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Triple Plate Junctn (AUM)

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Monday 02 July, 2012

Triple Plate Junctn

Results for the year ended 31 March 2012

RNS Number : 5484G
Triple Plate Junction Plc
02 July 2012
 



Triple Plate Junction PLC

(the "Company" or "TPJ")

 

RESULTS FOR THE YEAR ENDED 31ST MARCH 2012

 

TPJ, the AIM listed gold exploration company focussed on South East Asia, today announces its results for the year ended 31st March 2012.

 

Highlights:

 

·     Drilling commenced at three of the Company's four joint venture projects

 

Morobe

·     Newmont completed Phase II earn-in three years ahead of contractual deadline

·     Initial drilling completed at first two targets

·     13 additional drill targets identified

·     Drilling temporarily suspended to allow mapping and sampling programmes to be finalised

Manus Island

·     Geo-mag survey completed across entire project area

·     Drilling underway at Kisi with 750 metres drilled since April 2012

·     Newcrest expected to commence drilling at second target, Arie, during July 2012

Crater Mountain

·     Gold Anomaly has completed 9,850 metres of drilling programme

·     TPJ elected to reduce its share of project to 8% and take a "free carry" through to bankable feasibility study

Wamum

·     Additional AUS$ 550,000 budget approved by Barrick for further fieldwork on existing and new prospects

 

·     £2.2 million fundraising successfully completed in Q3 2011

 

Tony Shearer, Chairman of TPJ commented:

 

"The last year has been a very important one for the Company, and much has been achieved. Drilling is taking, or has taken, place on our joint ventures with Newmont, Newcrest and Gold Anomaly. While the results to date at Morobe have not yet produced assay results that indicate a major discovery, Newmont remains committed to the project and the drill programme is expected to  last for at least another 3 years. We look forward to providing updates on the ongoing drilling at Manus Island in the coming months and remain confident in the future direction of the Company."

 

For further information please contact:

 

Triple Plate Junction Plc:


Fraser McGee

Tel: + 44 (0) 7775 693 237



finnCap


Matthew Robinson / Christopher Raggett

Tel: + 44 (0) 20 7220 0500



Ocean Equities


Guy Wilkes

Tel: + 44 (0) 20 7786 4370



 

Chairman's Statement

 

I am pleased to present my third Annual Report statement since being appointed Chairman of Triple Plate Junction.

 

The core of the Company is the four joint venture projects that we have in Papua New Guinea. Drilling on three of these projects is now taking place. During the year we also drilled at our project in Vietnam. Our progress on these projects is summarised in the Chief Executive's Review.

 

During the last year we have resolved a dispute with a third party over our share of the project with Gold Anomaly at Crater Mountain; we now have an 8% share of this project and a "free carry" through to completion of a bankable feasibility study on potential developments. We have also elected to take a dilution to 25% of our Morobe project with Newmont and in return Newmont finances our share of costs through to production. Accordingly we will not have to make any more financial contributions on either of these two projects until those stages are reached.

 

We estimate that, based on the caveats set out in the Chief Executive's Review that follows, we have adequate financial resources through to the end of calendar year 2013. We recognise that our projects are very long-term and it may take some time for the current drilling, particularly at Morobe and Manus Island, to produce the results for which we, our partners, and our shareholders hope. Accordingly we are taking prudent steps to reduce our corporate expenditure to a minimum (whilst at the same time examining potential new projects in South-East Asia), while we await the results of the current drilling programme.

 

Composition of the Board and Officers

 

The Board comprises Fraser McGee (Chief Executive), Chris Goss (Non-Executive Director) and Tony Shearer (Non-Executive Chairman).

 

At the Annual General Meeting in September 2011 Bill Howell stepped down from the Board. Bill was appointed to the Board in 2004 and has been the main support for the Company since then. I am very grateful to him for all he has done during his time on the Board, and very glad that he continues to provide his knowledge and experience, serving as a key member of the Advisory Board.

 

The last year has been an exceptionally busy and testing time for the Board, and I am very grateful to all my colleagues who have served on the Board during the year for all their wisdom, time and commitment.

 

Conclusion

 

My colleagues and I look forward with enthusiasm.

 

The last year has been a very important one for the Company, and much has been achieved. Drilling is taking, or has taken, place on our joint ventures with Newmont, Newcrest and Gold Anomaly. The results to date have not yet produced assay results that indicate a major discovery, but to have hit a massive intersection in the first few holes would have been an ambitious hope. For example, the drilling programme at Morobe initially commenced in July 2011 and we expect that it will last for at least another 3 years. Progress on our fourth joint venture in Papua New Guinea with Barrick has been frustratingly slow.

 

Much work is still to be done and we remain optimistic.

 

I hope that you will be able to attend the Annual General Meeting on 17th August 2012, when my colleagues and I hope to meet you and to update you on our progress.

 

Tony Shearer, 29th June 2012

 

 

Chief Executive's Review

 

Introduction and Background 

 

The Company explores for gold and copper in the highly prospective Papua New Guinea ("PNG") where it has four projects with joint venture partners, Newmont, Barrick, Newcrest and Gold Anomaly.

 

Significant developments over the past year are that:

 

- Newmont commenced drilling at Morobe and, in November 2011, completed their Phase II earn-in having spent a cumulative total of USD 15 million, 3 years ahead of the contractual deadline. 15 potential drill targets have been identified across the project ground with the experienced exploration teams now working to understand and de-risk future drilling at the best prospects;

 

- Newcrest completed the helicopter geo-magnetic survey across the entire property at Manus Island giving the data platform from which they have selected an initial 3 drill targets, namely at Kisi, Arie and Mt Kren. Since April approximately 750 metres have been drilled so far over 3 holes at the epithermal prospect at Kisi, with 7 holes in total being targeted for completion of the initial drill programme there. Newcrest are expected to commence preliminary drilling at the Arie porphyry prospect during July 2012;

 

- Progress at Wamum has been frustratingly slow where the initial results have not given Barrick the confidence that the area has the potential to develop a deposit of at least 5 million ounces. The project territory is adjacent to Newcrest-Harmony's Wafi-Golpu deposit with areas of the ground covering the Wafi-Golpu geological trend, which extends through the JV property. Barrick's interest in the ground continues as recently evidenced by their approval of a new budget for AUS$ 550,000 for field work at existing and new prospects (4 in total) along the trend, with a view to recommencing drilling at the project;

 

- Gold Anomaly has completed approximately 9,850 metres of a deep drilling programme at Crater Mountain. Whilst the results were partly encouraging we took the view that they were not good enough to merit us continuing to contribute to maintain our stake in the project. Accordingly we elected to reduce our share of the project to 8% and to take a "free carry". At the same time we also resolved a dispute with Celtic Minerals over our respective interests in the programme;

 

- We have ceased our exploration expenditure at our project in Vietnam as the early results did not justify the continuing depletion of the Company's limited funds. Discussions are on-going with potential major mining company partners regarding farming in to the project; and

 

- An additional £2.2 million was raised for the benefit of the business during September and October 2011.

 

The new funds raised have enabled us to maintain our participating shares in the projects as required and also to take decisions on whether or not to continue our participations from a position of financial strength. It has also to date enabled us to continue with a number of essential actions including visiting each of the Company's project sites and to continue to develop important working relationships with each of our joint venture partners with a view to progressing the development of each of the assets.

 

The Board considers that it is of great significance that the nearby Newcrest-Harmony joint venture ("MMJV") deposit in PNG at Wafi-Golpu is continuing to grow in terms of extent and grade of mineralisation. In June 2011 MMJV entered into the pre-feasibility studies with a Mineral Resource of 26.6 million ounces of gold and 9 million tonnes of copper and is targeting an increased next resource figure of 40 million ounces of gold and 15 million tonnes of copper before the anticipated commissioning of the mine in 2017. Intersections include 883 metres at 2.15% copper and 2.23 grammes per tonne of gold, and 628 metres at 2.82% copper and 3.06 grammes per tonne of gold. Of particular note for TPJ in relation to these grades and intersections is that each of our projects with Newmont and Barrick is on our ground which abuts the Wafi-Golpu property, which from a "nearology" basis alone is of great interest.

 

 

The Projects

 

Papua New Guinea 

 

Newmont (Morobe)

After completing Phase 1 at a cost of US$6 million to acquire 51% of the project, over 2 years ahead of the contractual deadline, Newmont served the Company with notice in November 2011 that they had completed Phase 2 of the agreed venture which gave them an additional 19% on the basis that they had invested a further US$9 million into the project. After that time TPJ (through its wholly owned PNG subsidiary Terenure Limited) had the option to elect to have Newmont solely fund all project expenditure until commencement of commercial production; in that event Newmont's interest would increase from 70% to 75% and TPJ's interest would become an undilutable carried 25% share of the project and the related development expenditures would be recoverable by Newmont with interest (at a rate of Libor plus 4%) out of 90% of the venture distributions. Alternatively TPJ could have elected to maintain and fund its 30% share of the on-going and extremely costly funding of the project. The Company announced on 30th December 2011 that it had elected to take up the option of the 25% undilutable carried interest through to the commencement of commercial production. The board believes that any positive results from future drilling showing potentially economic grade gold-copper mineralisation should have material positive value uplift for shareholders. The Company's interest in the project gives it exposure to multiple resource targets and to the resultant future drill programmes across the joint venture territory which the on-going exploration work is continuing to identify.

 

The diamond drill programme across the Morobe joint venture partnership territory (3,761 sq. km) commenced at the first target at Hides Creek towards the end of July 2011 and moved on to the second target at Gumots in early January 2012 with a proposed initial programme of a total of approximately 3,000 metres at each target. Whilst the results from the initial drilling at each target have been disappointing they have not reduced the enthusiasm or commitment of either partner to the programme and have given the joint venture partners valuable experience and information as to how the current potential 13 additional prospects are addressed and drilled. Drilling has been temporarily suspended at the Morobe prospect, partly because of access problems but also to allow mapping and sampling programmes to proceed to de-risk future drilling (using state of the art airborne geophysics, regional geo-chemistry and follow up ground geo-physics). At more recently identified prospects such as Minawa and Pade (and many others) field teams have defined large footprints of encouraging surface copper and gold mineralization indicated by BLEG, ridge-and-spur soil and rock chip sampling which will require extensive further work including ground geo-physics. A pipeline of very good prospects is evolving that will take a considerable amount of drill-testing. Recent drilling at the Hides and Gumots prospects has demonstrated that these are weak porphyry Cu systems that did not develop adequately to be potentially economic. Because of the difficulty of access and estimated expense of mine development in the Morobe area, Newmont is targeting only deposits that are potentially giants. Deposits that cannot conceivably be giants will not attract exploration.

 

In 2011/12 the Morobe project has been Newmont's largest global green field exploration project in terms of expenditure.

 

Newcrest (Manus Island)

At the end of its financial year TPJ, through Terenure Limited, had a 75.9% registered interest in the tenements in joint venture with Pacrim Energy Limited ("PRE", registered 13.43%) and Golden Success Limited ("GSL", registered 10.59%). Following completion of Newcrest's earn-in to the project for a total of AUS$6 million during the week commencing 14 May 2012 Newcrest have earned 64.8% of the project and the Company's interest has been diluted to 15.20% in accordance with the terms of the joint venture agreement. Following the completion of the earn-in the Company will be required to contribute pro rata for the capital costs of the project going forward or suffer dilution of its 15.20% interest. PRE and GSL each had the opportunity to contribute project expenditure in proportion to their participating interests. However it is anticipated that neither party will do so and accordingly each is expected to dilute to a 10% carried interest up until a decision to mine, carried at Newcrest's sole expense.

 

The results from the helicopter-borne geographical survey undertaken over the entire joint venture territory (700 sq. km) and completed during June 2011 together with a programme of mapping and sampling were collated and reviewed in readiness to commence a diamond drilling programme for an initial total of approximately 3,400 metres over two targeted sites at Manus Island named Kisi and Arie. This drilling programme commenced at the first target Kisi in early April 2012 and is expected to finish at both of the first two targets by the end of November 2012.

 

The results from the geographical survey were very encouraging. The resolution and detail of the data is superb. The magnetic data shows that the known mineralized prospects are closely related to major linear structures and the margins of the main intrusive complex.  A number of circular magnetic features have also been recognised that may point to previously unknown mineralized bodies. The radiometrics clearly pick out high K-anomalism west of Arie that could represent potassic alteration, and coupled with high magnetic anomalies in the same area could indicate a target west of Arie not recognised before.  The radiometrics also pick out the clay and silica rich zones which could be important vectors for mineralization search. The Kisi area drilled by TPJ in 2008 lies on a very clearly defined WSW-ENE structural feature extending some 15-20km. About 500 metres north and parallel to this main structure, Newcrest's eight soil sampling lines have delineated a 200 metres wide 2km long gold anomaly of more than 5 grammes a tonne, which will need testing by drilling.

 

Newcrest had originally anticipated commencing drilling at the beginning of October 2011; however they earlier experienced two separate severe health and safety accidents on other projects, and they are now applying even more rigorous standards (for example, the requirement to use only twin engine helicopters). This delayed the drilling element of the programme which began at the beginning of April 2012.

 

Newcrest are rapidly working to complete, in early July 2012, the first phase drilling of four of seven holes each of between 150 metres and 300 metres in depth at the epithermal gold prospect Kisi with a view to moving the rig onto the Arie porphyry copper-gold prospect to drill an initial 3 holes of between 400 metres and 600 metres in depth starting in early July. Following the completion of these holes the rig will be returned to Kisi to complete the final three holes with the benefit of having reviewed the initial drill results to prioritize the drill sites. Exploration is also planned over a third identified target at Mount Kren which may host porphyry and/or epithermal mineralization, and Newcrest's successes in other parts of Papua New Guinea appear to be driving them forward. The results from the initial drilling at Kisi are expected to be delivered during the course of August 2012.

 

Barrick (Wamum)

Barrick earned 80% in the joint venture in consideration for investing an initial A$5 million into the project. They have spent approximately AUS$9.9 million in total to date. TPJ, through Terenure Limited, had not historically contributed its pro rata share of the project funding beyond the AUS$5 million and has consequently been diluted below its original 20%. TPJ now holds 12.14% and contributed a total of £33,000 during 2011/2012 as its share of the project costs for the year to maintain its current interest level, and will be required to continue to contribute going forward to avoid further dilution; in the event that TPJ dilutes below 5% the interest converts into a Net Smelter Return of 1%.  

 

During the year Barrick have reviewed all historically gathered data from the joint venture properties and undertaken additional field work at each of Sangak (formerly named McCleans South), McCleans North and Idzan Creek with a view to better defining their targets for further work. Barrick decided that the results of the work were not sufficient to merit further drilling at these prospects at this time. However, during May, Barrick have approved a further AUS$ 550,000 for investment in the project and in particular for field work to be undertaken at existing and new prospects (4 in total) along the Wafi-Golpu geological trend that travels through the joint venture territory. Whilst progress over the last year has been sluggish, we are hopeful that development of the project will accelerate during the coming months. Barrick have maintained their commitment to the project by maintaining the licenses, undertaking the described works and investing additional funds.

 

Gold Anomaly (Crater Mountain)

Gold Anomaly ("GOA") completed by the end of April 2011 the work required under Phase 2 to earn in for 70% of the joint venture. As a result the Company was thereafter required to contribute it's pro rata share to maintain its interest. At the completion of Phase 2, TPJ, through Terenure Limited, together with Celtic Minerals Ltd ("Celtic"), a minority partner, owned 20% under the terms of their JV agreements. GOA announced in April 2012 that it has successfully acquired an additional 10% of the project from one of the other project partners, New Guinea Gold Corporation.

 

The Company elected to contribute a total of AUS$660,000 during 2011 in order to participate in the on-going programme and in particular the deep drilling, to include at least two holes of up to 1,000 metres in depth, in order to determine whether it was possible to locate the anticipated porphyry system at the project. During this period Celtic implied that it retained a 7.88% direct interest in the project which was strongly refuted by the Company. Following discussions, the Company decided to launch arbitration proceedings during December 2011 to determine the partners' respective interests. Following receipt of the deep drilling results we had further negotiations with Celtic and resolved the dispute. The drilling produced some promising results and it was encouraging that there may be potential for a large low-grade ore body, but we and Celtic did not view them as sufficient to justify contributing the amounts of money needed to fund the future drilling program, which was budgeted in excess of AUS$3.6 million to end June 2012 alone.

 

As a result we and Celtic advised GOA that we had resolved our dispute and that we would reduce the combined 20% interest in the Crater Mountain Project, to a combined undilutable interest of 10% (with the Company taking 8% and Celtic taking the balance of 2%), which will be carried through to the completion of bankable feasibility studies without needing any future contribution to the project until that advanced stage. An additional part of the settlement with Celtic provided that TPJ paid CAN$ 100,000 (£64,000) to Celtic for its share of the proceeds of £569,000 that TPJ received in June 2010, prior to the involvement of the current management in the business of the Company, from the sale of GOA stock allotted to TPJ (as the manager of the joint venture with Celtic) pursuant to the terms of the project joint venture agreement.

 

Vietnam 

At the end of July 2011 we announced the results from our initial 1,500 metre drill program at our Pu Sam Cap project in Vietnam and that we had paused the program to assess the next stage. We have now concluded that as the early results were disappointing, our shareholders' funds would be best applied to the development of our portfolio of assets in Papua New Guinea, and we are now simply maintaining a minimal presence while we look for a joint venture partner to "farm-in" to the project.

 

Financial position

The attached financial statements set out the financial results for the Group for the year ended 31st March 2012 and the financial position. At 31st March 2012 our bank balances stood at just over £2.2 million and liabilities are £273,000. The Board has considered TPJ's current cash balance and also looked very carefully at our expected expenditure to the end of the calendar year 2013 including the budgets of our joint venture partners. There are many imponderables and there is no certainty that our forecasts will be correct. In particular our largest commitments are to two of our joint ventures in Papua New Guinea, over which we have limited control. There may be a requirement for additional funding if we manage to obtain a further exploration project in Papua New Guinea or elsewhere in South-East Asia. But with these caveats the Board considers that the Group has adequate financial resources to see it through to the end of calendar year 2013.

 

During the financial year our cash balances increased from £2.0 million to £2.2 million, inclusive of the £2.2 million fundraising in September & October 2011. We spent approximately £465,000 on exploration in Vietnam and made contributions totalling £430,000 to two of the four joint venture projects in Papua New Guinea. A total of £1,000,000 was spent running the business of the Company during the year; this includes amounts incurred in resolving the dispute with Celtic Minerals.

 

The Board considers that there are considerable uncertainties surrounding the recoverability of costs incurred in both Vietnam and Crater Mountain. Accordingly the directors have determined that the appropriate carrying value of these two projects in the consolidated balance sheet as at 31st March 2012 should be nil.

 

The environment, health and safety, and social responsibilities

TPJ maintains a strong awareness of its responsibilities towards the environment and existing social structures in the jurisdictions in which it operates. Careful attention is given to ensure that all exploration work is carried out in accordance with the relevant mining, health and safety and environmental legislation and regulatory guidelines.

 

Conclusion

Over the coming months we expect to see the first drill results from our venture with Newcrest from the initial target at Kisi on our territory on Manus Island (with others to follow), and I expect to be in a position to announce the direction of our project at Wamum with Barrick. Towards the end of 2012 I should be able to confirm the location and timing of the next part of Newmont's drill programme at Morobe.

 

There is enormous potential within our existing suite of assets to deliver significant uplift in the value of TPJ's business for the benefit of our shareholders, and with our now on-going and potential new programmes we will continue to work to do just that.

 

The Company is exploring the potential to develop value through cost effective opportunities within the South East Asia region whilst focusing on managing the on-going cash requirements of the business.

 

Finally I would like to thank all our consultants, partners, shareholders, and the local communities in which we operate for their support. I look forward to us continuing to work together successfully.

 

Fraser McGee, 29th June 2012

 



 

Consolidated income statement

For the year ended 31 March 2012


2012

2011


£'000

 

£'000

Restated

Revenue

0

0

Cost of sales

0

0




Gross profit

0

0

Profit on disposal of investment

0

569

Administrative expenses

(836)

(1,079)

Share based payment

(86)

(613)

Exploration expenses

(622)

(198)

Impairment of assets

(3,522)

0




Operating loss

(5,067)

(1,321)

Investment income

14

4

Finance cost

(15)

(14)




Loss before taxation

(5,068)

(1,331)

Income tax expense

0

0




Loss for the year from continuing operations

(5,068)

(1,331)

Profit for the year from discontinued operations

0

0

Loss for the year attributable to equity holders of the parent

(5,068)

(1,331)




Basic and diluted (loss) per share (pence):



On continuing operations

(1.56)p

(0.62)p




Total

(1.56)p

(0.62)p




 

 

Consolidated statement of comprehensive income

For the year ended 31 March 2012




2012

2011


£'000

 

£'000

Restated

Profit / (Loss) for the year

(5,068)

(1,331)




Other comprehensive income:



Exchange differences on translating foreign operations

(16)

(644)




Total comprehensive income for the year attributable to equity holders of the parent

(5,084)

(1,975)

 

 

Consolidated balance sheet

As at 31 March 2012


2012

2011


£'000

 

£'000

Restated

Assets



Intangible assets

5,210

8,302

Total non-current assets

5,210

8,302

Trade and other receivables

43

22

Cash and cash equivalents

2,269

2,007

Total current assets

2,311

2,029




Total assets

7,521

10,331




Equity attributable to owners of the parent



Issued share capital

3,669

2,971

Share premium

25,255

22,921

Share option reserve

700

959

Translation reserve

745

761

Own shares held reserve

(864)

0

Retained earnings

(22,258)

(17,533)

Total equity

7,248

10,078




Liabilities



Current liabilities



Trade and other payables

273

253

Total Liabilities

273

253




Total equity and liabilities

7,521

10,331

 



 

Consolidated statement of cash flows

For the year ended 31 March 2012


2012

2011


£'000

 

£'000

Restated







Cash flows from operating activities



Loss before and after tax

(5,068)

(1,331)

Profit on disposal of investment

0

(569)

Share Based Payments

86

619

Impairment of assets

3,522

0

Convertible Loan Notes

0

6

Interest received

(14)

(4)

Finance cost

0

14

Operating loss

(1,474)

(1,265)

Decrease /(increase) in trade and other receivables

(22)

(20)

Increase / (decrease) in trade and other payables

20

(546)




Net cash outflow from operating activities

(1,476)

(1,831)




Cash flows from investing activities



Profit on disposal of investment

0

569

Joint venture contributions

(430)

0

Interest received

14

4




Net cash inflow/(outflow) outflow from investing activities

(416)

573




Financing activities



Proceeds from issue of equity shares

3,032

2,992

Own shares held by EBT

(864)

0

Net cash raised from financing activities

2,168

2,992




Net Increase (decrease) in cash and cash equivalents

277

1,734

Cash and cash equivalents at beginning of year

2,007

58

Exchange differences

(15)

215




Cash and cash equivalents at end of year

2,269

2,007

 

Consolidated statement of changes in equity

For the year ended 31 March 2012

 


Share capital

Share premium

Share option reserve

Own shares held reserve

Translation reserve

Retained earnings

Total equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 1 April 2010

1,688

21,212

1,327

0

1,405

(17,191)

8,441

Loss for the year

0

0

0

0

0

(732)

(732)

Exchange difference on translating foreign operations

0

0

0

0

(644)

0

(644)

Total comprehensive income for the year attributable to equity holders of the parent

0

0

0

0

(644)

(732)

(1,376)

Shares issued

1,283

1,709

0

0

0

0

2,992

Convertible loan notes

0

0

0

0

0

6

6

Share based payments

0

0

14

0

0

0

14

Share options lapsed

0

0

(982)

0

0

982

0

At 31 March 2011 As previously reported

2,971

22,921

359

0

761

(16,934)

10,078

Prior year restatement

0

0

599

0

0

(599)

0

At 31 March 2011 A restated

2,971

22,921

959

0

761

(17,533)

10,078

Loss for the year

0

0

0

0

0

(5,068)

(5,068)

Exchange difference on translating foreign operations

0

0

0

0

(15)

0

(15)

Total comprehensive income for the year attributable to equity holders of the parent

0

0

0

0

(15)

(5,068)

(5,084)

Shares issued

699

2,333

0

0

0

0

3,032

Shares held by EBT

0

0

0

(864)

0

0

(864)

Share based payments

0

0

86

0

0

0

86

Share options lapsed

0

0

(345)

0

0

345

0

Transactions with owners

699

2,333

(258)

(864)

0

345

2,255

At 31 March 2012

3,669

25,255

700

(864)

745

(22,258)

7,248

 

Notes

1. Financial statements

The financial information set out in this preliminary announcement does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 for the year ended 31 March 2012 or for the years ended 31 March 2011 or 31 March 2010, but is derived from those accounts.  The financial statements for 2012 will be delivered to the Registrar of Companies prior to the Company's Annual General Meeting.  The auditors have issued an unqualified report on the 2012 accounts.,

2. Restatement

The prior year financial statements have been restated because share options granted on 23rd January 2011 were omitted from the fair value calculation as reported in the 2011 financial statements. This restatement has the effect of increasing the 2011 loss by £599,000 (from £732,000 to £1,331,000) with the corresponding credit to equity (share option reserve).

 

 

3. Summary of significant accounting policies

a)    Basis of preparation

These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

 

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 March each year.

b)    Intangible fixed assets

Deferred exploration and evaluation costs

 

Exploration and evaluation (E & E) expenditure costs comprise costs associated with the acquisition of mineral rights and mineral exploration, including those incurred through joint operations, and are capitalised as intangible assets pending determination of the technical and commercial feasibility of the project. They also include certain administrative costs that are allocated to the extent that those costs can be related directly to operational activities.

If an exploration project is deemed successful based on feasibility studies, the related expenditures are transferred to development and production (D & P) assets and amortised over the estimated life of the ore reserves on a unit of production basis. Where a project is abandoned or considered to be no longer economically viable, the related costs are written off in the income statement.

To date the Group has not progressed to the development and production stage in any areas of operation.

 

4. Dividends

The directors do not recommend the payment of a dividend (2011: nil)

 

5. Intangible fixed assets


2012

2011


£'000

£'000

Deferred exploration costs



At beginning of period

8,302

8,302

Additions

430

0

Impairment

(3,522)

0

At end of year

5,210

8,302





In the financial statements the Board has taken the decision to impair the Crater Mountain intangible asset (£3,522,000) to a value of nil in light of drill results and the Company's reduced holding in the project (see earlier Chief Executive's Review).

 

6. Annual Report

The Annual Report will be sent to all shareholders on or around 3rd July 2012 and will be available on the Company's website at www.tpjunction.com.  Additional copies will be made available to the public, free of charge, from the Company's registered office at Bloxham Mill, Barford Road, Bloxham, Oxon, OX15 4FF

 

 

7. Annual General Meeting

The Company's Annual General Meeting will be held at the Little Ship Club, Bell Wharf Lane, Upper Thames Street, London, EC4R 3TB at 2:30pm on Friday 17th August 2012.


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