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Templar Minerals Ltd (TMP)

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Monday 29 March, 2010

Templar Minerals Ltd

Unaudited Interim Results

RNS Number : 3697J
Templar Minerals Limited
29 March 2010
 



FOR IMMEDIATE RELEASE                                                                                                                                      29 March 2010

 

Templar Minerals Limited

("Templar" or the "Company")

 

UNAUDITED INTERIM RESULTS FOR 6 MONTHS ENDED 31 DECEMBER 2009

 

CHAIRMAN'S STATEMENT

 

I have the pleasure in presenting the unaudited interim report for the Company for the period ending 31 December 2009.

 

Brazil

In December 2008, the Company announced that its 100% subsidiary Paranaiba Minerals Ltd ("Paranaiba") had been granted for nil consideration an option to earn-in up to 77% interest in the Rio Paranaiba Iron Ore Project, which comprises some 14,000 hectares of mining claims and applications in the Minas Gerais State of Brazil ("The Project").

 

Paranaiba had the sole and exclusive right and option to earn up to a 77% undivided interest in the Project in consideration for expenditures of up to C$800,000 over a two year period. This initial 77% interest in the Project has already been earned by the Company by incurring the minimum required expenditure of C$800,000 to date.

 

The initial drilling and exploration results, announced in August 2009 confirmed the presence of haematite-rich sediments along a strike of approximately 40km and have been encouraging.

 

The Project represents a new iron ore discovery in the Brazilian State of Minas Gerais. It is located 210km from the city of Divinopolis, a key manufacturing hub and steel production centre. The Project is 90km on paved road from the township of Patos De Minas and has excellent infrastructure including power and water access.

 

The Company's Consultant, Mr L.D.S. Winter, P.Geo. previously reported that:

 

"Sampling by the Company at 20 locations,, within the Project area have been analyzed at the SGS Geosol Laboratory in Belo Horizonte. These samples gave iron ("Fe") grades in the range from 17% to over 65% with an average of 43% with low phosphorous grades in the 0.05% range. Thirty-two samples taken by A.L. Fleming averaged 65.2% Fe, 0.07% Phosphorous and <0.01% Sulphur. A preliminary drilling program has been carried out through late June and July 2009. A number of significant intercepts have already been recorded, with drill hole Number 8 at the Corral da Estrada prospect intersecting a 6 metre interval between 16 metres and 22 metres of hematite-rich sediment . Two further holes at the Perfis prospect, Numbers 4 and 7 have also intersected intervals of hematite-rich sediments. Hole Number 4 has intersected an 8 metre interval between 42 metres and 50 metres and hole Number 7 intersected a 17 metre interval, from 1.5 metres to 18.5 metres, of hematite-rich units.

 

Drilling to date has indicated that the iron rich mineralization sits within a structurally complex environment and significant faulting is evident in the areas drilled and appears to be disrupting some of the continuity of the hematite-rich sediments. It is considered that the objective of additional work is to determine the distribution of the iron-rich sediments and to clarify the structural situation.

 

The iron-rich sediments appear to be distributed over a very large area which is mainly soil, laterite and vegetation covered. To "look through" this cover, an airbourne and ground based magnetometer surveys would be required.""

 

The Company is currently reviewing options to best advance the project to the next stage of development and maximise value for shareholders

 

Fiji

 

The Company continues to maintain a holding of  53.125 million shares in Vatukoula Gold Mines plc ("VGM").  The Directors are pleased with the progress being made at VGM. VGM continues to position itself to maintain improved gold production rates over the coming year.

 

For its financial year ended August 31, 2009, VGM reported total consolidated revenue of £18.8 million, compared to £3.8 million in the prior year, as a result of a substantial increase in gold production to 33,757 ounces of gold from the treatment of 220,439 tonnes of ore, compared to the production of 12,847 ounces of gold from the treatment of 57,117 tonnes of ore in the prior year, and a higher average gold price received of US$ 881 per ounce.

 

For its quarter ended February 28, 2010, VGM reported gold sales of 15,267 ounces, up from the previous quarter (8,826 ounces), an average realized gold price of US$ 1,104 per ounce, compared with the previous quarter of US$ 1,096 per ounce and gold recovery of 12,869 ounces, compared with the previous quarter of 12,227 ounces.

 

Outlook

 

Although the global market conditions still remain difficult, the directors are optimistic about the prospects for the Company in the year aheadparticularly on the investment  front with our VGM shares as the mine continues to increase production and as work continues in Brazil.  Our commitment to growth remains at the heart of our strategy to create value for all our stakeholders and the Company will be actively seeking further investment opportunities within its stated investment strategy. We would like to take this opportunity to thank all of our staff, employees, consultants and our shareholders for their ongoing support.

 

CONTACTS:

 

Templar Minerals Ltd


David Lenigas, Chairman

Tel: +44 (0) 20 7016 5100

Beaumont Cornish Limited

Roland Cornish/Rosalind Hill Abrahams

Tel: +44 (0) 20 7628 3396

 

 

 

GROUP INCOME STATEMENT

FOR THE INTERIM PERIOD ENDED 31DECEMBER 2009

 

 


Notes

Six months
 ended
  31 December 2009

(Unaudited)

Six months
 ended
30 September 2008
 (Unaudited)

Period
1 April 2008 to
 30 June 2009

(Audited)



$'000

$'000

$'000






Administrative expenses


(198)

(199)

(534)

Impairment charge

6

-

(7,360)

(7,314)

Share options expensed


-

-

20

Group operating loss


 (198)

(7,559)

(7,828) 






Profit / (loss) on sale of investments


50

-

(3,611)

Settlement cost - VGG


-

-

(3,602)

Interest receivable


 -

23

20

Loss before taxation


(148)

(7,536)

(15,021)






Income tax expense


 -

-

-

Loss for the financial period

2

 (148)

(7,536)

(15,021)






Retained loss for the period attributable to:





Equity holders of the parent company


(148)

(6,795)

(15,021)

Minority interest


 -

(741)

-






Loss per share  (US cents)





Basic

3

(0.02)

(1.51)

(3.02)

Diluted

3

(0.02)

(1.51)

(3.02)

 



 

GROUP STATEMENT OF COMPREHENSIVE INCOME




FOR THE INTERIM PERIOD ENDED 31 DECEMBER 2009



Notes

Six months ended
31 December 2009

Six months ended
30 September 2008

Period

ended
30 June

2009



(Unaudited)

(Unaudited)

Audited



$' 000

$' 000

$' 000

Loss for the period


(148)

(7,536)

(15,021)






Currency translation differences


(83)

(113)

(2,171)

Gain on revaluation of available for sale investments


280

(1,131)

(566)






Total comprehensive income


49

(8,780)

(17,758)






Attributable to:





Equity holders of the parent company


49

(8,039)

(17,758)

Minority interest


 -

(741)

-

 



 

GROUP BALANCE SHEET

AS AT 31 DECEMBER 2009


Notes

As at

As at

As at



31 December
 2009

30 September 2008

30 June
 2009



(Unaudited)

(Unaudited)

(Audited)








$'000

$'000

$'000

Assets





Non-current assets





Intangible assets

6

1,029

-

699

Available for sale investments


-

7,771

-

Total non-current assets


1,029

7,771

699 






Current assets





Trade and other receivables


-

1,540

111

Available for sale investments


1,130

-

993

Cash 


123

23

487

Total current assets


1,253

1,563

1,591

Total assets


2,282

9,334

2,290






Liabilities





Current liabilities





Trade and other payables


-

(63)

(57)

Total liabilities


-

(63)

(57)

Net assets


2,282

9,271

2,233






Shareholders' equity





Called up share capital

4

-

-

-

Share premium


17,441

19,913

18,024

Share based payment reserve


368

484

381

Available for sale investment reserve


(268)

(1,131)

(566)

Foreign exchange reserve


1,806

(163)

1,311

Retained earnings


(17,065)

(8,691)

(16,917)

Equity attributable  to equity holders of the parent


2,282

10,412

2,233






Minority interest


-

(1,141)

 -

Total equity


2,282

9,271

2,233


GROUP STATEMENT OF CHANGES IN EQUITY

FOR THE INTERIM PERIOD ENDED 31 DECEMBER 2009

 


Called up share capital

Share premium reserve

Available for sale investment reserve

Foreign currency translation reserve

Share based payment reserve

Retained earnings

Total equity

Minority interest

Total equity

Group

$ 000's

$ 000's

$ 000's

$ 000's

$ 000's

$ 000's

$ 000's

$ 000's

$ 000's

As at 1 April 2008

-

19,913

-

(50)

484

(1,896)

18,451

(400)

18,051

Loss for the period

-

-

-

-

-

(15,021)

(15,021)

-

(15,021)

Loss on market value of available for sale investments

-

-

(566)

-

-

-

(566)

-

(566)

Currency translation differences

-

(3,449)

-

1,361

(83)

-

(2,171)

-

(2,171)

Total comprehensive income

-

-

(566)

1,361

-

(15,021)

(17,758)

-

(17,758)

Share capital issued

-

1,686

-

-

-

-

1,686

-

1,686

Cost of share issue

-

(126)

-

-

-

-

(126)

-

(126)

Disposal of subsidiary

-

-

-

-

-

-

-

400

400

Share based payments

-

-

-

-

(20)

-

(20)

-

(20)

As at 30 June 2009

-

18,024

(566)

1,311

381

(16,917)

2,233

-

2,233











Loss for the period

-

-

-

-

-

(148)

(148)

-

(148)

Gain on market value of available for sale investments

-

-

280

-

-

-

280


280

Currency translation differences

-

(583)

18

495

(13)

 -

(83) 

-

(83) 

Total comprehensive income

-

-

280

495

-

(148)

49 

-

49 









 


As at 31 December 2009

 -

17,441

 (268)

1,806

368 

(17,065) 

2,282 

-

2,282 

 


GROUP CASH FLOW STATEMENT

FOR THE INTERIM PERIOD ENDED 31 DECEMBER 2009



Six months to

Six months to

Period ended



31 December 2009

30 September 2008

30 June 2009



(Unaudited)

(Unaudited)

(Audited)








$'000

$'000

$'000






Cash flows from operating activities










Operating loss


(198)

(7,559)

(7,828)

Decrease in trade and other receivables


111

265

1,694

Decrease in trade and other payables


(57)

(235)

(241)

Foreign exchange translation


-

(113)

(88)

Share options expensed


-

-

(20)

Impairment charge


-

7,360

7,314

Depreciation


-

77

 -

Net cash outflow from operating activities


 (144)

(205)

831 






Cash flows from investing activities





Interest received


-

23

20

Payments to acquire intangible assets


(330)

(2,120)

(2,771)

Payments to VGG


-

-

(1,644)

Proceeds from sale of investments


165 

-

370

Net cash outflow from investing activities


(165) 

(2,097)

 (4,025)






Cash flows from financing activities





Issue of ordinary share capital


-

-

1,686

Share issue costs


 -

-

 (126)

Net cash inflow from financing activities


 -

-

 1,560






Net (decrease)/increase in cash and cash equivalents


(309)

(2,302)

2,325

Foreign exchange differences on translation


(55)



Cash and cash equivalents at beginning of period


 487

2,325

-

Cash and cash equivalents at end of period


 123

23

2,325



 

NOTES TO THE INTERIM REPORT FOR SIX MONTHS ENDED 31 DECEMBER 2009

 

1.             Basis of preparation

 

The financial information has been prepared under the historical cost convention and on a going concern basis and in accordance with International Financial Reporting Standards and IFRIC interpretations adopted for use in the European Union ("IFRS") and those parts of the BVI Business Companies Act applicable to companies reporting under IFRS.

 

The financial information for the period ended 31 December 2009 has not been audited or reviewed in accordance with the International Standard on Review Engagements 2410 issued by the Auditing Practices Board. The figures were prepared using applicable accounting policies and practices consistent with those adopted in the statutory accounts for the period ended 30 June 2009. The figures for the period ended 30 June 2009 have been extracted from these accounts, which have been delivered to the Registrar of Companies, and contained an unqualified audit report. 

 

The financial information contained in this document does not constitute statutory accounts. In the opinion of the directors the financial information for this period fairly presents the financial position, result of operations and cash flows for this period.

 

This Interim Financial Report was approved by the Board of Directors on 29 March 2010.

 

Statement of compliance

 

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ('IAS') 34 - Interim Financial Reporting as adopted by the European Union. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Group's 2009 annual financial statements.

 

Basis of consolidation

 

The consolidated financial statements comprise the financial statements of Templar Minerals Limited and its controlled entities. The financial statements of controlled entities are included in the consolidated financial statements from the date control commences until the date control ceases.

 

The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies.

 

All inter-company balances and transactions have been eliminated in full.

 

Foreign currencies

 

The functional currency of each entity is determined after consideration of the primary economic environment of the entity. The group's presentational currency is US Dollars ($).

 

2.             Segmental analysis

 

Segment information is presented in respect of the Group's management and internal reporting structure. As currently the Group is not in producing or exploring directly, there is no revenue being generated, and the main business segment is that of a corporate administrative entity.

 

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

 


UK/BVI

Georgia

Total

Six months to
31 December 2009 (Unaudited)

$'000

$'000

$'000

Operating loss by geographical area




Operating loss

(148)

-

(148)

Investment revenue

-

-

-

Loss before and after taxation  

(148)

-

(148)





Other information




Depreciation and impairment

-

-

-

Capital additions

330

-

330





Segment assets

1,029

-

1,029

Financial assets

1,130

-

1,130

Cash

123

-

123

Consolidated total assets

2,282

-

2,282





Segment liabilities

-

-

-

Trade and other payables

-

-

-

Consolidated total liabilities

-

-

-

 

UK/BVI

Georgia

Total

$'000

$'000

$'000

 

Six months to
30 September 2008 (Unaudited)




Operating loss by geographical area




Operating loss

(149)

(7,410)

(7,559)

Investment revenue

23

-

23

Loss before and after taxation   

(126)

(7,410)

(7,536)





Other information




Depreciation and impairment

-

(7,360)

(7,360)

Capital additions

-

2,118

2,118





Segment assets

7,771

-

7,771

Financial assets

1,540

-

1,540

Cash

23

-

23

Consolidated total assets

9,334

-

9,334





Segment liabilities

-

-

-

Trade and other payables

(63)

-

(63)

Consolidated total liabilities

(63)

-

(63)

 

Period
1 April 2008 to 30 June 2009(Audited)




Operating loss by geographical area




Operating loss

(514)

(7,314)

(7,828)

Loss on sale of investments

(3,611)

-

(3,611)

Settlement cost - VGG

(3,602)

-

(3,602)

Investment revenue

20

-

20

Loss before and after taxation

(7,707) 

(7,314) 

(15,021)





Other information




Depreciation and impairment

-

(7,314)

(7,314)

Capital additions

699

2,072

2,771





Segment assets

1,692

-

1,692

Financial assets

111

-

111

Cash

487

-

487

Consolidated total assets

 2,290

 -

2,290





Segment liabilities




Financial liabilities

(57)

-

(57)

Consolidated total liabilities

(57)

-

(57)

 

 

 

3.             Loss per share

 

The calculation of earnings per share is based on the loss after taxation divided by the weighted average number of share in issue during the period:

 


Six months to

31 December 2009

(Unaudited)

Six months to

30 September 2008

(Unaudited)

Period
1 April 2008 to 30 June 2009

(Audited)





Net loss after taxation ($'000)

(148)

(6,795)

(15,021)





Weighted average number of ordinary shares used in calculating basic earnings per share (millions)

583.0

448.0

496.5





Basic loss per share (expressed in US cents)

(0.02)

(1.51)

(3.02)

 

As the inclusion of the potential ordinary shares would result in a decrease in the loss per share they are considered to be antidilutive and, as such, a diluted loss per share is not included.

 



4.             Share capital

 

The authorised share capital of the Company and the called up and fully paid amounts at 31 December 2009 were as follows:

 

a)     Authorised


$'000

 

Unlimited ordinary shares of no par value each


-

b)    Called up, allotted, issued and fully paid

Number of shares

Nominal value

$000's

Incorporation

1

-

20 April 2007 for cash at  0.0437p per share

239,999,999

-

4 May 2007 for cash at 5p per share

182,750,000

-

11 May 2007 for non-cash consideration

300,000

-

7 September 2007 for non-cash consideration at 5.3p per share

25,000,000

-

21 November 2008 for cash at 0.3p per share

100,000,000

-

28 May 2009 for cash at 2p per share

35,000,000

-

As at 31 December 2009

583,050,000

-

 

 

Total share options in issue

During the period ended 31 December 2009, no options were issued.

As at 31 December 2009 the options in issue were;




 Exercise Price

 Expiry Date

Options in Issue
30 December 2009

5p

04-May-12

10,000,000

1.7p

22-Apr-19

16,800,000

1.7p

22-Apr-19

16,800,000

2.35p

04-Jun-19

5,600,000

2.35p

04-Jun-19

5,600,000



54,800,000

 

No options lapsed or were cancelled and no options were exercised during the period ended 31 December 2009.

 

 

5.             Investment in group companies

 

Company

Country of Registration

Proportion held

Nature of Business

Direct




Templar Georgia Ltd

BVI

100%

Holding Company

Paranaiba Minerals Ltd

BVI

100%

Holding Company

 



 

6.             Intangible assets

 


Six months to

31 December 2009

(Unaudited)

Six months to

30 September 2008

(Unaudited)

Period
1 April 2008 to
30 June 2009

(Audited)

Group

$ 000's

$ 000's

$ 000's





Cost




Balance brought forward

699

5,242

5,242

Additions

330

2,118

2,771

Disposal

-

-

(7,314)


1,029

7,360

699





Impairment




Balance brought forward

-

-

-

Impairment charge

-

(7,360)

(7,314)

Disposal

-

-

7,314

Balance Carried Forward

-

(7,360)

-





Net book value

1,029

-

699





The cost is analysed as follows:

-

-

-

Deferred exploration expenditure - Brazil

1,029

-

699


1,029

-

699 





Impairment review




At 31 December 2009, the Directors have carried out an impairment review and are of the opinion that carrying value is now stated at fair value.

 

 

7.             Post balance sheet events

 

There are no post balance sheet events to disclose

 

 

8.             The financial information set out above does not constitute the Group's statutory accounts for the period ended 30 June 2009, but is derived from those accounts.

 

 

9.             A copy of this interim statement is available on the Company's website: www.templarminerals.com 



 

Corporate Information

Registered number

1396532 registered in British Virgin Islands



Directors

David Lenigas - Executive Chairman

Charles Wood - Finance Director

Alastair  Clayton - Non Executive Director



Company Secretary

Charles Wood



Registered Office

Craigmuir Chambers

Road Town, Tortola

British Virgin Islands  VG 1110




Email:         [email protected]

Website:    www.templarminerals.com



Auditors

Chapman Davis LLP                               

2 Chapel Court                                       

London SE1 1HH                                    

United Kingdom



Solicitors

Kerman & Co LLP                                   
200 The Strand                                      
Strand, London WC2R 1DJ                   

United Kingdom                               



Nominated Advisor and Broker

Beaumont Cornish Limited

2nd Floor, Bowman House

29 Wilson Street

London EC2M 2SJ

United Kingdom



Registrars

Computershare Investor Services (Channel Islands) Ltd

PO Box 83

Ordnance House, 31 Pier Road

St Helier  JE4 8PW

Channel Islands



Principal Bankers

Bank of Scotland

38 Threadneedle Street

London EC2P 2EH

United Kingdom

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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