TIDMMOY 
 
RNS Number : 6893X 
Moydow Mines International Inc 
19 August 2009 
 
 
 
 
 
 
 
 
 
Second Quarter 
 
 
Interim Report 
 
 
Consolidated Financial Statements 
 
 
Three Months Ended June 30, 2009 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Toronto Office 
Suite 1220, 20 Toronto Street 
Toronto, Ontario M5C 2B8 
Tel : (416) 703-3751 
Fax : (416) 367-3638 
E-mail : info@moydow.com 
 
 
 
 
 
 
Dublin Office 
74 Haddington Road 
Dublin 4, Ireland 
Tel : (353) 1-667-7611 
Fax : (353) 1-667-7622 
E-mail : info@moydow.com 
 
 
 
 
 
 
 
 
 
 
See attached file: Balance Sheet, Earnings & Cash Flow.pdf 
 
http://www.rns-pdf.londonstockexchange.com/rns/6893X_-2009-8-19.pdf 
 
 
 
 
MOYDOW MINES INTERNATIONAL INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(expressed in United States dollars, unless otherwise stated) 
 
 
 
 
1)   Nature of operations and going concern 
 
 
Moydow Mines International Inc. (Moydow or the Company) is an international 
exploration company with primary interests in precious metals, diamonds and 
industrial minerals. Moydow's common shares are listed on both the Toronto Stock 
Exchange and the AIM Market of the London Stock Exchange. 
 
 
The Company is exploring its mineral properties and, as at June 30, 2009, had 
not determined the existence of economically recoverable reserves (note 2). The 
recoverability of the amounts shown for mineral properties is dependent upon the 
existence of economically recoverable mineral reserves, the preservation of the 
Company's interest in the underlying mineral claims, the ability to obtain 
necessary financing, to obtain government approval and to attain profitable 
production or, alternatively, upon the Company's ability to profitably dispose 
of its interests. 
 
 
These financial statements have been prepared using Canadian generally accepted 
accounting principles applicable to a going concern, which contemplates the 
realization of assets and settlement of liabilities in the normal course of 
business as they come due. As at June 30, 2009, the Company had an excess of 
current liabilities over current assets of $8.175 million and has recorded 
losses and net cash outflows from operations for the past three years. The 
Company is also required to make expenditures in the near term to keep its 
mineral property rights in Angola. The Company will have to secure additional 
financing to meet its required commitments. These circumstances lend substantial 
doubt as to the ability of the Company to meet its obligations as they come due 
and, accordingly, the appropriateness of the use of accounting principles 
applicable to a going concern. 
 
 
In recognition of these circumstances, the Company is exploring various 
initiatives to secure capital so that Moydow can continue as a going concern. It 
is not possible to determine, with any certainty, the success, adequacy or 
sufficiency of these initiatives. 
 
 
The Company's ability to continue as a going concern is dependent upon its 
ability to fund its working capital and exploration requirements and eventually 
to generate positive cash flows, either from operations or sale of a property. 
These financial statements do not reflect the adjustments to the carrying values 
of assets and liabilities and the reported expenses and balance sheet 
classifications that would be necessary were the going concern assumption 
inappropriate. These adjustments could be material. 
 
 
Operating results for the periods ended June 30, 2009 are not necessarily 
indicative of the results that may be expected for the full year ended December 
31, 2009. For further information, see the Company's consolidated financial 
statements including the notes thereto included in the Annual Report for the 
year ended December 31, 2008. 
 
 
 
 
 
 
 
 
2.   Mineral properties 
 
 
The Company, either directly or through certain joint ventures, has obligations 
to expend various amounts on its mineral properties and projects in order to 
keep its mineral property rights in good standing. All agreements are in the 
normal course of business. 
 
 
Mineral exploration properties in Africa are recorded with their carrying values 
as follows: 
 
 
+---------------------+------------+------------+-------------+-----------+ 
|                     |  Angola    |  Sierra    |    Ghana    |  Total    | 
|                     |     $      |   Leone    |      $      |    $      | 
|                     |            |     $      |             |           | 
+---------------------+------------+------------+-------------+-----------+ 
| Balance-December    | 6,999,015  | 1,939,465  |  604,017    |9,542,497  | 
| 31, 2008            |            |            |             |           | 
+---------------------+------------+------------+-------------+-----------+ 
| Costs-March 31,     |  149,374   |  58,614    |   21,238    |  229,226  | 
| 2009                |            |            |             |           | 
+---------------------+------------+------------+-------------+-----------+ 
| Balance-March 31,   | 7,148,389  | 1,998,079  |  625,255    |9,771,723  | 
| 2009                |            |            |             |           | 
+---------------------+------------+------------+-------------+-----------+ 
| Costs-June 30, 2009 |  34,808    |  139,809   |   41,061    |  215,678  | 
+---------------------+------------+------------+-------------+-----------+ 
 
 
Write-down                                             (7,183,197) 
            -                                    - 
(7,183,197) 
 
 
+---------------------+------------+------------+-------------+-----------+ 
| Balance-June 30,    |     -      | 2,137,888  |  666,316    |2,804,204  | 
| 2009                |            |            |             |           | 
+---------------------+------------+------------+-------------+-----------+ 
 
 
 
 
During the quarter ended June 30, 2009, the management of the company decided to 
write off all expenditures on the Kimberlite diamond property, Angola, in the 
sum of $7.18 million. The writedown was necessitated by the extraordinary 
challenging times for the diamond industry and the global economic crisis 
together with concerns over the commercial viability of the mineral deposit 
which is dependent on a number of factors together with concerns over the 
particular attributes of the deposit, such as its size, grade and proximity to 
infrastructure. 
 
 
 
 
3)      Capital stock 
Authorized-Unlimited number of common shares 
+---------------------------------------------------------------------------+----+------------+----+------------+ 
|                                                                           | 
+---------------------------------------------------------------------------+ 
|                                                                           |    | Number of  |    | $          | 
|                                                                           |    | shares     |    |            | 
|                                                                           |    |            |    |            | 
+---------------------------------------------------------------------------+----+------------+----+------------+ 
|                                                                           |    |            |    |            | 
+---------------------------------------------------------------------------+----+------------+----+------------+ 
|                                                                  Balance  |    | 60,572,904 |    | 22,073,991 | 
|                                                                  -        |    |            |    |            | 
|                                                                  December |    |            |    |            | 
|                                                                  31, 2008 |    |            |    |            | 
+---------------------------------------------------------------------------+----+------------+----+------------+ 
|                                                                  Issue    |    |            |    |            | 
|                                                                  of       |    | -          |    | -          | 
|                                                                  shares   |    |            |    |            | 
+---------------------------------------------------------------------------+----+------------+----+------------+ 
|                                                                  Balance  |    | 60,572,904 |    | 22,073,991 | 
|                                                                  - June   |    |            |    |            | 
|                                                                  30 &     |    |            |    |            | 
|                                                                  March    |    |            |    |            | 
|                                                                  31,      |    |            |    |            | 
|                                                                  2009     |    |            |    |            | 
+---------------------------------------------------------------------------+----+------------+----+------------+ 
 
 
4)    Transactions with Related Parties 
Related party transactions relate primarily to the payment of fees under 
contracts for services with companies in which a Moydow Mines' director is a 
shareholder and director. The Company was charged a total of $0.16 
million during the six months to June 30, 2009 (2008 - $0.15 million) with 
respect to administration services. 
 
 
The Company's primary legal counsel is a firm in which a director of the Company 
is a partner. The Company was charged $0.0l million during the six months to 
June 30, 2009 (2008 - $0.05 million) for legal services provided by this firm. 
 
 
A company controlled by certain insiders of the Company advanced money to the 
Company and interest has been accrued at Libor plus 2%. The amount of interest 
charged to the Company during the first half of 2009 and 2008 was $0.11 million 
and $0.18 million, respectively. 
 
 
These transactions are made in the normal course of business. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate Information. 
 
 
Directors and Officers 
Noel P. Kiernan - Director, Chairman 
Brian P. Kiernan - Director, President & CEO 
J. Joseph Breen - Director & COO 
Michael E. Power - Director, Vice President & Secretary 
Albert Gourley - Director & Audit Committee 
Richard Linnell - Director & Audit Committee 
L. Comerford - Director & Audit Committee 
Rosemary G. O'Mongain - CFO 
 
 
Toronto Office 
12th Floor 
20 Toronto Street 
Toronto, Ontario 
Canada, M5C 2B8 
Tel: (416) 703 3751 Fax: (416) 367 3638 
 
 
Registered Office 
Suite 2900, 550 Burrard Street 
Vancouver, British Columbia V6C 0A3 
 
 
Dublin Office 
74 Haddington Road 
Dublin 4, Ireland 
Tel: (353) 1 667 7611 Fax: (353) 1 667 7622 
 
 
Transfer Agent 
Computershare Trust Company of Canada 
100 University Avenue, 8th Floor 
Toronto, Ontario 
Canada, M5J 2YI 
 
 
Exchange Listing 
The Toronto Stock Exchange 
AIM Market of the London Stock Exchange 
Symbol: MOY 
CUSIP: 62472V 100 
Shares outstanding: 60,572,904 
Shares fully diluted: 65,472,904 
 
 
To contact the Company 
In order to contact the Company or to request to be added to our mailing list 
please email info@moydow.com 
website: www.moydow.com 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR ILFVITTIALIA 
 

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