TIDMAR.
RNS Number : 6596T
Archipelago Resources PLC
11 June 2009
ARCHIPELAGO RESOURCES PLC
(AIM: AR .)
JUNE 11, 2009
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008
The Company today announces its annual results for the year ended 31 December
2008. The annual report and accounts will be posted to shareholders in the week
commencing 15 June 2009 and, pursuant to AIM Rule 20, will be made available on
the Company's website, http://www.archipelagoresources.com.au/ shortly.
HIGHLIGHTS
GOOD START TO 2009 WITH EQUITY INVESTMENT
BY MAJOR SHAREHOLDER BAKER STEEL
* CEO Optimistic On Early Resumption Of Talks To Enable Toka Tindung To Proceed
* Project Will Bring Very Positive Employment And Economic Benefits To Region
* Company Seeking Corporate Involvement Of Prominent Indonesian Investor
After a challenging year in 2008 with continued frustration over development of
its 85% owned Toka Tindung Gold Project in Indonesia, Mr Colin Loosemore, CEO of
Archipelago Resources Plc (AIM:AR.), says that 2009 has started well with an
equity investment by major shareholder Baker Steel. This has enabled the Company
to retire all of its debt and provided it with adequate working capital.
In the Annual Report for the year ended December 31, 2008 he comments:
"With the passing of the World Ocean Conference in North Sulawesi in May, it is
hoped that discussions will soon commence between the Central Government
authorities responsible for administering the Toka Tindung Contracts of Work and
the Governor of North Sulawesi aimed at allowing development of the project to
proceed"
Although the Provincial Governor has no basis for concern or authority relating
to due process, to date he has opposed development of the project even though
Provincial Government representatives were part of the AMDAL (environmental)
Assessment Commission's technical teams that reviewed the Toka Tindung AMDAL in
2006 and found it acceptable. In particular, the Commission rejected all of the
purported environmental and social concerns raised by the Governor at that time.
"We are confident that Toka Tindung, which is demonstrably environmentally
sound, will have a very positive impact on the prevailing unemployment and
economic circumstances in North Sulawesi, and we continue to seek to convince
the Governor of the project's merits.
"Whilst it will be difficult to raise loan finance to complete development until
there is unanimous political support, a number of banks have expressed interest
in financing the project. This situation is very frustrating, not only for the
Company, but also for the Central Government authorities as it is denying
employment opportunities and economic benefit to local people, the Province and
the Nation."
In particular, the local community will be the major beneficiaries of the
project, in terms of royalties, employment and resultant economic growth in an
area of low income, high unemployment and limited opportunity for training and
betterment. "The local community's strong support for the project is therefore
not surprising."
In order to build on existing National Government relations, Archipelago is
seeking the corporate involvement of a prominent Indonesian investor as it
believes this would be positive for both the Company and the Toka Tindung
project.
Provided unanimous political support and project financing are secured by the
third quarter of 2009, production at Toka Tindung would be expected to commence
in the second half of 2010, at an average annualised rate of 160,000oz gold
equivalent for the first six years of the initial 8½ year project life.
Whilst the delay to project development has added to the overall development
costs, there has been a strong rise in the gold price during this period and the
Company has not been required to enter into any forward sales contracts, a
standard requirement for financing most new gold projects. In addition, the
cancellation and postponement of many new mining projects around the world has
reduced demand for construction material and skilled labour. As a result,
Archipelago may achieve some savings in construction and pre-production costs at
Toka Tindung which are currently estimated to be US$65m.
ENCOURAGING RECENT DRILLING RESULTS
Last month, Archipelago announced the results of a shallow, close-spaced
drilling programme at Toka Tindung over a portion of the deposit where mining
will commence. The drilling returned 116 gold intersections, the best of which
was 14m grading 39.2g/t, extending from surface.
Several other holes returned higher grades (2m @ 168.7g/t.; 2m @ 103.5g/t) or
widths (15m @ 26.5g/t; 16m @5.1g/t), and the average for the 116 intersections
was 8.7g/t gold over 6m. Some 16% of the intersections are greater than 10m in
width, and 29% grade better than 10g/t gold. In addition, 42% of the
intersections, including the best one, finished in mineralisation. The results
are regarded as very encouraging since they demonstrate that the high-grade
mineralisation, previously defined in deeper drilling, extends to surface.
Commenting on the Company's activities in Vietnam, Mr Loosemore says that
mapping and sampling of over 40km of underground workings has been completed at
its 65% owned Pac Lang Gold Project in Vietnam. This has confirmed the
mineralised system to be very large and has given the Company a good
understanding of the controls to mineralisation.
Further Information:
Colin Loosemore, Managing Director, Archipelago Resources Plc. Tel:
00-618-9364-8301
Gerry Beaney/Fiona Kindness, Grant Thornton Corporate Finance. Tel:
020-7385-5100
Ron Marshman/John Greenhalgh/Michael Padley, Lothbury Financial.
Tel: 020-7011-9411
http://www.archipelagoresources.com.au/ AR. Share Code
The information in this announcement that relates to drilling results has been
approved for release by Mr John Colin Loosemore, B.Sc. (Hons). M.SC., D.I.C.,
FAusAIMM, who has consented to the inclusion of the material in the form and
context in which it appears. Mr Loosemore is the Managing Director of
Archipelago Resources Plc and has over 30 years experience in the mineral
industry including the evaluation of exploration data, mineral resources and ore
reserves.
ARCHIPELAGO RESOURCES PLC
GROUP Income statement
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | Year ended | Year ended |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | 31 | 31 |
| | | December | December |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | 2008 | 2007 |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | US$ | US$ |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| REVENUE | | - | - |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| Cost of sales | | - | - |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| GROSS PROFIT | | - | - |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| Administrative expenses | | (9,917,448) | (4,243,955) |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| OPERATING LOSS | | (9,917,448) | (4,243,955) |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| Gain on sale of assets | | 12,410 | 2,145 |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| Finance costs | | (355,094) | (408,030) |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION | | (10,260,132) | (4,649,840) |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| Taxation | | - | - |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| LOSS ON ORDINARY ACTIVITIES AFTER TAXATION | | (10,260,132) | (4,649,840) |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| Minority interests | | - | - |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| LOSS FOR THE FINANCIAL YEAR ATTRIBUTABLE TO | | | |
| MEMBERS OF THE PARENT COMPANY | | | |
+ + +--------------------------------------------------+-------------+
| | | (10,260,132) | (4,649,840) |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| RETAINED LOSS FOR THE YEAR | | (10,260,132) | (4,649,840) |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| Loss per share | | (0.053) | (0.031) |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
| | | | |
+--------------------------------------------------+------------+--------------------------------------------------+-------------+
There were no recognised gains or losses other than those shown above. All the
Group's activities consist of continuing operations.
ARCHIPELAGO RESOURCES PLC
BALANCE SHEETS
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | Group | Company |
+----------------------------+------+-----------------------------+------------------------------+
| | | 31 | 31 | 31 | 31 |
| | | December | December | December | December |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | 2008 | 2007 | 2008 | 2007 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | US$ | US$ | US$ | US$ |
+----------------------------+------+--------------+--------------+---------------+--------------+
| NON- CURRENT ASSETS | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Property, plant and | | 52,435,386 | 48,487,077 | - | - |
| equipment | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Development, exploration | | 27,635,874 | 21,719,142 | - | 725,976 |
| and evaluation | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Prepaid borrowing costs | | 207,635 | 3,242,370 | 207,635 | 260,975 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Investments | | 373,355 | 1,612,091 | 605,447 | 1,933,548 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | 80,652,250 | 75,060,680 | 813,082 | 2,920,499 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| CURRENT ASSETS | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Inventories | | 253,003 | 132,182 | - | - |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Trade and other | | 490,765 | 1,673,608 | 27,613 | 63,773 |
| receivables | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Cash and cash equivalents | | 1,663,909 | 8,379,749 | 874,221 | 7,766,774 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | 2,407,677 | 10,185,539 | 901,834 | 7,830,547 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| TOTAL ASSETS | | 83,059,927 | 85,246,219 | 1,714,916 | 10,751,046 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| EQUITY AND LIABILITIES | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Share capital | | 3,697,515 | 3,334,800 | 3,697,515 | 3,334,800 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Share premium account | | 91,419,762 | 82,975,590 | 91,419,762 | 82,975,590 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Other reserves | | 3,617,572 | 1,655,242 | 4,144,848 | 2,182,518 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Profit and loss account | | (25,578,002) | (15,317,870) | (104,581,013) | (87,155,380) |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | 73,156,847 | 72,647,762 | (5,318,888) | 1,337,528 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| NON-CURRENT LIABILITIES | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Payables | | - | 8,892,744 | - | 8,892,934 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | - | 8,892,744 | - | 8,892,934 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| CURRENT LIABILITIES | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Trade and other payables | | 9,302,398 | 3,346,457 | 7,033,804 | 520,584 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| Provisions | | 600,682 | 359,256 | - | - |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | 9,903,080 | 3,705,713 | 7,033,804 | 520,584 |
+----------------------------+------+--------------+--------------+---------------+--------------+
| | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
| TOTAL EQUITY AND | | 83,059,927 | 85,246,219 | 1,714,916 | 10,751,046 |
| LIABILITIES | | | | | |
+----------------------------+------+--------------+--------------+---------------+--------------+
ARCHIPELAGO RESOURCES PLC
STATEMENTS OF CHANGES IN EQUITY
+------------------------------+-----------+------------+-----------+----------------+--------------+
| | Share | Share | Other | Profit and | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| | capital | premium | reserves | loss | Total |
| | | | | account | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| | US$ | US$ | US$ | US$ | US$ |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| GROUP | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Balance at 31 December 2006 | 2,415,077 | 63,285,911 | 1,406,970 | (10,701,290) | 56,406,668 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Changes in equity for 2007 | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Loss for the year | - | - | - | (4,649,840) | (4,649,840) |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Shares issued | 919,723 | 20,271,343 | - | - | 21,191,066 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Share issue costs | - | (581,664) | - | - | (581,664) |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Share based payments | - | - | 248,272 | 33,260 | 281,532 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Balance at 31 December 2007 | 3,334,800 | 82,975,590 | 1,655,242 | (15,317,870) | 72,647,762 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Changes in equity for 2008 | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Loss for the year | - | - | - | (10,260,132) | (10,260,132) |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Shares issued | 362,715 | 8,705,134 | - | - | 9,067,849 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Share issue costs | - | (260,962) | - | - | (260,962) |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Share based payments | - | - | 1,962,330 | - | 1,962,330 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Balance at 31 December 2008 | 3,697,515 | 91,419,762 | 3,617,572 | (25,578,002) | 73,156,847 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| COMPANY | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Balance at 31 December 2006 | 2,415,077 | 63,285,911 | 1,934,246 | (58,628,329) | 9,006,905 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Changes in equity for 2007 | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Loss for the year | - | - | - | (28,560,311) | (28,560,311) |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Shares issued | 919,723 | 20,271,343 | - | - | 21,191,066 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Share issue costs | - | (581,664) | - | - | (581,664) |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Share based payments | - | - | 248,272 | 33,260 | 281,532 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Balance at 31 December 2007 | 3,334,800 | 82,975,590 | 2,182,518 | (87,155,380) | 1,337,528 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Changes in equity for 2008 | | | | | |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Loss for the year | - | - | - | (17,425,633) | (17,425,633) |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Shares issued | 362,715 | 8,705,134 | - | - | 9,067,849 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Share issue costs | - | (260,962) | - | - | (260,962) |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Share based payments | - | - | 1,962,330 | - | 1,962,330 |
+------------------------------+-----------+------------+-----------+----------------+--------------+
| Balance at 31 December 2008 | 3,697,515 | 91,419,762 | 4,144,848 | (104,581,013) | (5,318,888) |
+------------------------------+-----------+------------+-----------+----------------+--------------+
ARCHIPELAGO RESOURCES PLC
CASH FLOW STATEMENTS
+----------------------------+------+--------------+--------------+--------------+--------------+
| | | Group | Company |
+----------------------------+------+-----------------------------+-----------------------------+
| | | 31 | 31 | 31 | 31 |
| | | December | December | December | December |
+----------------------------+------+--------------+--------------+--------------+--------------+
| | | 2008 | 2007 | 2008 | 2007 |
+----------------------------+------+--------------+--------------+--------------+--------------+
| | | US$ | US$ | US$ | US$ |
+----------------------------+------+--------------+--------------+--------------+--------------+
| | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| NET CASH OUTFLOW FROM | | (2,282,144) | (5,817,766) | (1,131,757) | (1,033,527) |
| OPERATING ACTIVITIES | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| CASH FLOWS FROM | | | | | |
| INVESTING ACTIVITIES | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Payments to acquire | | (4,135,709) | (11,085,040) | - | - |
| property, plant and | | | | | |
| equipment | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Proceeds from sale of | | 12,410 | - | - | - |
| property, plant and | | | | | |
| equipment | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Payments for | | (6,974,356) | (10,412,826) | (1,071,110) | (1,200,726) |
| development, | | | | | |
| exploration and | | | | | |
| evaluation expenditure | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Consideration on sale | | 828,712 | - | 828,712 | - |
| of Archipelago Metals | | | | | |
| Ltd | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Loans to Archipelago | | (145,092) | (191) | (145,282) | |
| Metals Ltd | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| NET CASH USED IN | | (10,414,035) | (21,498,057) | (387,680) | (1,200,726) |
| INVESTING ACTIVITIES | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| CASH FLOWS FROM | | | | | |
| FINANCING ACTIVITIES | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Proceeds from | | 6,500,000 | 10,000,000 | 6,500,000 | 10,000,000 |
| borrowings | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Issue of ordinary | | 9,329,817 | 21,404,481 | 9,329,817 | 21,404,481 |
| share capital | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Repayment of | | (8,000,000) | (2,000,000) | (8,000,000) | (2,000,000) |
| borrowings | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Capital raising costs | | (522,929) | (581,665) | (522,929) | (581,665) |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Prepaid borrowing | | (558,512) | (2,502,223) | (458,306) | (1,120,422) |
| costs | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Loans to subsidiaries | | - | - | (11,631,602) | (25,406,687) |
+----------------------------+------+--------------+--------------+--------------+--------------+
| NET CASH FROM/ (USED | | 6,748,376 | 26,320,593 | (4,783,020) | 2,295,707 |
| IN) FINANCING | | | | | |
| ACTVITIES | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| Effect of change in | | (768,037) | (541,976) | (590,096) | (205,620) |
| exchange rates on cash | | | | | |
| and cash equivalents | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| NET DECREASE IN CASH | | (6,715,840) | (1,537,206) | (6,892,553) | (144,166) |
| AND CASH EQUIVALENTS | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| CASH AND CASH | | 8,379,749 | 9,916,957 | 7,766,774 | 7,910,942 |
| EQUIVALENTS AT START | | | | | |
| OF PERIOD | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
| CASH AND CASH | | 1,663,909 | 8,379,749 | 874,221 | 7,766,774 |
| EQUIVALENTS AT END OF | | | | | |
| PERIOD | | | | | |
+----------------------------+------+--------------+--------------+--------------+--------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SFLSUSSUSEEM
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