james,before you downramp something you don't quite know, my...

james,

before you downramp something you don't quite know, my advice is to think twice.

the article you mention is already been put out and is available on the ady website (half yearly reports and accounts) and on the asx news dated 17/03/2008. standard these days as you would only know too well.

you stupid boy?

in case you dont know, but i think you do here it is as follows:
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Admiralty Resources sells $9.7m iron ore as auditor raises doubts

The Spectators
Gottliebsen: Woolworths' gaming windfall

Admiralty Resources NL today announced a $US9.2 million ($A9.8 million) spot iron ore sale with China Shougang International Trade and Engineering Corporation while its auditor simultaneously issued a negative review of its half-yearly accounts.

The company has posted $19.8 million after tax loss to for the half-year December 31, 2007.

Admiralty’s announcement that it will load Shougang’s 48,500 tonne shipment at $189 per tonne on March 21, came after it delivered an interim result reflecting a blow out in operations and mining costs, and an unexplained $13.6 million provision for a loss on an iron ore contract which saw total expenses balloon 800% to $29.8 million on the previous corresponding half.


Revenue for the December half reached $2.7 million, up from $189,277 for the previous corresponding period.


The result caused Admiralty’s independent auditors PFK to question the company’s ability to stay afloat after the consolidated entity delivered accumulated losses of $50.9 million for the December half.


“These conditions indicate the existence of a material uncertainty which may cast significant doubt about the ability of the company to continue as a going concern,” PFK said in its auditor’s review report released today.


PFK stressed that its report was a review and not an audit.


“The consolidated entity anticipates shipment of 180,000 tonnes of iron ore at spot prices before 30 June 2008 which will generate at least $US9 million cash flow subject to production and shipping availability,” PFK said after noting Admiralty had on January 10, 2008 put in place a two year loan facility for $US15 million to assist with working capital at its Cia Minera Santa Barbara iron ore mine in northern Chile.


While the $13.6 million iron ore loss provision was unexplained, PFK noted Admiralty had reached agreement with a major bank over a $US10 million overdraft facility secured by a charge over iron ore stockpiles.


Melbourne-based Admiralty will be hoping the sales deal with Shougang is the start of things to come, and said Shougang’s iron ore would be sourced from Cia Minera’s 120,000 tonne port and mine stockpile, and would reduce the stockpile to around 75,000 tonnes.


As production increases, Cia Minera will produce sufficient iron ore to make two shipments per month, with the company continuing to expand production as equipment becomes available.


Admiralty acquired 60% of Cia Minera last June for $US3.5 million and said it expected to ramp up production of iron ore at Santa Barbara to 7.2 million tonnes in 2009, boosting revenue to the joint venture by $US400 million and improving the company’s EBITDA by $50 million.


Admiralty has three major projects including Cia Minera, Rincon Salar lithium and potash brine deposit in northern Argentina, and the Bulman lead and zinc deposit in the Northern Territory.


The company also has a 50% stake in the Pyke Hill nickel deposit in Western Australia.


Admiralty listed on the local bourse in December 1983.


STOCK DASHBOARD: March 17, 2008

Admiralty Resources

Price at 10:20 am: 22.50c

Price change from previous trading day: -6.2%

Relative Strength (6 months percentile rank): 22.2

Market capitalisation: $212.6 million

Turnover volume: 12,730,608.0

Volume Index (1 is average): 1.3

Turnover value: $2.8 million

Turnover period: 3 months

Value of $1,000 invested 1 year ago: $1,607