Business
Replacement: Audited Results to 30 September 2016
Replacement: Audited Results to 30 September 2016.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4647Y Sula Iron & Gold PLC 03 March 2017 \n\n \nCORRECTION OF RNS NUMBER: 4132Y\n \nPlease note that RNS 4132Y incorrectly stated in the financial statements for the year ended 30 September 2016 that the results were unaudited. This has been corrected and all other details remain the same.\n \n3 March 2017\nSula Iron & Gold plc (\"Sula\" or \"the Company\")\n Audited Results for the Year Ended 30 September 2016\n \nSula Iron & Gold plc, the exploration company focussed on Sierra Leone, is pleased to announce its consolidated audited results for the year ended 30 September 2016 for the Company and its subsidiary, Blue Horizon (SL) Ltd, (together the \"Group\").\n \nHighlights: \nOperational\n· Completed 1,556m drill programme on the gold project at the Company's Ferensola licence area (the \"Licence\") (the \"Ferensola Gold Project\") with eight of the 10 holes drilled encountering high grade gold mineralisation;\n· Refined focus of the Company to prioritise Ferensola's significant gold potential;\n· Awarded \"Ebola Medal for Service in West Africa\" from UK's Ministry of Defence for the Company's contribution to the successful campaign to eradicate the Ebola Virus in Sierra Leone; and\n· Regional sampling programme identified gold mineralisation across the Licence.\n \nFinancial\n· Loss for the year to 30 September 2016 of £1.8 million (2015: £1.8 million);\n· Total equity of £5.6 million at year end (2015: £5.8 million); and\n· Successfully raised £1.0 million (gross) of new equity during the year to 30 September 2016.\n \nPost-year end:\n· Expansion of the Board with the appointments of Roger Murphy as Chief Executive Officer and Iain Macpherson as a Non-Executive Director, with Nick Warrell assuming the role of Chief Operating Officer;\n· Secured new strategic partner, Madini Occidental, which invested US$400,000 to become Sula's largest shareholder;\n· Release of the results from an IP (Induced Polarity) Survey carried out during the year under review highlighting 8.5km of targets within the Licence with same geoph...