NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Amazon Mining Holding Plc (TSX VENTURE:AMZ) ("Amazon" or the "Company")
announced today its unaudited interim consolidated financial statements for the
three month period ended March 31, 2009 and provides the following corporate
update.
Reports indicated for the three-month period ended March 31, 2009 there was a
net loss of Pounds Sterling 185,674 compared to a loss of Pounds Sterling
460,767 for the three-month period ended March 31, 2008. As the Company remains
engaged in exploration activity, no revenues are presently generated from its
operations. The lower loss reflects reduced exploration activities during the
quarter.
Subsequent Period Summary:
- Signed Agreement in principle to acquire Uaua Pesquisa Mineral Ltda, Closing
of the transaction is subject to the satisfaction of certain conditions,
including the approval of the TSX Venture Exchange.;
- Announced that Brazil's Centre for Mineral Technology (CETEM), a government
sponsored research and development institute, had agreed to fund metallurgical
tests on verdete rock from Amazon's Cerrado Verde potash project, and
- Public hearings held by the State Parliament of Minas Gerais together with
Federal and State government institutions of Brazil concluded in government
officials declaring their intentions to establish development partnerships to
support geological, metallurgical and agronomic efficacy work related to verdete
slate;
Amazon currently has a working capital position of approximately Pounds Sterling
4.7MM (Cdn$8.2MM). The company is maintaining a conservative approach to
advancing its portfolio of assets. Seeking opportunities to share costs related
to developing the Cerrado Verde project with help from government and strategic
partners.
About Amazon
Amazon Mining, listed on the TSX Venture Exchange, is a mineral exploration
company engaged in creating shareholder value via cost effectively advancing its
portfolio of projects. Amazon is preserving cash and adopting a highly
conservative and risk mitigating approach to opportunity assessment and project
development.
On behalf of the Board of Directors of Amazon Mining Holding Plc, Cristiano
Veloso, President and CEO.
Cautionary Language and Forward Looking Statements
THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICH INCLUDE
BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTURE FINANCIAL OR
OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES AND ITS PROJECTS,
STATEMENTS REGARDING USE OF PROCEEDS, EXPLORATION PROSPECTS, IDENTIFICATION OF
MINERAL RESERVES, COSTS OF AND CAPITAL FOR EXPLORATION PROJECTS, EXPLORATION
EXPENDITURES, TIMING OF FUTURE EXPLORATION AND PERMITTING, REQUIREMENTS FOR
ADDITIONAL CAPITAL, GOVERNMENT REGULATIONS OF MINING OPERATIONS, ENVIRONMENTAL
RISKS, RECLAMATION EXPENSES, TITLE DISPUTES OR CLAIMS, AND LIMITATIONS OF
INSURANCE COVERAGE. FORWARD LOOKING STATEMENTS CAN GENERALLY BE IDENTIFIED BY
THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOT EXPECT" OR "IS
EXPECTED", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR "BELIEVES", "INTENDS",
"FORECASTS", "BUDGET", "SCHEDULED", "ESTIMATES" OR VARIATIONS OF SUCH WORDS OR
PHRASES OR STATE THAT CERTAIN ACTIONS, EVENT, OR RESULTS "MAY", "COULD",
"WOULD", "MIGHT", OR "WILL BE TAKEN", "OCCUR" OR "BE ACHIEVED". FORWARD LOOKING
STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS
WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY
TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS
EXPRESSED OR IMPLIED BY SAID STATEMENTS. THERE CAN BE NO ASSURANCES THAT
FORWARD-LOOKING STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS AND
FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SAID STATEMENTS.
ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING
STATEMENTS.
Readers are cautioned not to rely solely on the summary of such information
contained in this release and are directed to the complete set of drill results
posted on Amazon's website (www.amazonplc.com) and filed on SEDAR
(www.sedar.com) and any future amendments to such. Readers are also directed to
the cautionary notices and disclaimers contained herein.
AMAZON MINING HOLDING PLC
CONSOLIDATED INCOME STATEMENT
(Unaudited)
3 months 3 months 9 months 9 months
ended ended ended ended
30 Sept 31 Oct 30 Sept 31 Oct
2008 2007 2008 2007
Pounds Pounds Pounds Pounds
Sterling Sterling Sterling Sterling
Administrative expenses (232,782) (70,365) (663,650) (203,521)
Impairment loss (20,750) - (2,092,464) -
--------- --------- ----------- ----------
Operating loss (253,532) (70,365) (2,756,114) (203,521)
Finance income 43,036 920 116,095 6,690
Exchange gains/(losses) 374,337 - 137,434 (1,827)
--------- --------- ----------- ----------
Profit/(loss) before taxation 163,841 (69,445) (2,502,585) (198,658)
Taxation - - - 997
--------- --------- ----------- ----------
Profit/(loss) for the period 163,841 (69,445) (2,502,585) (199,655)
--------- --------- ----------- ----------
--------- --------- ----------- ----------
Basic and diluted earnings/(loss)
per ordinary share 0.59p (0.49p) (9.09p) (1.60p)
--------- --------- ----------- ----------
--------- --------- ----------- ----------
AMAZON MINING HOLDING PLC
CONSOLIDATED BALANCE SHEET
(Unaudited)
Note 30 Sept 31 Dec
2008 2007
Pounds Pounds
Sterling Sterling
Intangible exploration assets 3 337,621 878,803
Property, plant and equipment 4 37,673 10,739
----------- -----------
375,294 889,542
----------- -----------
Other receivables and prepayments 55,104 11,390
Cash and cash equivalents 5,167,443 7,393,769
----------- -----------
Total current assets 5,222,547 7,405,159
----------- -----------
Total assets 5,597,841 8,294,701
----------- -----------
----------- -----------
Equity
Issued share capital 5 6,879,789 6,879,789
Warrant reserve 6 590,480 590,480
Share premium 3,620,082 3,620,082
Translation reserve 50,314 30,082
Merger reserve (2,727,227) (2,727,227)
Accumulated losses (2,957,057) (484,036)
----------- -----------
5,456,381 7,909,170
----------- -----------
Liabilities
Trade and other payables 141,460 385,531
----------- -----------
Total liabilities 141,460 385,531
----------- -----------
Total equity and liabilities 5,597,841 8,294,701
----------- -----------
----------- -----------
AMAZON MINING HOLDING PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) 3 months 3 months 9 months 9 months
Ended Ended Ended Ended
30 Sept 31 Oct 30 Sept 31 Oct
2008 2007 2008 2007
Pounds Pounds Pounds Pounds
Sterling Sterling Sterling Sterling
Cash flows from operating
activities:
Operating loss (253,532) (70,365) (2,756,114) (203,521)
Adjustments for:
Depreciation 1,609 69 3,391 119
Impairment loss 20,750 - 2,092,464 -
Share-based payments 10,272 - 29,564 -
Loss on disposal of fixed assets 1,919 - 1,919 -
Decrease/(increase) in other
receivables and prepayments 40,127 (177,090) (43,714) (177,846)
(Decrease)/increase in trade and
other payables (66,192) 189,419 (231,102) 227,289
---------- --------- ---------- ---------
Cash used in operating activities (245,047) (57,967) (903,592) (153,959)
Income taxes paid - - - (853)
---------- --------- ---------- ---------
Net cash outflow from operating
activities (245,047) (57,967) (903,592) (154,812)
---------- --------- ---------- ---------
Cash flows from investing
activities:
Interest received 30,065 920 103,124 6,805
Acquisition of intangible
exploration assets (192,764) (129,959) (1,434,302) (403,210)
Acquisition of property, plant
and equipment (3,716) (473) (32,162) (3,544)
---------- --------- ---------- ---------
Net cash outflow from investing
activities (166,415) (129,512) (1,363,340) (399,949)
---------- --------- ---------- ---------
Issue of share capital - - - 649,999
Payment of issue expenses - (15,744) - (15,744)
---------- --------- ---------- ---------
Net cash flow from financing
activities - (15,744) - 634,255
---------- --------- ---------- ---------
Net (decrease)/increase in cash
and cash equivalents (411,462) (203,223) (2,266,932) 79,494
Cash and cash equivalents at
start of period 5,297,506 326,280 7,393,769 41,895
Exchange differences 281,399 1,678 40,606 3,346
---------- --------- ---------- ---------
Cash and cash equivalents at end
of period 5,167,443 124,735 5,167,443 124,735
---------- --------- ---------- ---------
---------- --------- ---------- ---------
AMAZON MINING HOLDING PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
From 1 May 2007 to 31 December 2007
Issued Share Warrants Merger
capital premium reserve reserve
Pounds Pounds Pounds
Sterling Sterling Sterling
Balance at 1 May 2007 3,546,456 203,259 - (2,727,227)
Shares issued during
period 3,333,333 4,006,110 - -
Share warrants issued
during period - - 590,480 -
Expenses of issue - (696,676) - -
Share based payments - 107,389 - -
Loss for the period - - - -
Foreign exchange
differences - - - -
---------- ---------- ------- -----------
Balance at 31 December
2007 6,879,789 3,620,082 590,480 (2,727,227)
---------- ---------- ------- -----------
---------- ---------- ------- -----------
From 1 May 2007 to 31 December 2007
Accumulated Translation
losses reserve Total
Pounds Pounds Pounds
Sterling Sterling Sterling
Balance at 1 May 2007 (169,601) (831) 852,056
Shares issued during
period - - 7,339,443
Share warrants issued
during period - - 590,480
Expenses of issue - - (696,676)
Share based payments 28,799 - 136,188
Loss for the period (343,234) - (343,234)
Foreign exchange
differences - 30,913 30,913
------------ ------------ ----------
Balance at 31 December
2007 (484,036) 30,082 7,909,170
------------ ------------ ----------
------------ ------------ ----------
From 1 January 2008 to 30 September 2008
Issued Share Warrants Merger
capital premium reserve reserve
Pounds Pounds Pounds
Sterling Sterling Sterling
Balance at 1 January 2008 6,879,789 3,620,082 590,480 (2,727,227)
Loss for period - - - -
Share-based payments - - - -
Foreign exchange differences - - - -
---------- ---------- --------- -----------
Balance at 30 Sept 2008 6,879,789 3,620,082 590,480 (2,727,227)
---------- ---------- --------- -----------
---------- ---------- --------- -----------
From 1 January 2008 to 30 September 2008
Accumulated Translation
losses reserve Total
Pounds Pounds Pounds
Sterling Sterling Sterling
Balance at 1 January 2008 (484,036) 30,082 7,909,170
Loss for period (2,502,585) - (2,502,585)
Share-based payments 29,564 - 29,564
Foreign exchange
differences - 20,232 20,232
------------ ------------ ----------
Balance at 30 Sept 2008 (2,957,057) 50,314 5,456,381
------------ ------------ ----------
------------ ------------ ----------
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