Business
Preliminary Results
Preliminary Results.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2310Q Sula Iron & Gold PLC 26 February 2016 \n\n \n26 February 2016\nSula Iron & Gold plc (\"Sula\" or \"the Company\")\n Preliminary Results for the Year Ended 30 September 2015\n \nSula Iron & Gold plc, the gold, iron and coltan exploration company focussed on Sierra Leone, is pleased to announce its consolidated unaudited preliminary results for the year ended 30 September 2015 for the Company and its subsidiary, Blue Horizon (SL) Ltd, (together the \"Group\").\n \nHighlights: \nOperational\n· Sula's maiden JORC compliant Mineral Resource Estimate (\"MRE\") was declared at Ferensola Iron Ore Project in December 2014 comprising a total resource of 514.5 million tonnes (\"Mt\") @ 31.8% Fe, including easily accessible oxidised resource of 55.5Mt @ 45.39% Fe;\n· In February 2015, an increase in the technical valuation of the Company's Ferensola Licence of almost $20 million to $56 million was provided by independent consultants, SRK Exploration Services (\"SRK ES\");\n· Independent JORC compliant gold Exploration Target (the \"Exploration Target\") at Ferensola defined by SRK Consulting (UK) Ltd (\"SRK\") with a tonnage range of between 5 and 7 Mt at a grade range of between 4 and 8 grammes per tonne (\"g/t\") of gold (\"Au\"), equating to between 0.8 and 1.5 million ounces (\"Moz\") Au;\n· Exploration activities confirmed high concentration levels of coltan (columbite - tantalite) along streams originating from deeper within Ferensola; and\n· Strengthening of the board with the appointment of Mr Howard Baker as Non-Executive Technical Director in May 2015.\n \nFinancial\n· Loss for the year to 30 September 2015 of £1.8 million (2014: £1.4million).\n· Total equity of £5.8 million at year end (2014: £5.9 million).\n· Successfully raised £1.6 million (gross) of new equity during the year to 30 September 2015.\n \nPost-year end:\n· 1,556m diamond drill programme completed on the Ferensola Gold Project across 10 drill holes;\n· Assay results of up to 16.18 g/t Au across a number of mineralised zones;\n· &nb...