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BRE
BRE
BRE - Braemore Resources Plc - Trading Statement Clarification
Braemore Resources Plc
(A company incorporated in England and Wales with Registration Number 5350550)
(South African registration number: 2008/013973/10)
Share code on the JSE Limited: BRE
Share code on AIM: BRR ISIN: GB00B06GJQ01
("Braemore")
Trading Statement Clarification
Braemore Resources plc refers to the Trading Statement issued yesterday pursuant
to the Listing Requirements of the JSE Limited.
In response to the decline in Braemore`s share price, the Directors of the
Company advise that:
- Braemore is not aware of any material adverse change to the prospects of the
Company and continues to operate in line with managements` expectations;
- Braemore continues to be well financed;
- the Company`s upgraded 3.2MW ConRoast platinum smelter will be cash flow
positive on reaching full commission capacity, scheduled for mid-October 2008,
with an expected annualised production of 70,000 ounces of PGMs, depending on
feed grade;
- whilst the audit of the financial results for the year ended 30 June 2008 has
not yet been finalised the Company expects an after tax loss for this period
of GBP1.4 million (loss per share:0.21p). This compares with an after tax loss
of GBP0.9 million for the year ended 30 June 2007 (loss per share: 0.16p);
- the increased loss in 2008 is principally due to expanded overheads in support
of the significant progress made to its South African platinum and Australian
Nickel projects
The preliminary results for the year ended 30 June 2008 will be announced on 29
September 2008.
Braemore expects to provide further announcements on the positive developments
of its projects over the coming weeks.
Enquiries:
Braemore Resources plc
Leon Coetzer
Chief Executive Officer
Tel: +27 11 875 6540
Qinisele Resources (Pty) Ltd
Advisor - SA
Dennis Tucker
Tel: +27 82 492 4957
Investec Bank (UK) Limited
Nomad and Joint broker - UK
Gerard Kisbey-Green
Tel: +44 20 7597 5167
Mirabaud Securities
Joint Broker - UK
Rory Scott
Tel: +44 207 878 3360
Parkgreen Communications
Investor Relations - UK
Sue Scott
Tel: +44 20 7933 8780
Russell and Associates
Investor Relations - SA
Charmane Russell
Tel: +27 11 880 3924
Johannesburg
18 September
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited)
Date: 18/09/2008 08:00:09 Produced by the JSE SENS Department.
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