The Board of Agricola Resources plc ("Agricola") are pleased to report the interim results to 30 June 2004. Solid progress has been made on developing a portfolio of mineral exploration assets in the Company. On the 22 March 2004 it acquired the exclusive exploration rights for platinum on Sandison's Property on the Isle of Unst, Shetland Islands for 7,500,000 shares. On the 22 May 2004 it was awarded the Klaeppsjo licence in Vasternoorland County, Northern Sweden. A licence in Northern Ireland in the counties of Tyrone and Londonderry is awaiting issue.
On the 7 May 2004 Agricola raised GBP80,000 cash by the sale of 4,000,000 Ordinary Shares at a price of 2p.
On the Sandison Property in Unst, Shetland Islands, Agricola has conducted geological and geochemical soil sampling programmes. The geochemical studies are ongoing at present. Large platinum (up to 0.122 grams per ton), and palladium (up to 0.075 grams per ton) anomalies were located south of Nikka Vord. The anomalies covered an area of 150m by 150m and are open to the south east.
Additional soil sampling will progress presently. Trenching and bedrock sampling are planned for later this year. The Klaeppsjo permit is centred on a layered mafic intrusion. It has a 20m thick ultramafic layer, which shows anomalous platinum values (up to 21 grams per ton). Boulders with nickel and copper assays (up to 0.85% and 1.03% respectively) have been found on the south-eastern part of the intrusion. Recently, aeromagnetic anomalies found by the Swedish Geological Survey, have been located near the high platinum areas. A major company has signed a Confidential Agreement with Agricola with a view to forming a Joint Venture.
Agricola has applied for a prospecting licence under the Mineral Development Act (Northern Ireland) 1969 for approximately 120 square kilometres in County Londonderry and County Tyrone, covering the Tyrone Plutonic Group. Here ultramafic rocks include layered gabbros in which previous work has found assays for platinum of 1.65 grams per ton. Discussions are on going with a group that may join Agricola in a joint venture when the licence is issued.
Trading in the Company's shares has been disappointing in the second quarter of 2004. The directors are working hard to increase the shareholder value and it is hoped that their efforts and the introduction of two new market makers in the stock (Teather & Greenwood and Winterfloods) will lead to improved trading in the second half of 2004.
R.D. Young, Chairman
9 August 2004
UNAUDITED RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2004
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|
6 Months ended 30 Jun 2004
GBP
|
6 Months ended 30 Jun 2003
GBP
|
| Turnover |
|
10,790
|
| Cost of sales |
|
9,555
|
| . |
|
|
| Gross Profit |
|
1,235
|
| . |
|
|
Administrative & marketing
expenses |
48,685
|
20,076
|
|
|
|
| Operating Loss |
(48,685)
|
(18,481)
|
| . |
|
|
| Interest receivable |
743
|
|
|
|
|
| Loss on ordinary activities before taxation |
(47,942)
|
(18,841)
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| Tax |
--
|
--
|
| Loss for the period |
(47,942)
|
(18,841)
|
|
|
|
| Basic loss per share |
0.07p
|
0.04p
|
| Diluted loss per share |
0.06p
|
0.04p
|
Notes
1) The financial information for the period ended 30 June 2004 has not been audited and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.
2) Basic loss per share has been calculated using the weighted average number of shares of 73,744,016. Diluted loss per share has been calculated using the weighted average number of shares of 85,293,690.
3) The company had ceased its African operation at 30 June 2003. At 30 June 2004 the company had expended GBP26,490 on exploration areas of interest. Such exploration costs are carried forward as intangible assets until such time as the area of interest is developed or abandoned.
INDEPENDENT REVIEW REPORT TO AGRICOLA RESOURCES PLC
Introduction
We have been instructed by the company to review the financial information for the six months ended 30 June 2004 which comprises summarised profit and loss account and associated notes. We have read the other information contained in the interim report and considered whether it contains any apparent mis-statements or material inconsistencies with the financial information.
Directors' Responsibilities
The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the OFEX code which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed.
Review Work Performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information.
Review Conclusion
On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2004.
Wilson Wright & Co
Chartered Accountants
71 Kingsway
London, WC2B 6ST
August 2004
The Directors of the Company accept responsibility for the content of this announcement.
Contact :
Dr. Robert Young, Chairman
+44 1353 648 931
Agricola Resources plc
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