Preliminary Results for the year ended 29 February 2008
Wednesday 9th July, 2008
Category :
Regulator News Service
SNR (AIM:SNRP) announces it’s maiden Preliminary Results for the year ended 29 February 2008.
Highlights:
• Operations have focussed on Elitheni’s drilling programme and mining rights application submission;
• Elitheni has been granted permission to extract the first 50,000 tonnes of coal under the open-cast mining permit, as previously announced in May 2008;
• To date, Elitheni has established over 25 million tonnes of proven coal having drilled less than 15% of Elitheni’s prospecting acreage;
• Quantity of run-of-mine coal proved to date is sufficient to provide 20 years supply to 250 MW of IPSA Group PLC’s proposed 500 MW mine mouth power plant;
• The Board plans to apply for SNR to be listed on the Altx market of the Johannesburg Stock Exchange to facilitate investment in the Group by South African investors;
• Chief Operating Officer, David Nel, appointed to the Board, based in Port Elizabeth, South Africa with a view to succeeding Jeremy Metcalfe as Chief Executive upon his retirement in July 2009;
• Black Economic Empowerment investors in place, as announced on 1 July 2008;
Commenting on the results, Richard Latham, Chairman of SNR, said:
“As anticipated in SNR’s admission document, we have been granted permission to extract the first 50,000 tonnes of coal under the terms of an open-cast mining permit, as previously announced on 19 May 2008. We expect to initiate mining under this permit in July and will supply a number of customers in the local brick manufacturing and domestic supply markets over the next five months. This will be a significant milestone for the Company as it will enable us to initiate revenue generation pending the grant of permission to commence our underground mining, which is expected in November. This firmly positions SNR as a production company, not one focused purely on exploration.
Although Group losses arose as expected during this investment phase, it is extremely pleasing to be able to report a series of strong moves forward during the period.”
For further information contact:
Jeremy P. Metcalfe, Chief Executive
Strategic Natural Resources PLC
Tel: +44(0)1303 874 798
Allan Piper / Andrew Dunn
Tavistock Communications
Tel: +44 (0) 20 7920 3150
Rod Venables / Cecil Jordaan
HB Corporate
Tel: +44 (0) 20 7510 8600
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