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Miranda invests in its future |
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Written by JSE SENS Department
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Monday, 31 March 2008 |
Highlights for the six months ended 27 February 2008:
- Successful completion of second capital raising of R20.7 million through the private placement of 28 million shares
- Six prospecting permits granted on Miranda’s KwaZulu-Natal coal prospects.
- A further two prospecting permits granted adjacent to the group’s Mochudi diamond project in Botswana
- Acceptance by the DME of Miranda’s application to have the mining right of the group’s Sesikhona coal project converted
- First diamonds recovered from the North West diamond project.
- Key commodity classes of coal, diamonds and gold undergoing “fast tracked” development and increased focus
- Strategic review of assets underway
Commenting on the interim results, Miranda Chairman Alan Thompson stated:
“Over the past six months, we have continued to add to our portfolio of mineral assets and positioned the company as a significant coal player with the first drilling program completed on the Sesikhona Kliprand Colliery in KZN.
We succeeded in raising R20.7 million in January which placed us in the position to fast track many of our exploration prospects up the value chain more specifically our coal initiatives. With the current global demand for coal we were able to advance our coal initiatives and with an estimated resource of 200 million tons, we are well positioned to increase the value of this part of our portfolio.
We are pleased with the advancement of our other projects including the company’s diamond projects and further development of our emerging gold developments. The remainder of the asset base are undergoing a strategic review with the company’s advisors to further streamline the focus of the executive team.
On the financial side, we incurred a net loss for the period under review of R3.52 million. This is as a result of the increase in operating expenses, capital raising fees and expenditure on key assets as we have stepped up our exploration activities.
We are satisfied with the exploration results and expenditure on key assets to date.
No dividend was declared for the period (2007:Nil)
In January we appointed Mick Cook as non-executive director and Wayne Ison as Miranda’s Financial Director both of whom have substantial experience in their respective roles and are already playing vital roles as we develop the business.
Looking ahead to the next six months, the company will continue to identify potentially economically viable coal resources in KZN. Miranda will consider new prospects and continue progressing the exploration projects to mining phases.
We have succeeded in adding value to most of our projects in the past six months and are confident that we will yield positive results in the next 12 to 18 months.”
ENDS
ISSUED BY: FDBeachhead
Louise Brugman
(011) 214 2415/ 083 504 1186/
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Senzi Dlamini
(011) 214 2420/ 073 494 0030
ON BEHALF OF: Miranda Minerals
Chairman: Alan Thompson
Notes to editors
Miranda is a mineral exploration company that enters into a JV agreement with a potential mining partner to conduct exploration and feasibility on a particular resource (over which Miranda typically will hold a prospecting permit) with a view to upgrading its mineral status to that of either a measured resource, or a probable or proved reserve. On completion of the exploration program, the JV partner will have the exclusive right to mine the project and Miranda will earn a "JV fee" based on an ongoing turnover/ profit percentage or rand amount per ton mined by the JV mining partner. |
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Last Updated ( Monday, 05 May 2008 )
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