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SUB NIGEL GOLD MINING COMPANY LIMITED - Interim Abridged Unaudited Financial
Results For The 6 Months Ended 31
December 2003
SUB NIGEL GOLD MINING COMPANY LIMITED
(Reg. No. 1984/006179/06)
JSE Share code: SBN
ISIN: 000006391
INTERIM ABRIDGED UNAUDITED FINANCIAL RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER
2003
INCOME STATEMENT (Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months
to
31 December 31 December 30 June
R"000 2003 2002 2003
Revenue - -
Expenditure (447) (301) (560)
Operating loss (447) (301) (560)
Investment income 10 21 24
Loss before (436) (280) (536)
taxation
Taxation - - -
Loss after (436) (280) (536)
taxation
Number of shares 58,131 50,631 50,631
in issue (000"s)
Weighted average 54,381 44,798 47,798
number of shares
(000"s)
Loss per share (0.75) (0.55) (1.06)
(cents)
Headline loss per (0.75) (0.55) (1.06)
share (cents)
Weighted average (0.80) (0.63) (1.12)
loss per share
(cents)
BALANCE SHEET (Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months
to
31 December 31 December 30 June
R"000 2003 2002 2003
ASSETS
Mining assets 32,147 28,386 29,241
Property, plant 10 6 11
and equipment
Current assets 754 185 485
32,911 28,577 29,737
EQUITY AND
LIABILITIES
Capital and 30,749 28,448 28,192
reserves
Long term 1,547 1,330
liability
Current 615 129 215
liabilities
32,911 28,577 29,737
Net Asset value 52.90 56.19 55.68
per share (cents)
Tangible net asset 52.90 56.19 55.68
value per share
(cents)
CASH FLOW (Unaudited) (Unaudited) (Audited)
STATEMENT
6 months to 6 months to 12 months
to
31 December 31 December 30 June
R"000 2003 2002 2003
Cash flows from (772) (320) 453
operating
activities
Cash tilized by (447) (301) (556)
operations
Investment income 10 21 24
Working capital (335) (40) 985
changes
Cash flows from (2,906) (1,203) (864)
investing
activities
Disposal of mining - - -
assets
Additions to (2,906) (1,203) (855)
mining assets
Additions to - - (9)
property, plant
and equipment
Cash flows from 3,210 1,203 -
financing
activities
Net decrease in (468) (320) (411)
cash and cash
equivalents
Cash and cash 52 463 463
equivalents at
beginning of
period
Cash and cash (416) 143 52
equivalents at end
of period
STATEMENT OF
CHANGES IN EQUITY
Stated Non- Distribu-
distri- table
butable
R"000 Capital reserve reserve Total
Balance at 30 June 23,643 4,743 (194) 28,192
2003
Net loss for the (436) (436)
period
Share issue 2,993 2,993
Balance at 31 26,636 4,743 (630) 30,749
December 2003
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.
Report
1. A Notarial Agreement has been concluded with Gold Fields Limited (GFL) for
the acquisition of the Mineral Rights to 32 farms or portions of farms in
the Ventersburg district in the Free State Province, in South Africa. The
Mineral Rights extend over an area of approximately 10 000 ha.
In terms of the Agreement the acquisition has been settled by the issue
to GFL of 7 500 000 (seven million five hundred thousand) new Ordinary
Shares of no par value.
2. Ventersburg Project: A further 6 confirmatory bore holes are to be
drilled, taking the total number of holes drilled to 42, in roughly 30% of
the area of the mineral rights held. It is expected that the additional
holes will boost the level of confidence in the indicated resource of 8
million ounces of gold in the ground.
3. Spaarwater Project: A confirmatory bore hole is to be drilled to
investigate the extension of a high grade pay shoot and at the same time
confirm the potential gold resource in the underlying erosion channel.
4. MDM has been mandated to conduct a Scoping Study as part of an
investigation into the feasibility of:
* Establishing a gold mine on the mineral rights held in the Free State
Province in South Africa.
* Re-opening gold mining operations on the mineral rights held in the Nigel
district of the Gauteng Province in South Africa.
5. In February 2004, an amount of R4 350 000,00 was raised by the issue of 8
700 000 Ordinary Shares of No Par Value in the company, at 50 cents per
ordinary
share. The price represents a premium of 75% to the 30 day weighted
average price at which Sub Nigel ordinary shares have traded on the JSE
since 7/12/2003.
The Board is pleased to announce the appointment of Mr Stephen Thomas
Ward as Chief Executive Officer of Sub Nigel as from 15 March 2004.
For and on behalf of the Board L G Holmes (Non-Executive Chairman) S T
Ward (Chief Executive Officer
Registered office 302 Satbel Centre 2 De Smidt Street Green Point 8005
Transfer secretaries Computershare Limited 70 Marshall Street Johannesburg
2001
Cape Town
23 March 2004
Directors: L G Holmes (Chairman)* S T Ward (Executive) A C Reynolds
(Executive) P St G Glyn * H G Veldsman * (* Non-Executive) Mrs C K Loydall
(Company Secretary)
Date: 19/03/2004 10:00:07 AM Produced by the JSE SENS Department
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