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Sub Nigel Gold Mining Company Limited - Provisional results announcement
Sub Nigel Gold Mining Company Limited
(`the Company`)
(Incorporated in the Republic of South Africa)
(Reg. No. 1984/006179/06)
Share code: SBN
ISIN: ZAE000006391
Reviewed Financial Results for the year ended 30 June 2004
2004 2003
INCOME STATEMENT R000 R000
Turnover - -
Operating (loss)/profit (779) (560)
Net finance (costs)/income 21 24
Net (loss) before taxation (758) (536)
Taxation - -
Net (loss) after taxation (758) (536)
Ordinary shares in issue (000`s) 66,831 50,631
Weighted average number of
shares in issue (000s) 59,450 47,798
(Loss)/earnings per share
(cents) (1.28) (1.12)
Headline (loss)/earnings per
share (cents) (1.28) (1.12)
STATEMENT OF CHANGES IN EQUITY
Non-
Stated distributable Accumulated
R`000 Capital reserve Profit Total
Balance at
1 July 2002 22,440 4,743 342 27,525
Net loss for
the year - - (536) (536)
Share issues 1,203 - - 1,203
Balance at
1 July 2003 23,643 4,743 (194) 28,192
Net loss for
the year - - (758) (758)
Share issues 6,975 - - 6,975
Balance at
30 June 2004 30,618 4,743 (952) 34,409
2004 2003
BALANCE SHEET R000 R000
ASSETS
Non-current assets 33,643 29,252
Current assets 1,395 485
35 038 29,737
EQUITY AND LIABILITIES
Capital and reserves 34,409 28,192
Non-current liability - 1,330
Current liabilities 629 215
35,038 29,737
2004 2003
CASH FLOW STATEMENT R000 R000
Cash flows from operating
Activities (352) 453
Cash generated by/(utilised by)
operating activities (373) 429
Net financing income 21 24
Cash flows from investing
activities
Net capital expenditure (1,771) (864)
Cash flows from financing
Activities 3,020 -
Net increase in cash and
cash equivalents 897 (411)
NOTES
Basis of Preparation
The financial statements have been prepared in accordance with South African
statements of Generally Accepted Accounting Practice (GAAP) and the accounting
policies which are consistent with the prior year.
Independent Review
The Company`s auditors Moores Rowland, have reviewed the financial information
for the year ended 30 June 2004. Their report is available for inspection at the
registered office of the Company.
COMMENTS
The company has entered into a new phase - the acquisition of mineral rights on
the East Rand (Spaarwater) and in the Free State (Ventersburg) in 2002 and 2003,
the introduction of a new Chief Executive Officer and more recently, the
successful completion of scoping studies performed by MDM on the mineral rights
acquired.
During the year, the board authorised a 1-hole exploration drilling programme on
the Nigel Reef on Spaarwater, and on Ventersburg, we undertook a 1 200 metre-
drilling programme.
At the beginning of May 2004, the Minerals and Petroleum Resources Development
Act was passed. The company has actively engaged the Department of Minerals and
Energy with regards to the conversion of its mineral rights and will continue to
do so until security of tenure is achieved.
During the year, the board undertook an active approach to marketing the assets
of the company, and will continue to do so in a manner that is prudent and
transparent. The company`s share price has increased more than 100% since
January 2004 and we believe this to be a reflection of the value of the
underlying assets as well as the company`s active marketing campaign.
The company has stated that it will continue to do what is required to establish
mining operations on its mineral rights, namely, the Spaarwater and the
Ventersburg mineral rights, a step that requires further funding. In this
regard, we have been active in trying to secure finance vis-a-vis a black
economic empowerment partner. Negotiations are continuing.
During the course of the year, the company entertained an offer from an offshore
investor, which the company subsequently terminated. The board of directors
believes that it is their responsibility to protect the rights of the
shareholders and will continue to uphold the highest standard in this regard.
The board has taken the decision to consciously grow by acquisition. We believe
that the company will need to correctly position itself to launch a successful
African strategy.
The company repaid a shareholders loan during the year and is currently debt
free.
The scoping studies on both projects as mentioned above, indicate that there is
no necessity for impairment on the carrying value of the mining assets at this
point in time.
Dividend
No dividend has been declared for the year under review.
For and on behalf of the Board of Directors
L G Holmes (Non-Executive Chairman)
S T Ward (Chief Executive Officer)
Cape Town, 30 September 2004
Sponsor
SASFIN CORPORATE FINANCE
(a division of Sasfin Bank Limited)
(Registration number 1951/002280/06)
Registered office
302 Satbel Centre
2 De Smidt Street
Green Point
8005
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg
2001
Directors: L G Holmes (Chairman)* S T Ward (CEO) H G Veldsman, P St G Glyn*,
A.C Reynolds
(* Non-Executive)
Mrs C K Loydall (Company Secretary)
Date: 29/09/2004 01:00:05 PM
Produced by the JSE SENS Department
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