North River Resources plc “a number of highly positive drill results”

North River Resources plc LON:NRRP has given DirectorsTalk its results for the year ended 31 December 2015 and that the Annual General Meeting (“AGM”) will be held at the offices of Shakespeare Martineau LLP, 5th Floor, One America Square, Crosswall, London EC3N 2SG on Tuesday 28 June 2016 at 11.00 am.

A notice convening the AGM, proxy form and Report and Accounts for the year ended 31 December 2015 will be posted to shareholders this Friday 3 June 2016 and will also be available to download from the Company’s website at www.northriverresources.com.

Highlights

— Key milestones towards advancing the group’s priority brownfield Namib Lead-Zinc project in Namibia towards a construction decision, have been:

— North River received and accepted a Notice of Preparedness to Grant the Mining Licence from the Namibian Ministry of Mines and Energy (“Ministry”) for the Namib Lead Zinc Project. The Notice set out a process and timeline for the discussions with the Ministry to agree upon the Supplementary Conditions. A formal proposal was submitted to the Ministry on the Supplementary Conditions in late April 2016.

— A successful fund raising completed in September 2015 whereby an additional US$4.0 million was secured through an open offer to the market and placing of convertible loan notes with Greenstone Resources L.P.

— Completion of the drive on 5-level in the mine to open up access underground for the next step in resource drilling. The ongoing drilling programme has produced a number of highly positive drill results and the Company remains confident that the mine life initially estimated at 3.5 years, will be extended in due course through an increased defined resource at the Namib Lead-Zinc Project site.

— New appointments to the Board of Directors in 2015 have brought additional technical and commercial experience to the Company, helping to support the next phase of development at the Namib Lead-Zinc Project.

— A decision was taken to fully impair the goodwill attached to two early stage copper exploration concessions where recoverable value was deemed to be marginal at current consensus long-term copper prices. The exploration concessions, EPL 3257 and EPL 3258, held within West Africa Gold Pty Ltd, had allocated goodwill of GBP1,983,634 and GBP4,719,300 respectively.

— A loss before taxation reported for the year of GBP9,797,691 (2014: loss of GBP3,320,477). The increase versus the prior year reflects the one-off impairment of the two exploration licences EPL 3257 and EPL 3258. Excluding this charge, costs have fallen despite an increase in site based project activities as the Group benefitted from a weakening Namibian Dollar (2015 average GBP:NAD 1:19.47 versus a 2014 average GBP:NAD 1:17.84) and continued focus on minimising overhead costs pending receipt of the Mining Licence.

   --      The Group's cash position as at 31 December 2015 was GBP1,376,740 (2014: GBP1,904,860)
Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    North River Resources Plc

    More articles like this

    North River Resources Plc

    North River Resources plc “interim results”

    North River Resources plc, the AIM quoted resource company focused on the Namib Lead-Zinc Project in Namibia has provided DirectorsTalk  its unaudited interim results for the six months ended 30 June 2016. Highlights: — North River

    North River Resources Plc

    North River Resources plc updates the market

    North River Resources plc, the AIM quoted resource company, notes the recent rise in the Company’s share price and provides the following update to the announcement made on 1 February 2016 regarding progress towards a mining