RNS Number:9263O
Anglesey Mining PLC
3 August 2000
Anglesey Mining plc today announces its preliminary results for the year
ended 31 March 2000.
Statement by the Chairman, John F. Kearney
The unfavourable markets and financial conditions for the mineral industry,
and in particular small companies, have continued during the past year.
Anglesey Mining has weathered these problems better than most, thanks to a
supportive major shareholder and loyal staff. However real progress in the
development of the group's properties has been hampered.
Expenses have been kept to a bare minimum. We have been able to pursue the
investigation of new opportunities for the group away from Parys Mountain and
we are cautiously optimistic that one of these new developments will become an
active project in the coming year. The financial results for the year show a
loss of #164,184 up from #111,465 the previous year, principally as the result
of higher interest charges of #50,948, almost double the previous year, and
increased expenditures on new project investigation and evaluation.
Parys Mountain
Work has been very limited in the year but continues to demonstrate the
excellent potential of the property for further significant discoveries as
well as extensions to the existing reserves. An airborne survey was conducted
over Parys Mountain by the National Remote Sensing Centre as part of its own
research programme and may provide some useful indicators for future
development. A review and compilation of all the geological studies carried
out on the property over the last four years was completed and the target
areas for the identification of new reserves confirmed. The planned drilling
programme of 10,000 metres of surface core drilling in ten to fifteen holes
remains, in our view, the best way to add value to the existing space. This
planned programme is budgeted to cost about #500,000 and would last at least
one year. This programme requires new funding.
For some years the company has supported the activities of the Amlwch
Industrial Heritage Trust which has among its objectives the conservation and
study of Parys Mountain. The Trust has installed a new car park and viewing
platform at the mine for visitors to the old workings and has obtained funding
for significant improvements to the site. It has also opened some of the 19th
century underground workings. The company encourages and supports these
endeavours by the Trust. At all stages the work of the Trust has been planned
with the expectation of a modern mine being constructed on the site; the
management of both the company and the Trust are confident that the
co-existence of new mining operations and the conservation and enjoyment of
the features remaining from a previous mining era, is entirely feasible and
desirable.
Dolaucothi
One hole was drilled at the Dolaucothi property to follow up the encouraging
results received last year but with inconclusive results.
At the end of the year Dr. Alwyn Annels of the Department of Earth Sciences at
the University of Cardiff retired from his position as senior lecturer. As
director of the University's research and training programme at Dolaucothi,
Alwyn was principally responsible for the development of the Dolaucothi
project, both as to its historical, scientific and potential mining
importance. We are deeply grateful to Alwyn for all the work he has carried
out at Dolaucothi over many years and wish him a happy retirement.
Fortunately, he will continue to be involved and available at Dolaucothi as an
advisor.
New Projects
During the past year the group reviewed the Bula zinc deposit in Ireland which
had been placed on the market by its bankers. The deposit is immediately
adjacent to Europe's largest zinc mine at Tara. Initial indications were
encouraging and confirmed that the Bula deposit could be developed as a small
independent mine. However, a resumption of the protracted litigation which has
surrounded the Bula deposit has delayed completion of a sale. We will continue
to monitor the situation.
We also evaluated a number of other projects in the mineral business as well
as a number of opportunities presented to us from the 'new technology' sector.
While a number of these situations remain under review no specific
transactions have been concluded.
Outlook
It has always been the objective of management to develop the Parys Mountain
property into a producing mine and to acquire, explore and develop other
properties. There have been great difficulties associated with doing this over
the past few years, not least among which is the reluctance of shareholders
and financial markets generally, to invest in small mineral companies - thus
starving companies like Anglesey of the funds required to carry projects
forward. Against this background and to assist in the evaluation of new
opportunities, the directors have appointed Ermgassen & Co. to advise the
group on the identification and acquisition of new ventures.
In order to provide the group with the flexibility to move quickly to take
advantage of any new opportunities which may become available, it is proposed
to put resolutions to the forthcoming annual general meeting which will
increase the authorised but unissued share capital and increase the authority
of the directors to issue shares. More information concerning these
resolutions is contained in the directors' report. I urge you to support them.
Finally, I am sorry to have to advise that Lord Crickhowell has decided to
retire as a director of Anglesey at the forthcoming annual meeting. Lord
Crickhowell has been a director since the company was floated in 1988 and his
contribution over the last twelve years has been significant. Far from being
just a name on the masthead he has been very much involved in the affairs of
the group and his advice will be missed. We thank him for his efforts and wish
him well.
Anglesey Mining has been fortunate to have been supported 'above and beyond
the call of duty' by its directors, staff, advisors, consultants and major
shareholders and I would like to thank them for their support.
John F. Kearney
Chairman
3 August 2000
Balance sheets at 31 March 2000
Group Company
2000 1999 2000 1999
# # # #
Fixed assets
Intangible assets 12,143,953 12,025,673 11,954,276 11,844,903
Tangible assets 186,206 186,839 186,206 186,839
Investments - - 100,001 100,001
12,330,159 12,212,512 12,240,483 12,131,743
Current assets
Debtors 100,729 99,884 286,435 276,668
Cash at bank 3,630 11,936 3,630 11,936
104,359 111,820 290,065 288,604
Current liabilities
Creditors due
within one year (734,983) (503,265) (830,983) (599,265)
Net current liabilities (630,624) (391,445) (540,918) (310,661)
Total assets less current
liabilities 11,699,535 11,821,067 11,699,565 11,821,082
Capital and reserves
Share capital 6,650,745 6,607,693 6,650,745 6,607,693
Share premium account 5,737,546 5,737,946 5,737,546 5,737,946
Profit & loss account deficit (688,756) (524,572) (688,726) (524,557)
Equity shareholders' funds 10,838,357 10,959,889 10,838,387 10,959,904
Non equity shareholders' funds 861,178 861,178 861,178 861,178
11,699,535 11,821,067 11,699,565 11,821,082
Profit and loss account for the year ended 31 March 2000
2000 1999
# #
Turnover - continuing operations - -
Net operating expenses (115,929) (88,220)
Operating loss - continuing operations (115,929) (88,220)
Interest payable less receivable (48,255) (23,245)
Loss on ordinary activities before taxation (164,184) (111,465)
Tax on loss on ordinary activities - -
Loss for the financial year (164,184) (111,465)
Loss per share - basic (0.1) pence (0.1) pence
Loss per share - diluted (0.1) pence (0.1) pence
There is no dividend. There are no minority interests or extraordinary items.
Consolidated cash flow statement for the year ended 31 March 2000
2000 1999
# #
Net cash outflow from continuing
operating activities (96,948) (191,227)
Returns on investments and servicing of finance
Interest received - 861
Interest paid - (72)
- 789
Taxation
UK Corporation tax paid - (1,500)
Capital expenditure and financial investment
Payments to acquire intangible fixed assets (74,895) (205,440)
Payments to acquire tangible fixed assets - (1,191)
Net cash outflow from capital investment
and financial investment (74,895) (206,631)
Net cash outflow before financing (171,843) (398,569)
Financing
Increase in loans 163,937 284,479
Expenses of share issues in year (400) (400)
163,537 284,079
Decrease in cash (8,306) (114,490)
The annual general meeting is called for 11am on 1 September 2000.
The accounts on which this preliminary statement is based have been audited
and whilst the auditors continue to draw attention to fundamental
uncertainties, their report is not qualified.
Further details of the company and a complete set of accounts are available
on the company's web site www.angleseymining.co.uk.
Contacts :
Ian Cuthbertson John F. Kearney
Company Secretary Chairman
01248 361333 001 416 362 6686
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