changed to Salt River Resource Ltd ("SRR"). SRR is conducting a scoping and
pre-feasibility study of the Salt River Base Mineral Project. The initial
indications are that the capital required to construct a new Copper-Lead-Zinc
mine on the project area will be about R1,4 billion and SSR is at present
consulting with its advisors to finance the proposed new mining operation.
Basis of accounting
These are the Group`s second consolidated financial statements prepared in
accordance with International Financial Reporting Standards (IFRS`s). The
adoption of IFRS 6 Exploration for and Evaluation of Mineral Resources has been
incorporated in the 2007 financial results. The Company elected to remain with
its present accounting policy to expense of exploration and evaluation of
mineral resources costs. The adoption of IFRS 6 in the current year had no
impact on the Group`s balance sheet, income statement and cash flow statement.
Black Economic Empowerment
Thabex is 27.76% directly BEE owned.
Dividends
No dividend has been declared.
Audit of results
The provisional results for the year ended 28 February 2007 have been reviewed
by KPMG Inc. and their Review Opinion is available at the Company`s registered
office. The audited results are expected to be completed within the next month.
On behalf of the board
Jeffrey Rapoo
Chairman
Marius Welthagen
Chief Executive
Johannesburg
29 May 2007
Registered office:
Ground Floor, Kiepersol House, Stonemill Office Park, 300 Acacia Road,
Darrenwood, Randburg, 2194
Auditors:
KPMG Inc.
Company secretaries:
SA Mineral Investments (Pty) Ltd
51 Austin Street, Northcliff, Johannesburg, 2195
Company transfer secretaries:
Link Share Market Services South Africa (Pty) Ltd
11 Diagonal Street, Johannesburg, 2001
Explore our website: www.thabex.com
E-mail: info@thabex.com
Telephone number: +27 11 459 6600 or 0860 THABEX (0860 842239)
Sponsor:
PSG Capital (Pty) Ltd
Directorate:
JR Rapoo, M Welthagen*, JL Bosch, Prof DL Reid**, AP Roux
*Executive director, ** New Zealand
Date: 29/05/2007 17:05:00 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
