Today, Miranda announced that for the
year ended 31 August 2008, the net asset value and net
tangible asset value of the company have increased to R338
million and R20 million, respectively (2007: R327 million
and R11 million). This was equivalent to 157 cents per
share (“cps”) and 9.5 cps (2007: 175.14 cps and 5.77 cps).
Revenue decreased to R372 million (2007: R2 000) while
operating expenses increased to R11,7 million (2007: R4.22
million). The resultant net loss for the period was R9.6
million (2007: R1.79 million). This was due to increased
expenditure on the coal exploration.
Miranda’s primary focus is to continue to develop the
groups’ coal assets, with further attention to Diamonds,
Gold and Industrial minerals. This has enabled management
to co- ordinate the group’s exploration strategy, allocating
resources to each project based on that particular projects
merits.
The group advanced its exploration activities on several
of its prioritized coal projects. This includes a completed
detailed core drilling programme on the Kwa-Zulu Natal
properties revealing a resource of 120 million tonnes of
anthracite and bituminous coal with excellent coking properties.
The first phase drilling programme at the Amajuba project
revealed a resource of approximately 38 million tonnes
bringing Miranda’s total coal resources in KZN under CPR
to 158 mt.
A significant milestone was reached with the submission
of the first Mining Right application to the Department
of Minerals and Energy (“DME”) which is anticipated to
be successfully granted before year end. Depending on the
timing of the execution of the Sesikhona mining permit,
production should begin during the first quarter of 2009.
The group has also commenced with the preparation of mining
right applications on the Amajuba and Uithoek projects.
Diamond exploration is expected to contribute significantly
to the group’s future earnings. The group was awarded two
additional prospecting permits adjacent to the existing
Mochudi project in Botswana. A recently completed closely
spaced electro-magnetic survey on the Turffontein and Blaaubank
diamond properties in the NW province revealed encouraging
results with the identification of nine blocks as potential
target areas that will require further exploration.
Miranda will continue to conduct further work on identified
projects in its gold and industrial mineral portfolio.
The Uitval clay project has revealed encouraging results.
The strategy is to develop a number of these projects further
up the value curve so as to allow joint venture partnerships
which will develop these particular projects further.
Commenting on the results, Wayne Ison noted, “We are
making substantial inroads into moving our assets up
the value curve and preparing them for the mining phase
with our increased expenditure this year. We are confident
that imminent cash flows from the Sesikhona project will
further accelerate the transition from prospecting to
mining on at least two of the most advanced coal projects.”
No dividend was declared for the period (2007:Nil)
For a detailed account of the numbers, please refer to
the complete regulatory announcement issued on SENS
ENDS
ISSUED BY: FDBeachhead
Louise Brugman
(011) 214 2415/ 083 504 1186/ louise.brugman@fd.com
Senzi Dlamini
(011) 214 2420/ 073 494 0030
ON BEHALF OF: Miranda Minerals
Financial Director: Wayne Ison
012 665 4200
Notes to editors
Miranda is a mineral exploration company
that enters into a JV agreement with a potential mining partner
to conduct exploration and feasibility on a particular resource
(over which Miranda typically will hold a prospecting permit)
with a view to upgrading its mineral status to that of either
a measured resource, or a probable or proved reserve. On
completion of the exploration program, the JV partner will
have the exclusive right to mine the project and Miranda
will earn a "JV fee" based on an ongoing turnover/
profit percentage or rand amount per ton mined by the JV
mining partner. |
