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Pan African Resource (PAF)

  Print      Mail a friend       Annual reports

Friday 30 June, 2006

Pan African Resource

Final Results

Pan African Resources PLC
30 June 2006


30 June 2006

                            Pan African Resources plc
                        ('Pan African' or 'the Company')

               Final Results for the period ending 31 March 2006


                            PAN AFRICAN RESOURCES PLC
                                AND SUBSIDIARIES

CHAIRMAN'S STATEMENT


During the period under review the Company incurred an operating loss of
£791,293 (2004: £164,231) representing a loss per share of 0.22p (2004: 0.09p).


A focused exploration strategy and mission to advance our projects along the
value curve has been responsible for the Company providing its Shareholders with
a high value portfolio. At the Manica gold project in Mozambique, a resource of
1,311Moz has been independently verified with a pre-feasibility study currently
underway to assess the viability of a surface gold mine. Major technical
progress has been made at this project for the period, and significant upside
potential exists with only some 12% of the potentially mineralised strike-length
being explored. In January 2006 the Company exercised its option to purchase an
80% effective stake in the project and this will be completed in the second
quarter of the current financial year.


In the Central African Republic the Company is well positioned, holding
extensive ground with good gold potential covering some 4000km(2). The
exploration programmes at the Bogoin and Dekoa gold projects has been designed
with the specific goal of testing for gold deposits larger than 2Moz in size. To
date a gold-in-soil anomaly 12km in strike-length has been delineated. Some of
the historical boreholes drilled within the identified anomaly returned high
gold values, some as high as 20m @ 5.05g/t and 19m @ 17.38g/t.


The projects in the Central African Republic are a joint venture with
International Mining Investments and Goldiam SARL. Pan African commenced with an
equal contributory interest of 45% to that of International Mining Investments,
but has the option on a further 20% to take its effective stake to 65% upon
project development. Pan African has operational control and manages the
exploration programme on behalf of the joint venture.


Participation in the Wa project in Ghana has been terminated after our initial
exploration programme. Consequently expenditure incurred on this project has
been written off.


Our projects in general have the scope to deliver significant returns with the
possibility of near term production combined with the considerable upside
potential evident in the Central African Republic.


The AIM market has been a major source of funding for global resource explorers
despite competition for funding being high.  The Company has recently raised
£1.7 million which is adequate for the company to maintain its current
exploration programmes.


The outlook for gold appears promising against a weakening dollar, rising oil
prices and global political tension. In recognition of this advancing Manica to
development and resource identification in the Central African Republic remains
our immediate objective.


The Company will maintain its acquisition policy aimed at securing gold deposits
with exceptional upside value in areas of Africa not well explored but
considered to be favourable both technically and politically.


I would like to thank my fellow directors and staff for their hard work during
the period and particular thanks to Jan Nelson, our Chief Executive Officer, for
his tireless efforts to raise the Company's profile both in the markets and in
the industry.


Colin Bird

Chairman


29 June 2006


Enquiries:

Pan African Resources             Ambrian Partners Limited

Jan Nelson, CEO                   Richard Brown

+27 11 886 1211                   +44 (0)20 7776 6417

Colin Bird, Chairman

+44 (0) 20 7584 2155

Nathan Steinberg

+44 (0) 20 7845 7500


CONSOLIDATED PROFIT AND LOSS ACCOUNT

Period ended 31 March 2006

                                         18 months                     18 months
                                                to                            to
                                          31/03/06                      30/09/04
                                                 £                             £

Exploration costs                        (464,575)                            -


Administrative expenses                  (346,827)                     (178,374)

                                        ----------                   -----------

Total administrative expenses
   and operating loss                    (811,402)                     (178,374)



Interest receivable                        30,759                         14,143


Amounts written off investments          (10,650)                              -
                                                                        
                                        ----------                    ----------

Loss on ordinary activities before 
taxation                                (791,293)                      (164,231)


Tax on loss on ordinary activities              -                             -

                                        ----------                     ----------

Loss for the financial period           (791,293)                      (164,231)

                                         ======                          =====

Loss per ordinary share - basic           (0.22p)                        (0.09p)

                                           ===                            ===


CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2006


                                    31/03/06                      30/09/04
                              £                   £        £                   £

FIXED ASSETS

Intangible assets                         4,847,630                    3,831,710

Investments                                   4,800                       24,200

                                      -------------                  -------------

                                          4,852,430                    3,855,910

CURRENT ASSETS

Debtors                   3,225                       18,434

Cash at bank          1,874,702                    1,224,133

                    ------------                 -------------

                      1,877,927                    1,242,567

Creditors:  amounts falling due
   within one year    (399,455)                    (107,163)

                    -----------                    ----------

                                          1,478,472                    1,135,404
                                        ------------                  ------------

Total assets less 
current liabilities                       6,330,902                    4,991,314

                                          =======                       =======

CAPITAL AND RESERVES

Share capital                             4,077,532                    3,520,000

Share premium account                     3,978,178                    2,404,829

Merger reserve                            1,485,000                    1,485,000

Profit and loss account                 (3,209,808)                  (2,418,515)

                                       --------------                 ------------

Shareholders' funds                       6,330,902                    4,991,314

                                           =======                      ======


CONSOLIDATED CASH FLOW STATEMENT

Period ended 31 March 2006


                                      18 months                        18 months
                                             to                               to
                                       31/03/06                         30/09/04
                                              £                                £

CASH FLOW STATEMENT

Net cash outflow
  from operating activities           (503,901)                        (118,199)

Returns on investments and
  servicing of finance                  30,759                            14,143

Capital expenditure and financial 
investment                           (697,170)                         (777,405)

Acquisitions                                 -                          (43,724)

Financing                            1,820,881                         1,578,674

                                   -------------                    ------------

Increase in cash                       650,569                           653,489
               
                                      =======                     =======


NOTES TO THE FINANCIAL ACCOUNTS

Eighteen Months Ended 31 March 2006



1  The calculation of loss per ordinary share is based on losses of
£791,293 (2004: £164,231) and on 354,281,542 ordinary shares (2004:
170,803,279), being the weighted average number of ordinary shares in issue
during the period.  There is no dilutive effect of share options.


2  The comparative figures were for the eighteen months ended 30
September 2004.


3  The financial information set out above does not constitute statutory
accounts within the meaning of s.240 of the Companies Act 1985.


4  Copies of the Statement are available to the public free of charge
from the company at Manfield House, 2nd Floor, 1 Southampton Street, London WC2R
0LR during normal office hours, Saturdays, Sundays and bank holidays excepted,
for 31 days from today.


                     This information is provided by RNS
            The company news service from the London Stock Exchange