Business
Preliminary Results
Preliminary Results.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n Anglo Asian Mining PLC\n12 April 2006\n\n\n\n\n\nAIM:AAZ\n\n\n\n ANGLO ASIAN MINING PLC\n\n ('Anglo Asian' or 'the Company')\n\n\n PRELIMINARY RESULTS FOR THE ELEVEN MONTH PERIOD ENDED\n\n 31 DECEMBER 2005\n\n\nHighlights for the period\n \n • Admission to AIM on 29 July 2005\n • Raised net proceeds of US$30.7 m (£17.4 m)\n • Access constructed to the Ordubad, Gosha and Gedabek contract areas\n • Drilling commenced at Piyazbashi (Ordubad) on 10 September 2005\n • Contract completed for purchase of CIL gold processing plant and\n dismantling contract awarded\n • Richard Round appointed as Finance Director on 19 September 2005\n • Ross Bhappu appointed as non-executive director on 1 November 2005\n\n\nSubsequent events\n\n • Drilling now focussed at Gedabek which commenced in January 2006\n • Contract for dismantling of CIL gold processing plant completed\n • Graham Mascall appointed as non-executive Chairman on 13 March 2006\n • Terms have been agreed with a new Chief Executive and details will be\n announced shortly\n\n\nGraham Mascall, Chairman of Anglo Asian, commented: 'The Admission to AIM of\nAnglo Asian was successfully completed on 29 July 2005, raising US$30.7 million\nnet of expenses. The operating loss for the 11 month period to 31 December 2005\nof $2.7 million arose from charging administrative expenses and crediting an\nexchange gain. In addition $1.6 million of exploration expenses were\ncapitalised'\n\n\nMr Mascall continued 'In the period since Admission and injection of the new\ncapital sound progress has been made on the establishment of infrastructure to\nallow a comprehensive exploration programme to be undertaken in all contract\nareas. In line with the recommendation of our consultant, SRK Consulting, we\nnow consider Gedabek to be a more attractive proposition for the first\nfeasibility study and priority and focus has therefore shifted from Piyazbashi\nto this property. We remain well funded, with a significant asset in the\ncontainerised CIL plant in Australia and an experienced Board and management\nteam in place.'\n\nEnquiries:\n\n\nAnglo Asian Mining PLC Numis Securities Limited Parkgreen Communications\nCharles Hancock, Chief Executive John Harrison Justine Howarth\nRichard Round, Finance Director Victoria Thomas\nT: +44 20 7409 3232 T: +44 20 7776 1590 T: +44 20 7493 3713\n...