ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2008
For immediate release | 29 September 2008 |
AURUM MINING PLC
("Aurum" or "the Company")
Preliminary Results for the year ended 31 March 2008
Aurum Mining plc (AIM: AUR), the gold mining company focussed on the Former Soviet Union (FSU) and whose principal asset is the Andash Project in the Kyrgyz Republic, is pleased to announce its preliminary results for the year ended 31 March 2008.
Key points
•· Civil litigation in the Kyrgyz Republic at the year end disrupted progress at Andash though the case is moving close to resolution
•· The worsening political and operational environment in the Kyrgyz Republic has caused Aurum to suspend all further investment in the Andash Project until conditions improve
•· A strategic review will report by the end of November 2008 on options for generating shareholder value
•· Substantial progress made during the year in preparation for construction of the Andash Zone 1 mine and in further exploration work in the Andash licence area
•· Balance sheet remains strong with net cash of approximately £19.5 million in August 2008
Sean Finlay, Aurum's Chairman, said: "We remain convinced of the quality and potential of the Andash asset but have suspended investment and launched a strategic review owing to the worsening political and operational environment in the Kyrgyz Republic. Progress so far gives us confidence that we have a number of credible options for generating shareholder value and we look forward to providing the conclusions of the strategic review by the end of November 2008."
For further information:
Aurum Mining plc | Tel: 020 7478 9050 |
Mark Jones, Chief Executive Officer Chris Eadie, Chief Financial Officer |
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Arbuthnot Securities | Tel: 020 7012 2000 |
John Prior |
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Buchanan Communications | Tel: 020 7466 5000 |
Mark Court / Rebecca Skye Dietrich |
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Aurum Mining, which joined the AIM market of the London Stock Exchange in May 2004, is a mining company focused on gold opportunities in the Former Soviet Union. Its principal asset is an exploration licence over the Andash gold and copper project in the Kyrgyz Republic. A mining licence for Andash Zone 1 was awarded by the Kyrgyz authorities in 2006. The feasibility study compiled by Wardell Armstrong International, also in 2006, confirmed a measured and indicated resource base of 19.2 million tonnes at 1.1 grams per tonne of gold and 0.4% copper, which equates to 1.1 million ozs of gold and gold equivalent. The Andash project also includes Zone 2 and Zone 3 along with Tokhtonysay, Nakhodka and three other additional exploration areas.
To view the entire report use the link below.
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2008