- Release Date: 30/05/12 15:46
- Summary: FLLYR: NTL: Full Year Preliminary Final
- Price Sensitive: No
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NTL 30/05/2012 13:46 FLLYR REL: 1346 HRS New Talisman Gold Mines Limited FLLYR: NTL: Full Year Preliminary Final FOR IMMEDIATE RELEASE RESULTS FOR ANNOUNCEMENT TO THE MARKET - NTL Full Year Preliminary Announcement Reporting period 12 months to 31 March 2012 Previous reporting period 12 months to 31 March 2011 Amount ($); percentage change Revenue from ordinary activities 33,687; 74,100 - 55% Loss from ordinary activities after tax attributable to members of the listed issuer 851,799; 851,291; + 0.006% No dividend attributed to this period EXPLORATION ACTIVITY In the year to 31 March 2012 the company continued its exploration work in several areas, including overseas projects. Near the end of the year the decision was made by the board to focus the company's efforts on the development of the Talisman gold project in the Hauraki gold field, New Zealand. Talisman Gold Project (New Zealand) Following advanced joint venture discussions with other parties the previous Scoping Study was reviewed and updated. The independent report showed a potentially very robust and highly profitable project, with an NPV of over A$150 million at 7.5% discount rate, subject to several assumptions. Joint venture discussions were terminated by the board and the company elected to proceed with the project. Surface sampling results at Taukani Hill adjacent to the mine were very encouraging and suggested the possibility of additional underground resources for medium term development. Similarly, a CSAMT survey on the Rahu permit pointed to the likelihood of feeder veins at depth that may be mineralised, with the possibility of longer term resource potential for the project. Golden Valley (New Zealand) Golden Valley results were encouraging and possible gold/silver drilling targets have been identified. Base Metals (Northland, New Zealand) Processing of the company's exploration permit application for Base metals and gold continued. Overseas Prospects The company lodged an exploration licence application for precious and base metals in Papua New Guinea. Discussions progressed for the acquisition or joint venture of a Mongolian gold project with an established resource. The company has since withdrawn from the Papua New Guinea and Mongolia interests. Thackaringa Cobalt Project (New South Wales, Australia) The company holds a 21.7% interest in Broken Hill Prospecting Limited (BHPL) which owns the project. Extensive drilling by BHPL over the year increased the length and width of the known cobalt-bearing zones which remain open along strike and at depth. A new estimate after the end of the period was expected to increase substantially the existing resource figures. FINANCIAL RESULTS Tenement expenditure was $419,016 compared to $376,330 in the previous reporting period; exploration expenditure written off during the current period was $40,693 compared to $385,479 in the previous reporting period. Overhead expenditure for the reporting period was 15% more than in the previous reporting period largely due to recruitment expenditure. At the end of the year the Company had a cash balance of $346,921. LOOKING AHEAD Restructuring of Company Shortly after the end of the period the board confirmed that Heritage Gold NZ Ltd would be renamed New Talisman Gold Mines Ltd, non-core assets would be transferred to wholly owned subsidiary Coromandel Gold Ltd, the boards of both companies would be restructured, and all overseas projects were terminated. The decisions made will give New Talisman Gold Mines a strong Talisman Gold Project focus, with a new Executive Director appointed to manage the mine development. The new board is confident about the development of the Talisman mine and is setting a time frame to production. Ongoing Activity A pre-feasibly study to run through the rest of 2012 is now underway. This study is considering different options for each of the main aspects of the project. A high regard for the community and the environmental, scenic and heritage values of the area is underpinning this work. Robert Pearce Chairman Interim results are outlined below: Consolidated Statement of Comprehensive Income Reporting period 12 months to 31 March 2012 Previous reporting period 12 months to 31 March 2011 Reporting period; previous reporting period ($) Revenue 33,687; 74,100 Total revenue 33,687; 74,100 Audit fees 17,865; 15,197 Depreciation 908; 2,542 Director fees 81,793; 96,000 Director remuneration 90,000; 90,000 Foreign exchange loss 812; Nil Share revaluation loss 9,339; Nil Rent and leasing 13,313; 12,923 Operating expenses 316,765; 269,289 Write off exploration expenses 40,694; 359,863 Total operating expenses 571,489; 845,814 Loss from operations 537,802; 771,714 Share of results of associate using equity method (313,997); (79,577) (Broken Hill Prospecting Ltd) Net deficit attributable to members 851,799; 851,291 Earnings per share: Basic earnings/(loss) per share (0.25) cents; (0.25) cents Diluted earnings/(loss) per share (0.25) cents; (0.25) cents Consolidated Statement of Financial Position Reporting period 12 months to 31 March 2012 Previous reporting period 12 months to 31 March 2011 Reporting period; previous reporting period ($) Current assets 383,436; 1,269,072 Cash 346,921; 1,244,128 Receivables and prepayments 28,990; 24,944 Advances to related parties 7,525; Nil Non-current assets 8,966,958; 8,922,621 Property, plant & equipment 7,284; 11,216 Intangible assets (prospecting expenditure) 8,072,015; 7,701,089 Investments 36,545; 45,205 Investment in associate using equity method 851,114; 1,165,111 Total assets 9,350,394; 10,191,693 Current liabilities 114,580; 104,080 Payables 108,021, 98,796 Employee entitlements 6,559; 5,284 Total liabilities 114,580; 104,080 Capital 24,269,394; 24,269,394 Reserves 335,341; 335,341 Retained profit/(loss) (15,368,921); (14,517,122) Total equity 9,235,814; 10,087,613 Total Equity and Liabilities 9,350,394; 10,191,693 Consolidated Statement of Cash Flows Reporting period 12 months to 31 March 2012 Previous reporting period 12 months to 31 March 2011 Reporting period; previous reporting period ($) Cash flows relating to operating activities Cash inflows 37,424; 67,863 Cash outflows (560,290); (538,443) Net operating cash flows (522,866); (470,580) Cash flows relating to investing activities Cash inflows 5,847; 107,202 Cash outflows (379,126); (445,979) Net investing cash flows (373,279); (338,777) Cash flows relating to financial activities Cash inflows Nil; Nil Cash outflows Nil; Nil Net financing cash flows Nil; Nil Net increase/(decrease) in cash held (896,145); (809,357) Cash at beginning of period 1,244,128; 2,053,730 Exchange rate gain/(loss) (1,062); (245) Cash at end of period 346,921; 1,244,128 No dividends or distributions were paid or are planned. Consolidated Statement of Changes in Equity Reporting period 12 months to 31 March 2012 Previous reporting period 12 months to 31 March 2011 Reporting period; previous reporting period ($) Equity at start of period 10,087,613; 10,938,904 Net loss 851,799; 851,291 Shares issued Nil; Nil Equity at end of period 9,235,814; 10,087,613 Net tangible assets per security Reporting period; previous reporting period Net tangible assets 1,278,379; 2,490,604 Net tangible assets per security 0.04 cents; 0.07 cents Ownership in Broken Hill Prospecting Ltd (formerly Broken Hill Cobalt Ltd) Reporting period; previous reporting period Percentage held 21.7%; 21.7% Contribution towards / (against) net loss 313,997; 79,577 All statements are prepared in accordance with New Zealand equivalents to International Financial Reporting Standards. There are no accounting policies which the directors believe are critical to the portrayal of New Talisman's financial condition and results which require the directors to make judgements and estimates about matters that are inheritantly uncertain. All statements are prepared in accordance with New Zealand equivalents to International Financial Reporting Standards. There are no accounting policies which the directors believe are critical to the portrayal of New Talisman's financial condition and results which require the directors to make judgements and estimates about matters that are inheritantly uncertain. All accounting policies have been applied on bases consistent with those used in previous years. The annual financial statements are subject to completion of the audit. END ............................................................................. ................................................ About New Talisman Gold Mines Limited New Talisman Gold Mines Limited (previously Heritage Gold (NZ) Limited) is a New Zealand based gold mining development company. It is dual listed (Code NTL on the NZSX and ASX) with 1800 Australasian shareholders and a portfolio of high quality mineral interests. It has attractive gold properties near Paeroa in the Hauraki District of New Zealand consisting of a mining permit centred on the historic Talisman underground mine and an adjacent exploration permit. Following a recent restructuring the Company is now conducting a pre-feasibility study to redevelop the mine. More about New Talisman Gold Mines at www.newtalismangold.co.nz End CA:00223416 For:NTL Type:FLLYR Time:2012-05-30 13:46:38
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