| Mon 6 Feb 2006, 9:23 | | Petmin Limited - Trading Statement |
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PET
PET
Petmin Limited - Trading Statement
PETMIN LIMITED
(Formerly Petra Mining Limited)
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code: PET ISIN: ZAE000010237
("Petmin", "the company" or "the group")
TRADING STATEMENT AND UPDATED RESERVE AND RESOURCE STATEMENT
Shareholders of Petmin are hereby advised that headline earnings per share for
the half year ending 31 December 2005 are expected to be approximately 2,34
cents per share, up from 1,12 cents per share for the six months ended 31
December 2004, an increase of 109%. Basic earnings per share for the half year
ending 31 December 2005 are expected to be approximately 17,64 cents per share,
up from 14,9 cents per share for the six months ended 31 December 2004, an
increase of 18%. The difference between the headline and basic earnings per
share is predominantly due to negative goodwill generated on the acquisition of
subsidiaries.
The increase is as a result of a full six months of Samquarz (Pty) Ltd being
included in the consolidated results (2004: 3 months included) and one month of
Springlake Holdings (Pty) Ltd being included in the results and the benefits
derived there from.
The reviewed financial results for the half-year ended 31 December 2005 are
expected to be published before 28 February 2005 and shareholders are
accordingly requested to be aware of the above facts when dealing in their
shares until publication of the financial results. The information on which the
above trading statement is based has not been reviewed by the Companys Auditors.
Updated reserve and resource statement
Petmin is pleased to announce that the successful drilling campaign has yielded
the expected additional proven reserves in Area 1 of the Somkhele project. The
updated reserve and resource statement as reported by Snowden Mining Industry
Consultants is compliant with the SAMREC CODE, is available at the company"s
office for inspection and can be summarised as follows:
Anthracite Reserves for Somkhele Area 1
Reserve Mining Mineable Extraction ROM Practical Sales
Classification Method in situ (%) Tonnes Yield Tonnes
tonnes (Mt) (%) (Mt)
(Mt)
Proved Opencast 9,820 95 9,329 68,6 6,400
Probable Opencast 13,254 95 12,591 68,6 8,638
Total Opencast 23,074 95 21,920 68,6 15,037
The above proven reserves, together with the previously reported proven reserves
for Area 2 of 2.349 million ROM tonnes, now give a combined 11,678 million ROM
tonnes .The above probable reserves, together with the previously reported
probable reserves for Area 2 of 4,647 million ROM tonnes, now give a combined
17,901 million ROM tonnes.
Snowden further reported that "Snowden has identified significant improvements
in phosphorous in coal from 225 ppm (Snowden, 2005) to 140 ppm within the
measured resource."
The total measured, indicated and inferred resource is in excess of 51,196
million tonnes. The proven reserves are sufficient for twelve years production
at a full production capacity of 950 000 ROM tonnes per annum or in excess of 20
years production at the initially planned mining rate of 500 000 ROM tonnes per
annum
Pretoria
6 February 2006
Sponsor
River Group
Date: 06/02/2006 09:23:44 AM Produced by the JSE SENS Department
