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Sub Nigel Gold Mining Company -
SUB NIGEL GOLD MINING COMPANY LIMITED
(Reg. No. 1984/006179/06)
Share code: SBN
ISIN: ZAE000006391
Interim abridged unaudited consolidated
financial results for the
31 December 2002
CONSOLIDATED INCOME (Unaudited) (Audited)
STATEMENT
6 months to 12 months to
31 December 30 June
R"000 2002 2002
Revenue - -
Expenditure (301) (438)
Operating loss (301) (438)
Investment income 21 64
Loss before (280) (374)
taxation
Taxation - -
Loss after taxation (280) (374)
Number of shares in 50,631 44,631
issue (000"s)
Weighted average 44,798 44,631
number of shares
(000"s)
Loss per share (0.63) (0.84)
(cents)
Headline loss per (0.63) (0.84)
share (cents)
CONSOLIDATED (Unaudited) (Audited)
BALANCE SHEET
6 months to 12 months to
31 December 30 June
R"000 2002 2002
ASSETS
Mining assets 28,386 27,183
Property, plant and 6 6
equipment
Current assets 185 488
28,577 27,677
EQUITY AND
LIABILITIES
Capital and 28,448 27,525
reserves
Current liabilities 129 152
28,577 27,677
Net Asset value per 56.19 61.67
share (cents)
Tangible net asset 56.19 61.67
value per share
(cents)
CONSOLIDATED CASH (Unaudited) (Audited)
FLOW STATEMENT
6 months to 12 months to
31 December 30 June
R"000 2002 2002
Cash flows from (320) (313)
operating
activities
Cash utilised by (301) (435)
operations
Investment income 21 64
Working capital (40) 58
changes
Cash flows from (1,203) 41
investing
activities
Disposal of mining - 50
assets
Additions to mining (1,203) -
assets
Additions to - (9)
property, plant and
equipment
Cash flows from 1,203 -
financing
activities
Net decrease in (320) (272)
cash and cash
equivalents
Cash and cash 463 735
equivalents at
beginning of period
Cash and cash 143 463
equivalents at end
of period
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Stated Non- Distributable
distributable
R"000 Capital reserve reserve Total
Balance at 30 22,440 4,743 342 27,525
June 2002
Net loss for the (280) (280)
period
Share issue 1,203 1,203
Balance at 31 23,643 4,743 62 28,448
December 2002
COMMENTS
Accounting policies
The results for the period have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice. The accounting
policies used are consistent with those in the previous financial period. The
financial results are unaudited and have not been reviewed by our auditors.
Review
1.During the period, your company concluded the following agreements:
1.1 Notarial agreement entered into with Zarara Energy Limited for the
acquisition of certain shafts and mining claims for the issue to Zarara Energy
Limited of
1 000 000 new ordinary shares in Sub Nigel Gold Mining Company Limited.
1.2 Notarial agreement entered into with Gold Fields Limited for the
acquisition of mining claims for the issue to Gold Fields Limited of 5 000 000
new ordinary
shares in Sub Nigel Gold Mining Company Limited.
2.An application for a Mining Authorisation has been submitted to the
Department: Minerals and Energy. A positive response is expected shortly.
3. Surface borehole drilling operations commenced in February 2003.
For and on behalf of the Board Registered office Transfer secretaries
L G Holmes (Chairman) 302 Satbel Centre Computershare Investor
Services Limited
2 De Smidt Street 70 Marshall Street
Greenpoint Johannesburg
Cape Town 8005 2001
11 April 2003
Directors: L G Holmes (Chairman) A C Reynolds (Executive) P St G
Glyn * H G Veldsman * (* Non-Executive) Mrs C K Loydall
(Company Secretary)
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