RNS Number:3239Z
Marakand Minerals Limited
06 March 2006
Interim Results for the six months ended 31 December 2005
Marakand Minerals Limited ("Marakand" or "the Company") is pleased to announce
its interim results for the six months ended 31 December 2005.
Highlights include:
* Khandiza Project included in the Uzbekistan National Investment Program
for 2006, per Presidential Decree No. 251 dated 15 November 2005.
* Exclusive option agreements signed to acquire majority interests in
two separate copper / gold exploration license areas located in southern
Turkey. Due diligence expected to be completed by end of March 2006.
Khandiza Project (Uzbekistan)
Marakand has reached agreement in principle with its Uzbek partner,
Goscomgeology, on the project's Joint Venture legal and financial
documentation. Recent changes to the Uzbek tax code have been
incorporated, which will improve the cashflow to Marakand. This has been
submitted to the Government. The Khandiza Project is included in the
National Investment Program for 2006, per Presidential Decree No. 251
dated 15 November 2005. Marakand continues to engage all levels of
national, local and regional Government in an effort to secure the
Khandiza license.
Uzbek Exploration
Limited exploration work was carried out during the second half of 2005,
pending final approval of the Khandiza Project by the Uzbek Government,
which is to include the associated exploration territories. Sulukul, on the
Yakkabag Ridge, remains a priority target for further exploration, where
three zones of massive sulphide mineralization have been identified on
surface over a strike length of over 750m.
Akjilga Silver Project (Tajikistan)
Marakand has submitted an updated work programme and budget for the 2006 field
season to Tajik Geology. Tajik Geology has advised Marakand that the Tajik
Government is still reviewing Marakand's license application and will be
referring the documentation to the Licensing Tender Committee during March 2006.
Corporate Activity
Marakand has signed exclusive option agreements to acquire majority interests in
two separate copper / gold license areas located in the prospective southern
Turkish 'ophiolite belt' related to the Cyprus Arc, and host Cyprus-type copper
/ gold mineralisation. Exploration works, including surface drilling, have
previously been undertaken on both license areas and the Company is currently
compiling and interpreting this data toward developing its work programme for
2006.
Legal and technical due diligence processes are well advanced and expected to be
completed by the end of March 2006.
Financial Results
The company had $625,000 cash at the end of the review period and cash
utilisation is within budget. Marakand does not plan to undertake any further
fundraising until the final Khandiza Project approvals are granted and / or the
other exploration projects are firmly secured. Any short term funding needs will
be underwritten by Oxus Gold plc if required.
Marakand Minerals is a mining exploration and development company focused in
Central Asia and listed on the Alternative Investment Market (AIM) in London,
stock exchange symbol MKD.L.
For further information please visit www.marakand.co.uk or contact:
Marakand Minerals Limited
Alasdair Stuart, CEO Tel: + 998 71 120 7162
Joanna Solino, Investor Relations Officer Tel: +44 (0)20 7907 2000
Buck-Bias Limited
Alex Buck / Nick Bias Tel: +44 (0)7932 740 452
CONSOLIDATED INCOME STATEMENT
(US$000) Six months ended Six months ended 31 December 2004 Twelve months ended
------------------------ 31 December 2005 ----------- 30 June 2005
----------- ----------
(Unaudited) (Unaudited) (Audited)
------------------------ ----------- ----------- ----------
Revenue
Gross revenue - - 25
Expenses
Administration
expenses (360) (360) (720)
Deferred
exploration
and evaluation
expenditure (717) (1,187) (2,281)
------------------------ ----------- ----------- ----------
Gross loss (1,077) (1,547) (2,976)
Stock-based
compensation (42) - -
Stock-based
compensation
Prior Year (93) - -
Foreign
exchange
(loss) gain (57) 212 55
------------------------ ----------- ----------- ----------
Loss from
operations (1,269) (1,335) (2,921)
Interest
receivable 29 56 136
------------------------ ----------- ----------- ----------
Loss before
taxation (1,240) (1,279) (2,785)
Taxation (1) (1) (1)
------------------------ ----------- ----------- ----------
Loss for the
period (1,241) (1,280) (2,786)
------------------------ ----------- ----------- ----------
Loss per share (US
cents)
Basic (1.23) (1.27) (2.76)
Diluted (1.23) (1.27) (2.76)
------------------------ ----------- ----------- ----------
CONSOLIDATED BALANCE SHEET
(US$000) As at 31 December 2005 As at 30 June 2005
----------------------- ---------------- ----------------
(Unaudited) (Audited)
----------------------- ---------------- ----------------
ASSETS
Current assets
Cash and cash equivalents 625 1,715
Trade and other receivables 4 1
----------------------- ---------------- ----------------
629 1,716
Non-current assets
Exploration and mining
properties 28,456 28,456
----------------------- ---------------- ----------------
29,085 30,172
----------------------- ---------------- ----------------
LIABILITIES
Current liabilities
Trade and other payables 115 96
SHAREHOLDERS' EQUITY
Capital stock 1,781 1,781
Reserves 27,189 28,295
----------------------- ---------------- ----------------
28,970 30,076
----------------------- ---------------- ----------------
29,085 30,172
----------------------- ---------------- ----------------
CONSOLIDATED STATEMENT OF CASH FLOWS
(US$000) Six months ended 31 December 2005 Six months ended 31 December 2004 Twelve months ended
----------------------- ----------- ----------- 30 June 2005
-----------
(Unaudited) (Unaudited) (Audited)
----------------------- ----------- ----------- -----------
CASH FLOWS FROM
OPERATING ACTIVITIES
Loss for the
period (1,241) (1,280) (2,786)
Adjustments for:
Stock-based
compensation 42 - -
Stock-based
compensation
Prior Year 93 - -
Salaries and
bonuses
converted to
shares - 4 11
----------------------- ----------- ----------- -----------
Operating loss
before working
capital
changes (1,106) (1,276) (2,775)
Decrease in
trade and
other
receivables 34 211 180
Increase in
trade and
other payables 18 34 51
----------------------- ----------- ----------- -----------
Cash used for
operations (1,054) (1,031) (2,544)
----------------------- ----------- ----------- -----------
CASH FLOWS FROM
FINANCING ACTIVITIES
Warrants and options - - -
exercised
Shares issued - - -
----------------------- ----------- ----------- -----------
Net cash provided by - - -
financing activities ----------- ----------- -----------
-----------------------
Net (decrease)
in cash and
cash
equivalents (1,054) (1,031) (2,544)
----------------------- ----------- ----------- -----------
Cash and cash
equivalents as
at 1 July 1,679 4,223 4,223
----------------------- ----------- ----------- -----------
Cash and cash
equivalents as
at 31 December 625 3,192 1,679
----------------------- ----------- ----------- -----------
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
----------------------- --------- --------- --------- ---------
(US$000) Share capital Capital reserve Accumulated loss Total
Balance as at 1
July 2004 1,780 32,543 (1,473) 32,850
Shares issued - - - -
Warrants and options - - - -
exercised
Conversion of
directors'
remuneration to
shares - 4 - 4
Loss for the
period - - (1,280) (1,280)
----------------------- --------- --------- --------- ---------
Balance as at 31
December 2004 1,780 32,547 (2,753) 31,574
----------------------- --------- --------- --------- ---------
----------------------- --------- --------- --------- ---------
(US$000) Share capital Capital reserve Accumulated loss Total
Balance as at 1
July 2005 1,781 32,554 (4,259) 30,076
Shares issued - - - -
Warrants and options - - - -
exercised
Conversion of - - - -
directors' remuneration
to shares
Stock-based
compensation - 42 - 42
Stock-based
compensation
Prior Year - 93 - 93
Loss for the
period - - (1,241) (1,241)
----------------------- --------- --------- --------- ---------
Balance as at 31
December 2005 1,781 32,689 (5,500) 28,970
----------------------- --------- --------- --------- ---------
NOTES
1. These Interim Consolidated Financial Statements follow the same
accounting policies and their methods of application as the 2005 accounts.
Not all disclosures required by generally accepted accounting principles for
annual financial statements are present, and accordingly, these Interim
Consolidated Financial Statements should be read in conjunction with the
Company's 2005 audited consolidated financial statements.
Certain prior year amounts have been reclassified to conform to account
presentation in the current year.
The Consolidated Interim Financial Statements, including comparatives, have been
prepared in accordance with International Financial Reporting Standards.
2. The basic and diluted loss per share has been calculated by
reference to a loss, after taxation, of $1,241,000 (December 2004: $1,280,000
loss) (June 2005: $2,786,000 loss) and the weighted average number of ordinary
shares in issue of 101,023,490 (December 2004: 101,008,663) (June 2005:
101,015,157). Diluted earnings per share is based on the weighted average number
of shares in issue for the period plus potential dilutive ordinary shares
arising from share options and warrants for the period.
3. The Directors are not declaring a dividend for this period.
4. Copies of this report are being sent to all shareholders.
Additional copies will be available to the public from the offices of Oxus Gold
plc, 105 Piccadilly, London, W1J 7NJ and will be posted on the company's website
at www.marakand.co.uk.
5. These Consolidated Interim Financial Statements consolidate the
results of Marakand Minerals Limited and its wholly owned subsidiary, Khandiza
Services Limited.
CORPORATE DETAILS:
Company: Marakand Minerals Limited
Registered Office:
Richmond House, St Julian's Avenue, St Peter Port, Guernsey,
GY1 3YS, Channel Islands, British Isles
Correspondence:
c/o Oxus Gold plc, 105 Piccadilly, London, W1J 7NJ, United Kingdom
Email: admin@marakand.co.uk Web: www.marakand.co.uk
Board of Directors: William Trew - Non-executive Chairman
Alasdair Stuart - Chief Executive Officer
William Charter - Executive Director
Richard Robinson - Non-executive Director
Company Secretary: Scorpio Secretarial Services Limited
Richmond House, St Julian's Avenue, St Peter Port, Guernsey,
GY1 3YS, Channel Islands, British Isles
Assistant Co Secretary: Richard Wilkins
105 Piccadilly, London, W1J 7NJ, United Kingdom
Nominated Adviser Canaccord Capital (Europe) Limited
and Broker: 1st Floor Brook House, 27 Upper Brook Street, London, W1K 7QF,
United Kingdom
Tel: + 44 (0) 207 518 2777
Auditors: BDO (Isle of Man)
9 Myrtle Street, Douglas, Isle of Man, IM1 1ED, British Isles
Registrars: Capita IRG (CI) Limited
2nd Floor, TSB House, Le Truchot, St Peter Port, Guernsey, GY1 4A,
Channel Islands, British Isles
UK Transfer Agent: Capita Registrars
The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU,
United Kingdom
This information is provided by RNS
The company news service from the London Stock Exchange
END
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