Interim Results
02 March 2004 - 6:00PM
UK Regulatory
RNS Number:9830V
Marakand Minerals Limited
02 March 2004
Interim Results for the six months ended 31 December 2003
Highlights for the period
* Name changed from Oxus Minerals Corporation Limited to Marakand
Minerals Limited in October 2003
* Private placement in October 2003 raised #4.0 million for feasibility
study and pre-construction activities
* Company successfully listed on AIM in December 2003 (MKD.L) (MKDW.L)
* Work on finalizing updated feasibility studyunderway
Corporate and Operating Activities
This review period saw significant developments for Marakand Minerals Limited
("Marakand" or "the Company"). With the appointment of a dedicated management
team, a renaming of the Company and a flotation on AIM, Marakand is now fully
focussed on the development of its Khandiza polymetallic project, which
management believe will prove to be a world-class asset.
Through a private placement in October 2003, Marakand raised #4.0 million
primarily to fund the completion of the feasibility study and pre-construction
activities on the Khandiza project.
Financial Results
Costs incurred in confirming the title to the development property have been
capitalised. All other costs, including flotation and establishment costs, have
been taken to the profit and loss account. The Company's utilisation of cash is
within budget.
The Company has undertaken to report its results in United States dollars.
Outlook
Marakand will continue to make steady and consistent progress on the technical
and commercial aspects of the Khandiza project. It is intended that this will be
completed by the end of June 2004, following which financing options for the
project will be aggressively pursued. Commencement of initial infrastructure for
the project is anticipated during the fourth quarter of 2004.
An exploration program for other targets within the Marakand license areas is
being developed for 2004.
Profit and Loss Account
For the six months to 31 December 2003
Unaudited Audited
6 months to 12 months to
31.12.03 30.06.03
US$ US$
Turnover 0 0
Administration expenses (949,025) (7,510)
-------------------------- --------- ---------
Operating loss (949,025) (7,510)
Net interest receivable / (payable): 7,767 0
-------------------------- --------- ---------
Loss on ordinary activities before taxation (941,258) (7,510)
Tax on loss on ordinary activities 0 0
-------------------------- --------- ---------
Loss on ordinary activities after taxation (941,258) (7,510)
Retained loss for the period (941,258) (7,510)
-------------------------- --------- ---------
Loss per share
- basic (per share cents) (2.31) (0.76)
-------------------------- --------- ---------
- diluted (per share cents) (2.30) (0.76)
-------------------------- --------- ---------
Balance Sheet
At 31 December 2003
Unaudited Audited
31.12.03 30.06.03
US$ US$
Fixed assets
Exploration and evaluation properties 28,590,357 0
-------------------------- --------- ---------
Total fixed assets 28,590,357 0
Current assets
Debtors 97,137 1,540
Share capital outstanding 58,820 0
Cash at bank and in hand 6,180,019 0
-------------------------- --------- ---------
6,335,976 1,540
Creditors - Amounts falling due within one year (588,680) 0
-------------------------- --------- ---------
Net current assets / (liabilities) 5,747,296 1,540
-------------------------- --------- ---------
Net assets 34,337,653 1,540
-------------------------- --------- ---------
Capital and reserves
Called up share capital 1,780,371 16,502
Share premium account 33,513,502 0
Profit and loss account (956,220) (14,962)
-------------------------- --------- ---------
Total shareholders' funds 34,337,653 1,540
-------------------------- --------- ---------
Notes
1. This Interim Statement for the six months ended 31 December 2003 is
unaudited and was approved by the directors on 27th February 2004. The
financial information set out does not constitute statutory accounts within
the meaning of Section 240 of the Companies Act 1985.
2. No dividends were paid or proposed in respect of the six months ended 31
December 2003.
3. The Group's accounting policies remain as stated in the Company's AIM
admission document dated 4 December 2003.
4. To facilitate comparison the loss per share at 30 June 2003 is reported net
of the 1:100 stock split in October 2003.
Cash Flow Statement
For the six months to 31 December 2003
Unaudited Audited
6 months to 12 months to
31.12.03 30.06.03
US$ US$
Net cash outflow from operating (455,942) -
activities
Returns on investments and
servicing of finance
Interest received 7,767 -
------------------------------- ---- --------- ---------
Net cash outflow from returns
on investments 7,767 -
and servicing of finance
Taxation - -
Capital expenditure and
financial investment
Exploration and evaluation (134,357) -
expenditure ---- --------- ---------
-------------------------------
Net cash outflow for capital
expenditure and (134,357) -
financial investment
------------------------------- ---- --------- ---------
Net cash outflow before use of
liquid (582,532) -
resources and financing
Financing
Issue of ordinary share capital 6,762,551 -
Expenses of share issues - -
------------------------------- ---- --------- ---------
Net cash inflow from financing 6,762,551 -
------------------------------- ---- --------- ---------
Increase in cash 6,180,019 -
------------------------------- ---- --------- ---------
Reconciliation to net cash
Net cash at 1 July 0 -
Increase in net funds from cash 6,180,019 -
flows ---- --------- ---------
-------------------------------
Net cash at end of period 6,180,019 -
------------------------------- ---- --------- ---------
Reconciliation of operating loss to net cash flow
from operating activities
Operating loss (949,025) (7,510)
Depreciation 0 -
(Increase)/decrease in debtors (95,467) 7,510
and prepayments
Increase / ( decrease) in
creditors and 588,680 -
accruals ---- --------- ---------
-------------------------------
Net cash outflow from operating (455,942) -
activities ---- --------- ---------
-------------------------------
Reconciliation of Movements in Group Shareholders' Funds
For the six months to 31 December 2003
Unaudited Audited
6 months to 12 months to
31.12.03 30.06.03
US$ US$
Loss for the period (941,258) (7,510)
Net proceeds of ordinary shares issued 35,277,371 -
------------------------------- --------- ---------
Net change in shareholders' funds 34,336,113 (7,510)
Shareholders' funds as at 1 July 1,540 9,050
------------------------------- --------- ---------
Shareholders' funds at end of period 34,337,653 1,540
------------------------------- --------- ---------
CORPORATE DETAILS:
Company: Marakand Minerals Limited
Registered Office:
Richmond House, St Julian's Avenue, St Peter Port,
Guernsey,
GY1 3YS, Channel Islands
Correspondence:
c/o Oxus Gold plc, 105 Piccadilly, London, W1J 7NJ, United
Kingdom
Email: admin@marakand.co.uk
Web: www.marakand.co.uk
Board of Directors: William Trew - Non-executive Chairman
Alasdair Stuart - Chief Executive Officer
William Charter - Executive Director
Richard Shead - Non-executive Director
Richard Robinson - Non-executive Director
Company Secretary: Scorpio Secretarial Services Limited
Richmond House, St Julian's Avenue, St Peter Port,
Guernsey,
GY1 3YS, Channel Islands
Assistant Co Richard Wilkins
Secretary: 105 Piccadilly, London, W1J 7NJ, United Kingdom
Nominated Adviser Williams de Broe Plc
and Broker: 6 Broadgate, London, EC2M 2RP, United Kingdom
Phone: +44 (0)20 7588 7511
Auditors: BDO (Isle of Man)
9 Myrtle Street, Douglas, Isle of Man,IM1 1ED, British
Isles
Registrars: Capita IRG (CI) Limited
2nd Floor, TSB House, Le Truchot, St Peter Port, Guernsey,
GY1 4A,
Channel Islands
UKTransfer Agent: Capita Registrars
The Registry, 34 Beckenham Road, Beckenham, Kent, BR3
4TU,
United Kingdom
This information is provided by RNS
The company news service from the London Stock Exchange
END
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