Interim Results and QCA Code Compliance

RNS Number : 2405C

Cora Gold Limited

28 September 2018

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

28 September 2018

 Cora Gold Limited ("Cora Gold", "Cora" or "the Company")

Interim Results For The Six Months Ended 30 June 2018

and

Compliance With The QCA Code

Cora Gold Limited, the West African focused gold exploration company, is pleased to announce its unaudited interim results for the six months ended 30 June 2018. In addition the Company is pleased to announce that having adopted the Quoted Companies Alliance Code (dated April 2018) ("QCA Code") the Company has published a document, which is available on the Company's website, setting out its manner of compliance with the QCA Code.

Operational Highlights

● Over 13,000 metres (in 135 holes) of drilling completed at the Company's flagship Sanankoro Project ("Sanankoro") in the Yanfolila Gold Belt of southern Mali between December 2017 and the end of Q2 2018

●  Highly encouraging drilling results from Sanankoro, which have identified a number of new zones of gold mineralisation, confirming the very large-scale potential of the Sanankoro Project

●     Delineation of approximately 8km of drill defined gold mineralised structures at Sanankoro forming the basis of future drill programmes focusing on mineral resource definition

●    New gold discoveries made at the Tekeledougou Project ("Tekeledougou") in southern Mali, located ~10km from Hummingbird Resources plc's ("Hummingbird", AIM: HUM) Yanfolila Gold Plant - drilling has highlighted potentially economic interest that warrants further work

●     During July 2018 the Group completed its initial drill programmes at Sanankoro and Tekeledougou, with a total of over 17,000 metres of drilling

●     Expanding exploration footprint to additional prospects post period end to expedite future work programmes:

○     Mapping work on the Bokoro II and Bokoro Est permits (Sanankoro Project Area)

○     Surface work on the Karan and Mokoyako permits (Sanankoro Project Area)

○     Surface work on the Kakadian, Diangounte Est and Madina Fulbe permits within the Diangounte Project Area located in the prolific Kedougou-Kenieba-Inlier gold belt of western Mali and eastern Senegal

●     A number of permits have been renewed or re-issued by the Mali government as required during the period, with submissions being made for further renewals as they become due

Corporate Highlights

●     Highly prospective Madina Fulbe Permit ("Madina"), located in eastern Senegal within the prolific Kedougou-Kenieba-Inlier gold belt was successfully renewed in March 2018, following the lapse of a previous permit covering the same area

●     Shareholder approval received at AGM in June 2018 for share option scheme, being part of the Company's incentive scheme to management and Directors. To date, share options have been granted over 2,550,000 ordinary shares exercisable at 16.5 pence per ordinary share and expiring on 18 December 2022

CEO's Statement             
"2018 has been a period of substantial activity, with work programmes centred primarily on Sanankoro, where we have identified 8km of drill defined gold mineralised structures, highlighting the potential for a very large-scale gold development project.  Discoveries have also been made at Tekeledougou which warrant additional work and evaluation, particularly bearing in mind the economic synergies between our asset, and Hummingbird's Yanfolila plant located approximately 10km away.  Cora's expenditures are under budget and its work programmes are in line with forecast.

All of these successes pay testament to the skills and experience of the Company's staff and I look forward to reporting on further news in the coming months."

Dr Jonathan Forster

Chief Executive Officer

Chairman's Statement

Regarding the Company's compliance with the QCA Code, Geoff McNamara, Cora's Independent Non-Executive Chairman, said, "I am pleased to lead a Board and a Company that continues to strive to make improvements in all areas of its activities with a view to ultimately benefiting all of our stakeholders. I hope that you embrace our philosophy and approach to conducting our business, as we continue to look forward to being able to report back to you on our developments."

The Company's unaudited interim results for the six months ended 30 June 2018 are available on the Company's website http://www.coragold.com/category/company-reports.

The document setting out the manner of the Company's compliance with the QCA Code is available on the Company's website http://www.coragold.com.

Consolidated Statement of Financial Position as at 30 June 2018 and 2017, and 31 December 2017

All amounts stated in thousands of United States dollars

	Note	30 June 2018 US$'000 Unaudited	30 June 2017 US$'000 Unaudited	31 December 2017 US$'000
Non-current assets
Intangible assets	3	9,288 ________	6,721 ________	7,342 ________
Current assets
Trade and other receivables	4	28	60	124
Cash and cash equivalents	5	1,326 ________	357 ________	3,406 ________
		1,354 ________	417 ________	3,530 ________
Total assets		10,642 ________	7,138 ________	10,872 ________
Current liabilities
Trade and other payables	6	(345) ________	(2,377) ________	(171) ________
Total liabilities		(345) ________	(2,377) ________	(171) ________
Net current assets / (liabilities)		1,009 ________	(1,960) ________	3,359 ________
Net assets		10,297 ________	4,761 ________	10,701 ________
Equity and reserves
Share capital	7	7,951	3,741	7,936
Retained earnings		2,346 ________	1,020 ________	2,765 ________
Total equity		10,297 ________	4,761 ________	10,701 ________

Consolidated Statement of Comprehensive Income for the six months ended 30 June 2018 and 2017, and the year ended 31 December 2017

All amounts stated in thousands of United States dollars (unless otherwise stated)

	Note(s)	Six months ended 30 June 2018 US$'000 Unaudited	Six months ended 30 June 2017 US$'000 Unaudited	Year ended 31 December 2017 US$'000
Overhead costs		(419)	(101)	(394)
Aborted transaction costs		-	(177)	(177)
Gain on business combination	9	-	2,105	2,105
Related party balances forgiven	4, 6	- ________	- ________	2,038 ________
(Loss) / profit before income tax		(419)	1,827	3,572
Income tax		- ________	- ________	- ________
(Loss) / profit for the period		(419)	1,827	3,572
Other comprehensive income		- ________	- ________	- ________
Total comprehensive (loss) / income for the period		(419) ________	1,827 ________	3,572 ________
Earnings per share from continuing operations attributable to owners of the parent
Basic earnings per share (United States dollar)	2	(0.0076) ________	0.0882 ________	0.1114 ________
Fully diluted earnings per share (United States dollar)	2	(0.0076) ________	0.0882 ________	Revised 0.1111 ________

Consolidated Statement of Changes in Equity for the six months ended 30 June 2018 and 2017, and the year ended 31 December 2017

All amounts stated in thousands of United States dollars

				Share capital US$'000		Retained earnings (deficit) US$'000		Total equity US$'000
	As at 1 January 2017				207 ________		(807) ________		(600) ________
	Profit for the year				- ________		3,572 ________		3,572 ________
	Total comprehensive income for the year				- ________		3,572 ________		3,572 ________
	Issue of shares related to business combination				3,050		-		3,050
	Proceeds from shares issued				5,168		-		5,168
	Issue costs				(706)		-		(706)
	Share based payments				217 ________		- ________		217 ________
	Total transactions with owners, recognised directly in equity				7,729 ________		- ________		7,729 ________
	As at 31 December 2017				7,936 ________		2,765 ________		10,701 ________

Unaudited As at 1 January 2017		207 ________	(807) ________	(600) ________
Profit for the period		- ________	1,827 ________	1,827 ________
Total comprehensive income for the period		- ________	1,827 ________	1,827 ________
Issue of shares related to business combination		3,050	-	3,050
Proceeds from shares issued		484 ________	- ________	484 ________
Total transactions with owners, recognised directly in equity		3,534 ________	- ________	3,534 ________
As at 30 June 2017		3,741 ________	1,020 ________	4,761 ________

Unaudited As at 1 January 2018		7,936 ________	2,765 ________	10,701 ________
(Loss) for the period		- ________	(419) ________	(419) ________
Total comprehensive (loss) for the period		- ________	(419) ________	(419) ________
Share based payments		15 ________	- ________	15 ________
Total transactions with owners, recognised directly in equity		15 ________	- ________	15 ________
As at 30 June 2018		7,951 ________	2,346 ________	10,297 ________

Consolidated Statement of Cash Flows for the six months ended 30 June 2018 and 2017, and the year ended 31 December 2017

All amounts stated in thousands of United States dollars

	Note(s)	Six months ended 30 June 2018 US$'000 Unaudited	Six months ended 30 June 2017 US$'000 Unaudited	Year ended 31 December 2017 US$'000
Cash flows from operating activities
(Loss) / profit for the period		(419)	1,827	3,572
Adjustments for:
Share based payments		15	-	217
Gain on business combination	9	-	(2,105)	(2,105)
Related party balances forgiven	4, 6	-	-	(2,038)
Decrease / (increase) in trade and other receivables		96	3	(121)
Increase in trade and other payables		174 ________	279 ________	171 ________
Net cash (used in) / generated from operating activities		(134) ________	4 ________	(304) ________
Cash flows from investing activities
Additions to intangible assets	3	(1,946) ________	(131) ________	(752) ________
Net cash used in investing activities		(1,946) ________	(131) ________	(752) ________
Cash flows from financing activities
Proceeds from shares issued	7	-	484	5,168
Issue costs	7	- ________	- ________	(706) ________
Net cash generated from financing activities		- ________	484 ________	4,462 ________
Net (decrease) / increase in cash and cash equivalents		(2,080)	357	3,406
Cash and cash equivalents at beginning of period	5	3,406 ________	- ________	- ________
Cash and cash equivalents at end of period	5	1,326 ________	357 ________	3,406 ________

Material non-cash items during the year ended 31 December 2017 comprised 50,000 shares issued in consideration of the business combination for an aggregate value of US$3,050,000.

Notes to the Condensed Consolidated Financial Statements for the six months ended 30 June 2018 and 2017, and the year ended 31 December 2017

All tabulated amounts stated in thousands of United States dollars (unless otherwise stated)

1.             General information

The principal activity of Cora Gold Limited (the 'Company') and its subsidiaries (together the 'Group') is the exploration and development of mineral projects, with a primary focus in West Africa. The Company is incorporated and domiciled in the British Virgin Islands. The address of its registered office is Rodus Building, Road Reef Marina, P.O. Box 3093, Road Town, Tortola, VG1110, British Virgin Islands.

The condensed consolidated interim financial statements of the Group for the six months ended 30 June 2018 comprise the results of the Group and have been prepared in accordance with the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 'Interim Financial Reporting' in preparing these interim financial statements.

The condensed consolidated interim financial statements for the period 1 January to 30 June 2018 are unaudited. In the opinion of the directors the condensed consolidated interim financial statements for the period present fairly the financial position, and results from operations and cash flows for the period in conformity with generally accepted accounting principles consistently applied. The condensed consolidated interim financial statements incorporate unaudited comparative figures for the interim period 1 January to 30 June 2017 and extracts from the financial statements for the year ended 31 December 2017.

The interim report has not been audited or reviewed by the Company's auditor.

The key risks and uncertainties and critical accounting estimates remain unchanged from 31 December 2017 and the accounting policies adopted are consistent with those used in the preparation of its financial statements for the year ended 31 December 2017.

In late 2013 the shareholders of KG Congo Ltd (registered in the Republic of Mauritius) and the Company conditionally agreed to merge their business interests in the Republic of Congo (Brazzaville) and the Republic of Mali respectively. On 30 April 2014 the merger was formally completed by way of a share exchange such that immediately post-completion the Company became a wholly owned subsidiary of Kola Gold Limited ('Kola Gold').

During 2016 Kola Gold and Hummingbird Resources plc (AIM: HUM) ('Hummingbird') entered into a Memorandum of Understanding with a view to amalgamating certain of Hummingbird's non-core gold exploration permits in Mali together with a number of Kold Gold's permits in West Africa.

As at 31 December 2016 the Company held a 100% shareholding in Cora Gold Mali SARL (registered in the Republic of Mali).

On 2 February 2017 Kola Gold, Hummingbird and Glenwick plc (AIM: GWIK; delisted 6 March 2017) ('Glenwick') entered into a non-binding heads of terms wherein Glenwick provisionally agreed to acquire 100% of the shares of the Company (the 'Reverse Takeover').

On 21 March 2017 the Kola Gold group was split in two with:

●      Kola Gold continuing to hold permits in the Republic of Congo (Brazzaville); and

●      the Company continuing to hold permits in Mali and Senegal in West Africa.

This re-organisation was completed by an in specie distribution of all the shares in the Company held by Kola Gold to the shareholders of Kola Gold.

On 28 April 2017 the amalgamation of certain of Hummingbird's non-core gold exploration permits in Mali together with a number of the Company's permits in Mali and Senegal was completed (the 'business combination') and as a result the Company acquired:

●      a 100% shareholding in Hummingbird Exploration Mali SARL (registered in the Republic of Mali; on 3 July 2017 Hummingbird Exploration Mali SARL was renamed Cora Exploration Mali SARL); and

●      a 95% shareholding in Sankarani Ressources SARL (registered in the Republic of Mali).

On 17 July 2017 the Company, Hummingbird and Glenwick mutually agreed to cancel the Reverse Takeover and, therefore, terminate the aforementioned non-binding heads of terms.

As at 31 December 2017 and 30 June 2018 the Company held:

●      a 100% shareholding in Cora Gold Mali SARL (the address of its registered office is Rue 224 Porte 1279, Hippodrome 1, BP 2788, Bamako, Republic of Mali);

●      a 100% shareholding in Cora Exploration Mali SARL (the address of its registered office is Rue 224 Porte 1279, Hippodrome 1, BP 2788, Bamako, Republic of Mali); and

●      a 95% shareholding in Sankarani Ressources SARL (the address of its registered office is Rue 841 Porte 202, Faladie SEMA, BP 366, Bamako, Republic of Mali).

The remaining 5% of Sankarani Ressources SARL can be purchased from a third party for US$1,000,000.

As at 30 June 2018 Cora Resources Mali SARL (the address of its registered office is Rue 841 Porte 202, Faladie SEMA, BP 366, Bamako, Republic of Mali) was a wholly owned subsidiary of Sankarani Ressources SARL.

2.             Earnings per share

The calculation of the basic and fully diluted earnings per share attributable to the equity shareholders is based on the following data:

	Six months ended 30 June 2018 US$'000 Unaudited	Six months ended 30 June 2017 US$'000 Unaudited	Year ended 31 December 2017 US$'000
Net (loss) / profit attributable to equity shareholders	(419) ______	1,827 ______	3,572 ______
Weighted average number of shares for the purpose of basic earnings per share (000's)	55,020 ______	20,725 ______	32,083 ______
Weighted average number of shares for the purpose of fully diluted earnings per share (000's)	56,759 ______	20,725 ______	Revised 32,157 ______
Basic earnings per share (United States dollar)	(0.0076) ______	0.0882 ______	0.1114 ______
Fully diluted earnings per share (United States dollar)	(0.0076) ______	0.0882 ______	Revised 0.1111 ______

As at 30 June 2018 the Company's issued and outstanding capital structure comprised a number of ordinary shares, warrants and share options on issue and outstanding (see Note 7).

As at 31 December 2017 the Company's issued and outstanding capital structure comprised a number of ordinary shares and warrants on issue and outstanding (see Note 7).

As at 30 June 2017 the Company's issued and outstanding capital structure comprised a number of no par value shares (see Note 7) and there were no other securities on issue and outstanding. As such basic and fully diluted loss per share is the same.

On 15 September 2017 each share in issue was sub-divided into 300 ordinary shares. The earnings per share has been consistently calculated based on the weighted average number of shares in issue in 2017 multiplied by the sub-division ratio.

3.             Intangible assets

Intangible assets relate to exploration and evaluation project costs capitalised as at 30 June 2018 and 2017, and 31 December 2017, less impairments.

	Six months ended 30 June 2018 US$'000 Unaudited	Six months ended 30 June 2017 US$'000 Unaudited	Year ended 31 December 2017 US$'000
As at 1 January	7,342	1,435	1,435
Acquisition of subsidiaries (see Note 9)	-	5,210	5,210
Additions	1,946 ________	76 ________	697 ________
As at period end	9,288 ________	6,721 ________	7,342 ________

Additions to project costs during the six months ended 30 June 2018 and 2017, and the year ended 31 December 2017 were in the following geographical areas:

	Six months ended 30 June 2018 US$'000 Unaudited	Six months ended 30 June 2017 US$'000 Unaudited	Year ended 31 December 2017 US$'000
Mali	1,942	5,286	5,907
Senegal	4 ________	- ________	- ________
	1,946 ________	5,286 ________	5,907 ________

Project costs capitalised as at 30 June 2018 and 2017, and 31 December 2017 related to the following geographical areas:

	30 June 2018 US$'000 Unaudited	30 June 2017 US$'000 Unaudited	31 December 2017 US$'000
Mali	9,284	6,721	7,342
Senegal	4 ________	- ________	- ________
	9,288 ________	6,721 ________	7,342 ________

4.             Trade and other receivables

	30 June 2018 US$'000 Unaudited	30 June 2017 US$'000 Unaudited	31 December 2017 US$'000
Due from former subsidiary undertaking - KG Congo Ltd	-	60	-
Other receivables	-	-	95
Prepayments	28 ________	- ________	29 ________
	28 ________	60 ________	124 ________

The amounts due from KG Congo Ltd were interest free and repayable on demand.

In accordance with an agreement dated 15 September 2017 between the Company, Kola Gold and KG Congo Ltd the balances, being amounts loaned from Kola Gold (see Note 6) and amounts loaned to KG Congo Ltd, were forgiven.

5.             Cash and cash equivalents

Cash and cash equivalents held as at 30 June 2018 and 2017, and 31 December 2017 were in the following currencies:

	30 June 2018 US$'000 Unaudited	30 June 2017 US$'000 Unaudited	31 December 2017 US$'000
British pound sterling	1,037	-	3,371
CFA Franc	61	357	35
United States dollar	96	-	-
Euro	132 ________	- ________	- ________
	1,326 ________	357 ________	3,406 ________

6.             Trade and other payables

	30 June 2018 US$'000 Unaudited	30 June 2017 US$'000 Unaudited	31 December 2017 US$'000
Due to former parent undertaking - Kola Gold Limited	-	2,098	-
Trade payables	104	11	47
Other taxes	61	61	61
Accruals	180 ________	207 ________	63 ________
	345 ________	2,377 ________	171 ________

Amounts due to Kola Gold Limited were interest free and repayable on demand.

In accordance with an agreement dated 15 September 2017 between the Company, Kola Gold and KG Congo Ltd the balances, being amounts loaned from Kola Gold and amounts loaned to KG Congo Ltd (see Note 4), were forgiven.

7.             Share capital

The Company is authorised to issue an unlimited number of no par value shares of a single class.

As at 31 December 2016 the Company's issued and outstanding capital structure comprised 50,000 no par value shares and there were no other securities on issue and outstanding.

On 28 April 2017 as a result of the business combination (see Note 1) 50,000 shares in the Company were issued to Trochilidae Resources Ltd., a subsidiary of Hummingbird, in consideration for an aggregate price of US$3,050,000.

On 30 May 2017 the Company closed a non-brokered private placement of 7,937 shares at a price of US$61 per share for total gross proceeds of US$484,157. Certain directors of the Company participated in this placement.

On 17 July 2017 in full and final settlement of costs totalling US$176,750 incurred by Glenwick in connection with the cancelled Reverse Takeover (see Note 1) the Company issued 2,897 shares to Glenwick at a price of US$61 per share.

On 31 August 2017 the Company:

●      closed a non-brokered private placement of 2,014 shares at a price of US$61 per share for total gross proceeds of US$122,854. Certain directors of the Company participated in this placement; and

●      issued 491 shares at a price of US$61 per share to Hummingbird in full and final settlement of an invoice for US$30,000 from Hummingbird in relation to accounting and administration costs incurred during 2017 in relation to the business combination.

On 15 September 2017 each share was sub-divided into 300 ordinary shares such that immediately post this sub-division the Company's issued and outstanding capital structure comprised 34,001,700 ordinary shares.

In October 2017 the Company:

●      closed a Placing and Subscription for 20,928,240 ordinary shares at a price of 16.5 pence (British pound sterling) per share for total gross proceeds of £3,453,160. Certain directors of the Company participated in this Subscription;

●      issued 45,454 ordinary shares at a price of 16.5 pence per share to St Brides Partners Limited in full and final settlement of an initial float fee of £7,500, being one-half of a total initial float fee of £15,000, for public relations consultancy services; and

●      issued warrants to brokers of the Placing to subscribe for 320,575 new ordinary shares at a price of 16.5 pence per share expiring 9 October 2020.

At the Company's annual general meeting held on 12 June 2018:

●      it was approved by the shareholders that the Company issue 80,000 ordinary shares at a price of 16 pence per share to S3 Consortium Pty Ltd for a total gross value of £12,800 as part of a service agreement dated 30 October 2017 with S3 Consortium Pty Ltd to assist with the Company's digital marketing strategy; and

●      it was approved by the shareholders that on 18 December 2017 the board of directors adopted and approved a share option plan, and granted and approved share options over 2,550,000 ordinary shares in the capital of the Company exercisable at 16.5 pence per ordinary share and expiring on 18 December 2022. 25% of such share options vested on 12 June 2018 and a further 25% shall vest on each of 12 December 2018, 12 June 2019 and 12 December 2019.

These matters were disclosed in the Company's consolidated financial statements for the year ended 31 December 2017, as included in the Company's Annual Report 2017.

As at 30 June 2018 the Company's issued and outstanding capital structure comprised:

●      55,055,394 ordinary shares;

●      warrants to subscribe for 320,575 new ordinary shares at a price of 16.5 pence per share expiring 9 October 2020; and

●      share options over 2,550,000 ordinary shares in the capital of the Company exercisable at 16.5 pence per ordinary share and expiring on 18 December 2022.

Movements in capital during the six months ended 30 June 2018 and 2017, and the year ended 31 December 2017 were as follows:

	Number of shares	Warrants over number of shares	Share options over number of shares	Proceeds US$'000
As at 1 January 2017	15,000,000	-	-	207
Business combination	15,000,000	-	-	3,050
Non-brokered private placement	2,381,100 __________	- ________	- _________	484 ______
As at 30 June 2017 Unaudited	32,381,100	-	-	3,741
Non-brokered private placement	604,200	-	-	123
Aborted transaction costs	869,100	-	-	177
Settlement of costs and fees	192,754	-	-	40
Placing and Subscription	20,928,240	-	-	4,561
Warrants to brokers of the Placing	-	320,575	-	-
Issue costs	- __________	- ________	- _________	(706) ______
As at 31 December 2017	54,975,394	320,575	-	7,936
Unaudited
Settlement of costs	80,000	-	-	13
Share based payments	-	-	-	2
Award of share options	- __________	- ________	2,550,000 _________	- ______
As at 30 June 2018 Unaudited	55,055,394 __________	320,575 ________	2,550,000 _________	7,951 ______

8.             Ultimate controlling party

The Company does not have an ultimate controlling party.

As at 30 June 2018 the Company's largest shareholder was Hummingbird which held 18,610,127 ordinary shares (including shares held by Hummingbird's subsidiary, Trochilidae Resources Ltd) (being 33.80% of the total number of ordinary shares on issue and outstanding).

9.             Business combination

On 28 April 2017 the Group acquired 100% of the share capital of Cora Exploration Mali SARL and 95% of the share capital of Sankarani Ressources SARL. 50,000 shares in the Company were issued to Trochilidae Resources Ltd., a subsidiary of Hummingbird, in consideration for an aggregate price of US$3,050,000. In addition the Group acquired the right to purchase the remaining 5% of Sankarani Ressources SARL from a third party for US$1,000,000. The primary reason for the business combination was to increase the asset base of the Group.

As part of the business combination the following intra group balances were assigned to the Company from Hummingbird:

●      from Cora Exploration Mali SARL, being CFA Franc 4,394,468,854 (currency symbol XOF; equivalent to US$7,654,982); and

●      from Sankarani Ressources SARL, being CFA Franc 1,388,262,844 (currency symbol XOF; equivalent to US$2,418,296).

The following table summarises the consideration paid for Cora Exploration Mali SARL and Sankarani Ressources SARL and the fair values of the assets and liabilities assumed at the acquisition date:

	US$'000
Total consideration
Shares issued	3,050 ________
	3,050 ________
Recognised amounts of assets acquired and liabilities assumed
Intangible assets - exploration and evaluation project costs	5,210
Trade and other payables	(55) ________
Total identifiable net assets	5,155
Total consideration	(3,050) ________
Gain on business combination	2,105 ________

The business combination had no impact on the consolidated statement of comprehensive income other than the gain arising on business combination. The business combination resulted in a gain due to the value of the total identifiable net assets being greater than the value of the consideration paid.

10.          Contingent liabilities

The Group subsidiaries Cora Gold Exploration Mali SARL and Sankarani Ressources SARL may be subject to potential tax liabilities of approximately US$92,500 against which, until 22 June 2018, a third party had provided full indemnity.

11.          Capital commitments

On 11 October 2017 the Group entered into a drilling contract with Target Drilling SARL. Under the terms of this drilling contract as at 30 June 2018 the Group had incurred expenditure of US$964,000 for a total of over 17,000 metres of drilling, being in excess of the originally contracted number of metres of drilling. During July 2018, with the onset of the wet season in Mali, the drilling contract with Target Drilling SARL was concluded.

12.          Approval of condensed consolidated interim financial statements

The condensed consolidated interim financial statements were approved and authorised for issue by the board of directors of Cora Gold Limited on 28 September 2018.

** ENDS **

 

For further information, please visit http://www.coragold.com or contact:

Jon Forster	Cora Gold	[phone]
Ewan Leggat	SP Angel (Nominated Adviser and Joint Broker)	[phone]
Peter Krens / Nick Orgill	Mirabaud Securities (Joint Broker)	[phone]
Lottie Wadham / Susie Geliher	St Brides Partners (Financial PR)	[phone]

Notes to the Editors

Cora Gold is a new gold exploration company focused on two world class gold regions in Mali and Senegal in West Africa. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio. Cora Gold's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (South Mali), which Cora Gold believes has the potential for a standalone mine development. Cora Gold's highly experienced and successful management team has a proven track record in making multi-million ounce gold discoveries which have been developed into operating mines.

 

END

 

 

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