Hidefield Gold plc
("Hidefield" or the "Company")
Interim Results for the Six Months Ended 30 June 2007
London, 27th September, 2007: Hidefield, the gold company with advanced
projects in Argentina, Brazil and Alaska, including the Don Nicolas gold
project in Santa Cruz Province, Argentina announces its interim results for the
six months ended 30 June 2007. The figures in these accounts are presented
under IFRS for the first time.
HIGHLIGHTS
* Mineral resource estimate received on the Don Nicolas project confirming
mineral resource of 1,214,000 tonnes at 7.7 grammes per tonne ("gpt") gold
containing 301,600 ounces of gold using a high grade cut of 90 gpt gold.
* Mineral resource of 383,400 ounces gold at 9.8 gpt without high grade cut
off.
* Mineral resource estimated on only six veins at La Paloma and Martinetas
sectors of the Don Nicolas project.
* Pre-feasibility report on Don Nicolas project expected during October.
* Phase III drilling programme at Don Nicolas project set to commence.
* Joint ventures concluded on South Estelle project, Alaska and Sumidouro
Dome project, Brazil.
ABOUT HIDEFIELD
Hidefield is a gold company with a focus on the acquisition and development of
highly prospective projects in North and South America. The Company has a
diverse portfolio of projects. In South America and Alaska the projects are
directly held by Hidefield, while those projects in Canada, Nevada and Arizona
are held in independent, self-funded associate companies.
Hidefield's substantial direct gold project interests are principally in
Argentina where the Company is actively exploring the advanced stage Don
Nicolas gold project in Santa Cruz Province with a mineral resource estimate of
1,214,000 tonnes at 7.7 gpt gold containing 301,600 ounces of gold using a high
grade cut of 90 gpt gold (383,400 ounces gold at 9.8 gpt without high grade cut
off).
The Company is exploring an extensive portfolio of gold exploration licenses in
the Patagonian provinces of Santa Cruz and Chubut, Argentina while in Brazil
the Company's activities are focused on the evaluation of the advanced stage
Cata Preta gold project near the historic city of Ouro Preto in the productive
Quadrilatero Ferrifero region of Minas Gerais state.
In Alaska Hidefield has a 60% interest in the Golden Zone and South Estelle
mineral projects and an option to earn up to 100% interest, subject to a 2.5%
NSR, by making a series of staged cash, share and property expenditures. The
Golden Zone property is located 240 km north of Anchorage and contains a
measured and indicated resource of approximately 253,000 ounces of gold,
1,180,000 ounces of silver and 6,114,000 pounds of copper. The South Estelle
property, now in a joint venture with International Tower Hill Mines Ltd, is
located approximately 175 km northwest of Anchorage and 230 km southwest of the
Golden Zone project and adjoins Kennecott's Whistler copper-gold property.
For more information on Hidefield go to www.hidefieldgold.com
For further information on this release, please contact:
Hidefield Gold Plc + 44 773 300 1002
Ken Judge, Chairman + 44 20 7590 5503
Investor Relations
Paul Ensor
Hanson Westhouse Limited (Nomad) + 44 113 246 2610
Tim Feather / Matthew Johnson
Landsbanki Securities (UK) Ltd (Broker) + 44 20 7426 9000
Tom Hulme
Executive Chairman's Statement
I am pleased to report to you on the progress your Company made during 2007 to
date and provide the interim accounts for the six months ended on 30 June.
With effect from 1 January 2007, Hidefield made the transition to preparing
financial statements in accordance with the International Financial Reporting
Standards ("IFRS") as adopted by the European Union. Accordingly, these interim
accounts reflect assumptions made by your Board about the Standards and
Interpretations expected to be effective, and the policies expected to be
adopted, when the Company issues its first complete set of IFRS financial
statements for the group for the year ending 31 December 2007.
The unaudited results of our activities and transactions completed during the
period under review and ended 30 June 2007 reflect a significant increase in
our activities in Argentina and consequently resulted in a loss before taxation
of �730,732 (2006: �638,155).
Argentina
During the first six months of 2007, the Company continued with important
exploration activities at its flagship project in Santa Cruz province,
Argentina which has recently been renamed the "Don Nicolas" project in honour
of Senor Nicolas Urricelqui, the former owner of the La Paloma Estancia, one of
three large ranches totalling approximately 70,000 hectares that the Company
now owns as freehold land covering a significant portion of the areas held
under exploration licence. Senor Urricelqui is a lifetime resident of the
region, a prominent and much respected local citizen and enthusiastic supporter
of the Company's activities in the region.
In parallel with this activity the Company pressed ahead with work in
connection with the finalisation of the Company's pre-feasibility study for the
Don Nicolas project. I am pleased to confirm that the pre-feasibility report
should be finalised in October following our recent receipt of the mineral
resource estimate on the project.
This mineral resource estimate confirmed that drilling to date has demonstrated
a mineral resource of 1,214,000 tonnes at 7.7 gpt gold containing 301,600
ounces of gold, which was estimated using a high grade cut of 90 gpt gold. The
mineral resource estimate was carried out for the Company by Resource
Evaluations Pty. Ltd. of Perth, Australia, an independent consultant engaged
for the purpose of completing the report, and was prepared in compliance with
the Australasian Code for Reporting of Mineral Resources by the Joint Ore
Reserves Committee ("JORC").
The mineral resource estimate comprised Indicated and Inferred categories
distributed among six vein sets all located in the La Paloma and Martinetas
sectors of the Don Nicolas project area. If no high grade cut is applied, the
grade of mineral resource estimate increases to 9.8 gpt gold and contains
383,400 ounces gold.
Argentina is now the principal focus of the Company's direct exploration
activity, which generally has been designed to increase gold resources and
prepare for pre-development activities on the Don Nicolas project. The assay
results we have received to date, and for the most part now published in recent
stock exchange releases, have clearly added significantly to the estimated
resources on these properties at the time of acquisition.
With the recent announcement of our third drilling programme, which is soon to
commence, we are optimistic that we will continue to increase the resource
estimate for this project and move closer to achieving our objective of
building a profitable mine.
Brazil and Alaska
As a consequence of our focus on activities in Argentina, we have sought to
extract value from our projects in Brazil and Alaska. I am pleased to report
that we have made considerable progress in achieving this objective with joint
ventures now secured on the Sumidouro Dome project in Brazil and the South
Estelle project in Alaska. These joint ventures have already enabled us to
release personnel and financial resources that we have applied in advancing the
Don Nicolas project in Argentina.
We are also progressing discussions over possible joint ventures on the Cata
Preta project in Brazil and on the Golden Zone project in Alaska and are
optimistic that we will successfully conclude important joint ventures on these
advanced stage projects.
The Board is very encouraged by the considerable progress we have made in
building shareholder value through our recent exploration activities in
Argentina and our corporate initiatives through joint ventures in Brazil and
Alaska. None of this could be achieved without the significant effort of my
colleagues on the Board, our talented associates and employees in North and
South America and the continued support of our shareholders who have provided
us with the resources to invest in the activities reflected in this statement.
This support included approximately �2 million in new equity which we raised
during the first quarter of the year from existing and new shareholders with
the assistance of our brokers, Landsbanki Securities (UK) Limited. As in the
past, we have gone on to supplement our financial resources with the sale of
our investment in Latin American Minerals Inc. which resulted in proceeds in
the period under review of �208,823 representing a profit of �150,576 on our
original modest investment.
On behalf of the Board I wish to thank all of our people and our shareholders
for their continued efforts and support and look forward with optimism to
reporting to you at the year end on further drilling results from Argentina and
the results of the pre-feasibility study expected early in the fourth quarter.
Kenneth P Judge
Chairman
27 September 2007
Hidefield Gold Plc
Consolidated income statement for the six months ended 30 June 2007
__________________________________________________________________________________________
6 months 6 months Year ended
ended ended
30 June 30 June 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Unaudited)
� � �
Provision for diminution in value of - - (955,602)
mineral rights
Exploration expenses (45,954) (430) (48,329)
Administrative expenses (628,652) (605,065) (1,037,790)
____________ ____________ ____________
Loss from operations (674,606) (605,495) (2,041,721)
Share of operating loss in associates (118,232) (146,071) (301,509)
Gain/(loss) on deemed disposal re 20,167 60,681 73,436
associates
Loss on deemed disposal of financial - (37,719) (37,719)
assets
Surplus on revaluation of financial - 68,841 67,862
assets
Profit on sale of financial assets 26,313 - 14,085
Finance income 15,626 21,608 48,453
____________ ____________ ____________
Loss before taxation (730,732) (638,155) (2,177,113)
Taxation expense - - -
____________ ____________ ____________
Loss for the financial period (730,732) (638,155) (2,117,113)
____________ ____________ ____________
Loss per ordinary share - basic and (0.28p) (0.35p) (1.01p)
diluted
____________ ____________ ____________
All amounts included above relate to continued operations
Consolidated balance sheet at 30 June 2007
__________________________________________________________________________________________
At 30 June At 30 June At 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Unaudited)
� � �
Non-current assets
Property, plant and equipment 251,364 94,272 268,805
Mineral rights 6,617,779 5,492,510 6,532,761
Investments in associates 2,205,163 2,353,002 2,235,035
Financial assets 10,540 391,796 194,583
____________ ____________ ____________
9,084,846 8,331,580 9,231,184
Current assets
Trade and other receivables 802,467 729,084 1,077,485
Cash and cash equivalents 1,686,204 2,254,169 344,164
____________ ____________ ____________
2,488,671 2,983,253 1,421,649
____________ ____________ ____________
Total assets 11,573,517 11,314,833 10,652,833
____________ ____________ ____________
Current liabilities
Trade and other payables 418,276 465,419 657,188
____________ ____________ ____________
Total liabilities 418,276 465,419 657,188
____________ ____________ ____________
____________ ____________ ____________
Net assets 11,155,241 10,849,414 9,995,645
____________ ____________ ____________
Capital and reserves
Share capital 2,754,773 2,322,121 2,447,121
Shares to be issued - 150,000 -
Share premium account 12,345,263 10,591,297 10,675,940
Other reserves 3,538,720 2,568,996 3,426,885
Foreign currency translation (951,456) (520,633) (752,975)
reserve
Deficit (6,532,059) (4,262,367) (5,801,326)
____________ ____________ ____________
Total equity 11,155,241 10,849,414 9,995,645
____________ ____________ ____________
Consolidated cash flow statement for the six months ended 30 June 2007
__________________________________________________________________________________________
6 months 6 months Year ended
ended ended
30 June 30 June 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Unaudited)
� � �
Cash flows from operating activities
Loss from operations (674,606) (605,495) (2,041,721)
Depreciation 9,969 1,169 10,062
Provision for impairment - - 955,602
Share based payment costs 42,864 18,407 63,400
Directors remuneration paid by issue 2,940 2,813 2,813
of shares
Exchange differences (4,385) 5,642 (61,830)
____________ ____________ ____________
Operating loss before changes in (623,218) (577,464) 1,071,674
working capital
Decrease (increase) in debtors 238,980 (479,070) (672,763)
(Decrease) increase in creditors (223,042) 87,265 183,586
____________ ____________ ____________
Net cash outflow from operations (607,280) (969,269) (1,560,851)
____________ ____________ ____________
Cash flows from investing activities
Acquisition of property, plant and (1,531) - (205,643)
equipment
Acquisition of associate investments (112,742) (407,386) (407,416)
Acquisition of subsidiary (net of - (581,879) (581,879)
cash acquired)
Acquisition of financial assets - - (13,499)
Interest received 15,626 21,608 48,453
Mineral rights acquisition and (181,372) (438,346) (1,849,604)
development
Sale of financial assets 208,823 - 211,170
Sale of property, plant and equipment - - 376
____________ ____________ ____________
Net cash outflow used in investing (71,196) (1,406,003) (2,798,042)
activities
____________ ____________ ____________
Cash flows from financing activities
Issue of ordinary shares 2,130,000 4,051,251 4,051,250
Capital raising costs (85,464) (201,352) (201,352)
____________ ____________ ____________
Net cash inflow from financing 2,044,536 3,849,899 3,849,899
activities
____________ ____________ ____________
Net increase/(decrease) in cash 1,366,060 1,474,627 (508,994)
Cash at start of period 344,164 980,445 980,445
Effect of exchange rate changes on (24,020) (200,903) (127,286)
cash
____________ ____________ ____________
Cash at end of period 1,686,204 2,254,169 344,164
____________ ____________ ____________
Consolidated statement of recognised income and expense for the six months
ended 30 June 2007
__________________________________________________________________________________________
6 months 6 months Year ended
ended
ended
30 June 30 June 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Unaudited)
� � �
Exchange translation differences (198,481) (136,239) (368,581)
on consolidation of Group
entities
Deficit on revaluation of (1,532) (17,646) (16,950)
financial assets
____________ ____________ ____________
Income and expense recognised (200,013) (153,885) (385,531)
directly in equity
Loss for the financial period (730,732) (638,155) (2,177,113)
____________ ____________ ____________
Total recognised income and (930,745) (792,040) (2,562,644)
expense for the financial period
____________ ____________ ____________
Consolidated statement of changes in equity for the six months ended 30 June
2007
__________________________________________________________________________________________
6 months 6 months Year ended
ended ended
30 June 30 June 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Unaudited)
� � �
Opening balance as restated 9,995,645 4,916,753 4,916,753
Total recognised loss for the period (930,745) (792,040) (2,562,644)
Issue of shares 2,059,492 6,820,501 7,630,144
Share issue costs (85,463) (201,352) (201,352)
Issue of warrants 73,448 87,144 149,344
Employee share options charged to 42,864 18,408 63,400
income statement
____________ ____________ ____________
Closing balance 11,155,241 10,849,414 9,995,645
____________ ____________ ____________
Notes forming part of the interim report for the six months ended 30 June 2007
1. Accounting policies
Accounting policies adopted under IFRS
These interim financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the European Union
("IFRS").
The basis of preparation and accounting policies used in preparing the interim
accounts for the six months ended 30 June 2007 are set out below. The basis of
preparation describes how IFRS has been applied under IFRS 1, the assumptions
made by the Group about the Standards and Interpretations expected to be
effective, and the policies expected to be adopted, when the Group issues its
first complete set of IFRS financial statements for the year ending 31 December
2007.
Basis of preparation
The financial information for the six months ended 30 June 2007, six months
ended 30 June 2006 and the year ended 31 December 2006 is unaudited and within
the meaning of section 240 of the Companies Act 1985, such accounts do not
constitute full statutory accounts of the Company.
The accounting policies which follow set out those policies which are expected
to apply in preparing the financial statements for the year ended 31 December
2007. These policies have been followed in producing these interim statements.
The financial statements are presented in Great British Pounds (`GBP') and all
values are rounded to the nearest pound (�) except when otherwise indicated.
The financial statements have been prepared under the historical cost
convention, except for financial assets, which are carried at fair value.
The comparative figures for the year ended 31 December 2006 are not the
statutory financial statements of the Group for that financial period. Those
financial statements, which were prepared under UK Generally Accepted
Accounting Principles, have been reported on by the Company's auditors and
delivered to the Registrar of Companies. The report of the auditors was
unqualified, did not include references to any matters to which the auditors
drew attention by way of emphasis without qualifying their report and did not
contain statements under section 237(2) or (3) of the Companies Act 1985.
Significant accounting policies
The accounting policies adopted in the preparation of the interim financial
statements will be consistent with those that will be followed in the
preparation of the Company's annual financial statements for the year ending 31
December 2007, including the adoption of the following amendments mandatory for
annual periods beginning on or after 1 January 2007:
International Accounting Standards (IAS/IFRS) Effective date
IFRS 7 - Financial Instruments 1 January 2007
IAS 1 - Amendment - Presentation of financial 1 January 2007
statements:
capital disclosures
International Financial Reporting Interpretations Effective date
Committee (IFRIC)
IFRIC 7 - Applying the restatement approach under 1 January 2007
IAS 29,
`Financial reporting in hyperinflationary
economies'
IFRIC 8 - Scope of IFRS 2 (Share Based Payments) 1 January 2007
IFRIC 9 - Reassessment of embedded derivatives 1 January 2007
IFRIC 10 - Interim financial reporting and 1 January 2007
impairment
The adoption of these amendments did not affect the Company's results of
operations or financial positions.
The IASB and IFRIC have issued the following standards, amendments and
interpretations which are effective for reporting periods beginning after the
date of these financial statements:
International Accounting Standards (IAS/IFRS) Effective date
IAS 23 - Amendment - Borrowing costs 1 January 2009
IFRS 8 - Operating segments 1 January 2009
IAS 1 Amendment - presentation of financial 1 January 2009
statements: a revised presentation
International Financial Reporting Interpretations Effective date
Committee (IFRIC)
IFRIC 11 - (IFRS 2) Group and treasury share 1 January 2008
transactions
IFRIC 12 - Service concession arrangements 1 January 2008
IFRIC 13 - Customer loyalty programmes 1 January 2009
IFRIC 14 - (IAS 19) The limit on a defined benefit 1 January 2008
asset, minimum funding requirements and
their interaction
The Company is evaluating the impact of the above pronouncements but they are
not expected to be material to the Company's earnings or to shareholders'
funds.
2 Loss per share
The basic loss per share is calculated on the loss attributable to shareholders
of the Company and on ordinary shares being the weighted average number of
ordinary shares in issue during the period. The diluted earnings per share is
calculated on the loss attributable to equity shareholders and on the weighted
average diluted number of ordinary shares during the period.
Six months Six months Year ended
to 30 June to 30 June 31 December
2007 2006 2006
(Loss) per share - basic and diluted (0.28p) (0.35p) (1.01p)
� � �
(Loss) attributable to equity (730,732) (638,155) (2,177,113)
shareholders
Weighted average number of ordinary 264,395,796 183,874,717 210,637,270
shares at period end
There were no potential dilutive shares in issue during any of the above
periods.
3 Transition to IFRS
The financial information for the six months ended 30 June 2006, the year ended
31 December 2006 and the opening balance sheet at 1 January 2006 have been
prepared in accordance with International Financial Reporting Standards (IFRS)
for the first time.
The Company's transition date to IFRS is 1 January 2006. The rules for
first-time adoption of IFRS are set out in IFRS 1 `First time adoption of
international reporting standards'. In preparing the IFRS financial
information, these transition rules have been applied to the amounts reported
previously under generally accepted accounting principles in the United Kingdom
(`UK GAAP'). IFRS 1 generally requires full retrospective application of the
Standards and Interpretations in force at the first reporting date. However,
IFRS 1 allows certain exemptions in the application of particular Standards to
prior periods in order to assist companies with the transition process.
i) Changes in presentation of financial information:
* IAS 1: The form and presentation of the UK GAAP financial statements has
been changed to be compliant with IAS 1.
* IAS 16: `Tangible Fixed Assets' has been renamed `Property, Plant &
Equipment'
* IAS 7: Cash flows under IFRS are presented within the Cash Flow Statement
under three main headings: cash flows from operating activities, from
investing activities and from financing activities. This has led to some
presentational changes compared to UK GAAP. There is no change to the net
movement of cash and cash equivalents.
ii) Changes in accounting policies:
* IAS 12: Under UK GAAP, deferred tax was recognised on the basis of timing
differences (subject to certain exemptions). Under IAS 12, deferred tax is
recognised on the basis of taxable temporary difference (subject to certain
exceptions). Temporary differences include all timing differences and many
permanent differences. This change has had no effect on any of the figures
reported herein.
* Under IAS 39 the trade investments which are deemed to be held for short
term gain are fair valued through the profit and loss account as opposed to
being held at historical cost under UK GAAP. The change arising from the
adoption of IAS 39 are included in the restatements for IFRS which follow.
* Those trade investments which are not held for short term gain and are
categorised as an "available-for-sale" financial asset are restated at fair
value on the balance sheet date as opposed to being held at historical cost
under UK GAAP. The gain on revaluing the asset is held under a `Financial
Asset revaluation reserve' in Capital and Reserves. The changes arising are
included in the restatements for IFRS which follow.
* Under IAS 21, Foreign exchange translation differences on overseas
operations that previously had gone to retained earnings / (deficit) under
UK GAAP now have to be shown as a separate component of equity (currency
translation reserve). The change arising from the adoption of IAS 21 are
included in the restatements for IFRS which follow.
* The Group has chosen to adopt IFRS 3 prospectively from the date of
transition and not restate historic business combinations from before this
date. Business combinations from the date of transition are accounted for
under IFRS 3 using the purchase method.
iii) Reconciliation of UK GAAP to IFRS:
* For the period ended 30 June 2006 and the year ended 31 December 2006 there
are differences between the income statement and balance sheet amounts
reported under UK GAAP and IFRS as noted on the following pages. There are
also differences under UK GAAP and IFRS for the opening balance sheet on
transition (as at 1 January 2006). There is no monetary impact on the cash
flow statement due to the adoption of IFRS for these above periods, nor to
the restatement in the previously reported UK GAAP figures for the six
months ended 30 June 2006 as detailed in note 4.
Consolidated financial information for the six months ended 30 June 2006
__________________________________________________________________________________________
As Restate Restated Restate IFRS
originally
per note 4 UK GAAP for IFRS �
Reported
� � �
�
Balance sheet
Non-current assets
Property, plant and 94,272 - 94,272 - 94,272
equipment
Mineral rights 5,355,453 137,057 5,492,510 - 5,492,510
Investments in 2,292,321 60,681 2,353,002 - 2,353,002
associates
Financial assets 141,393 - 141,393 250,403 391,796
____________ ____________ ____________ ____________ ____________
7,883,439 197,738 8,081,177 250,403 8,331,580
Current assets
Trade and other 484,858 244,226 729,084 - 729,084
receivables
Cash and cash 2,254,169 - 2,254,169 - 2,254,169
equivalents
____________ ____________ ____________ ____________ ____________
Total assets 10,622,466 441,964 11,064,430 250,403 11,314,833
____________ ____________ ____________ ____________ ____________
Current liabilities
Trade and other (221,193) (244,226) (465,419) - (465,419)
payables
____________ ____________ ____________ ____________ ____________
Total liabilities (221,193) (244,226) (465,419) - (465,419)
____________ ____________ ____________ ____________ ____________
____________ ____________ ____________ ____________ ____________
Net assets 10,401,273 197,738 10,599,011 250,403 10,849,414
____________ ____________ ____________ ____________ ____________
Capital and reserves
Share capital 2,322,121 - 2,322,121 - 2,322,121
Shares to be issued 150,000 - 150,000 - 150,000
Share premium account 12,996,663 (2,405,366) 10,591,297 - 10,591,297
Other reserves - 2,563,070 2,563,070 5,926 2,568,996
Foreign currency - - - (520,633) (520,633)
translation reserve
Deficit (5,067,511) 40,034 (5,027,477) 765,110 (4,262,367)
____________ ____________ ____________ ____________ ____________
Total equity 10,401,273 197,738 10,599,011 250,403 10,849,414
____________ ____________ ____________ ____________ ____________
Consolidated financial information for the six months ended 30 June 2006
__________________________________________________________________________________________
As Restate Restated Restate IFRS
originally
per note 4 UK GAAP for IFRS �
reported
� � �
�
Income statement
Exploration expenses (430) - (430) - (430)
Administrative (586,658) (18,407) (605,065) - (605,065)
expenses
____________ ____________ ____________ ____________ ____________
Loss from operations (587,088) (18,407) (605,495) - (605,495)
Share of operating (146,071) - (146,071) - (146,071)
loss in associates
Gain on deemed - 60,681 60,681 - 60,681
disposal re associates
Gain/(loss) on deemed - 49,913 49,913 (87,632) (37,719)
disposal re financial
assets
Surplus on revaluation - - - 68,841 68,841
of financial assets
Finance income 21,608 - 21,608 - 21,608
____________ ____________ ____________ ____________ ____________
Loss before taxation (711,551) 92,187 (619,364) (18,791) (638,155)
Taxation expense - - - - -
____________ ____________ ____________ ____________ ____________
Loss after taxation (711,551) 92,187 (619,364) (18,791) (638,155)
____________ ____________ ____________ ____________ ____________
Loss per ordinary (0.39p) (0.34p) (0.35p)
share - basic and
diluted
____________ ____________ ____________
Consolidated financial information for the year ended 31 December 2006
__________________________________________________________________________________________
UK GAAP Restate for IFRS
IFRS
� �
�
Balance sheet
Non-current assets
Property, plant and equipment 268,805 - 268,805
Mineral rights 6,532,761 - 6,532,761
Investments in associates 2,235,035 - 2,235,035
Financial assets 63,698 130,885 194,583
____________ ____________ ____________
9,100,299 130,885 9,231,184
Current assets
Trade and other receivables 1,077,485 - 1,077,485
Cash and cash equivalents 344,164 - 344,164
____________ ____________ ____________
Total assets 10,521,948 130,885 10,652,833
____________ ____________ ____________
Current liabilities
Trade and other payables (657,188) - (657,188)
____________ ____________ ____________
Total liabilities (657,188) - (657,188)
____________ ____________ ____________
____________ ____________ ____________
Net assets 9,864,760 130,885 9,995,645
____________ ____________ ____________
Capital and reserves
Share capital 2,447,121 - 2,447,121
Share premium account 10,675,940 - 10,675,940
Other reserves 3,420,263 6,622 3,426,885
Foreign currency translation reserve - (752,975) (752,975)
Deficit (6,687,564) 877,238 (5,801,326)
____________ ____________ ____________
Total equity 9,864,760 130,885 9,995,645
____________ ____________ ____________
Restate
UK GAAP for IFRS IFRS
� � �
Consolidated financial information for the year ended 31 December 2006
__________________________________________________________________________________________
UK GAAP Restate for IFRS
IFRS
� �
�
Income statement
Provision for diminution in value of (955,602) - (955,602)
mineral rights
Exploration expenses (48,329) - (48,329)
Administrative expenses (1,037,790) - (1,037,790)
____________ ____________ ____________
Loss from operations (2,041,721) - (2,041,721)
Share of operating loss in (301,509) - (301,509)
associates
Gain on deemed disposal re 73,436 - 73,436
associates
Gain/(loss) on deemed disposal re 49,913 (87,632) (37,719)
financial assets
Surplus on revaluation of financial - 67,862 67,862
assets
Profit/(loss) on sale of financial 133,320 (119,235) 14,085
assets
Finance income 48,453 - 48,453
____________ ____________ ____________
Loss before taxation (2,038,108) (139,005) (2,177,113)
Taxation expense - - -
____________ ____________ ____________
Loss after taxation (2,038,108) (139,005) (2,177,113)
____________ ____________ ____________
Loss per ordinary share - basic and (0.97p) (1.01p)
diluted
____________ ____________
Consolidated financial information for the year ended 31 December 2006
__________________________________________________________________________________________
UK GAAP Restate for IFRS
IFRS
� �
�
Balance sheet
Non-current assets
Mineral rights 1,368,780 - 1,368780
Investments in associates 2,055,720 - 2,055,720
Financial assets 353,108 286,840 639,948
____________ ____________ ____________
3,777,608 286,840 4,064,448
Current assets
Trade and other receivables 250,014 - 250,014
Cash and cash equivalents 980,445 - 980,445
____________ ____________ ____________
Total assets 5,008,067 286,840 5,294,907
____________ ____________ ____________
Current liabilities
Trade and other payables (378,154) - (378,154)
____________ ____________ ____________
Total liabilities (378,154) - (378,154)
____________ ____________ ____________
____________ ____________ ____________
Net assets 4,629,913 286,840 4,916,753
____________ ____________ ____________
Capital and reserves
Share capital 1,524,488 - 1,524,488
Shares to be issued 150,000 - 150,000
Share premium account 7,175,147 - 7,175,147
Other reserves 52,153 23,572 75,725
Foreign currency translation reserve - (384,394) (384,394)
Deficit (4,271,875) 647,662 (3,624,213)
____________ ____________ ____________
Total equity 4,629,913 286,840 4,916,753
____________ ____________ ____________
Restate
UK GAAP for IFRS IFRS
� � �
4 Restatement of reported figures for 6 months to 30 June 2006
The following adjustments have been made to the figures previously reported for
the six months ended 30 June 2006:
Adjustments to the consolidatedincome statement
a) A gain of �49,913 on the deemed disposal of the groups' investment of Piper
Capital Inc has been included.
b) A gain of �60,681 on the deemed disposal re associates has been included.
c. An amount of �18,407 has been charged to administrative expenses in respect
of an increase in personnel costs regarding share options, following the
adoption of FRS20.
Adjustments to the consolidated balance sheet
d) �49,913 has been added to the cost of mineral rights, relating to the fair
valuing of Piper Capital shares on the purchase of Hidefield Gold (Alaska) Inc
(see note a) above).
e) �60,681 has been added to the investment in associates relating to the
deemed disposal included following the change in the group's interest in the
associates.
f) During 2005, an amount of �244,266, equivalent to Cdn$500,000 was withheld
by the purchaser of the Group's mineral properties at Groundhog and Trefi, in
relation to potential tax on the sale. This amount was written off as taxation
in the 2005 accounts. In addition, however, the balance sheet should have shown
a debtor for the amount due to be received and a creditor for the taxation
payable. The debtor and creditor have now been included in the restated
figures.
g) �87,144 has been added to the cost of mineral rights, relating to the
inclusion of the valuation of warrants issued to the vendor, following the
adoption of FRS20. The value of �87,144 has been credited to the warrant
reserve (included within reserves).
h) �70,560 has been credited to the share option reserve (included within other
reserves) following the adoption of FRS20, with a corresponding charge to the
profit and loss account, �52,153 in respect of previous periods and �18,407 for
the period under review (see note c) above).
i) �2,405,366 has been transferred out of share premium account and into a
merger reserve, which is included in other reserves, relating to the premium on
the issue of shares for the acquisition of Hidefield Argentina SA and Hidefield
Gold (Alaska) Inc.
END
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