INTERIM REPORT FOR THE 6 MONTHS TO 30 JUNE 2009
(Thomson Reuters ONE) - SHANTA GOLD LIMITED ("Shanta Gold", the "Group") INTERIM REPORT FOR THE 6 MONTHS TO 30 JUNE 2009Shanta Gold announces its interim results for the half year ended 30June 2009.Operations Review for 6 months to the 30 June 2009Shanta has continued its conservative approach to exploration in thelast six months as the Board views conservation of cash as beingcritical to the success of the Group. Expenditure of approximatelyUS$ 1.78 million was incurred in line with planning. The majority ofexpenditure has been utilised to trench, pit and channel samplestrike extensions of known gold mineralisation and to test goldbearing gravels at Chunya. Significantly during the period JORCcompliant resources for the Chunya and Singida projects wereannounced. The determination of a resource at Chunya led to thecommissioning of a conceptual mining study, a metallurgicalassessment and the commencement of an environmental and social impactassessment ("EAI"). Shanta entered into an exploration and purchaseoption agreement over a Mining Licence adjacent to Shanta's Singidaproject. The Mining Licence area is projected to be on strike toknown mineralised structures.Singida ProjectShanta has continued with the trenching and pitting programmes onstrike extensions in the Singida green stone belt project whichconfirmed the continuity of well defined shear zones but withoutreturning significant gold values. This indicates that mineralisedshear zones intersected at depth with diamond drillholes, arecontinuous to surface. In addition, specific gravity studies wereundertaken and an initial laboratory gold deportment analysis wascompleted suggesting that under laboratory conditions gravityrecovery yields of gold would vary between 35% and 80% while cyanideleach would recover between 85 and 98% depending on the orebody.Further preliminary investigations were carried out on otherproperties in the Singida portfolio and the exploration team alsocarried out reconnaissance in the general region. After an extensivenegotiation process Shanta has secured an option over Mining Licence309/2008 which gives the exclusive right to explore and if theCompany so chooses to acquire the licence. The acquisition price willbe based on the value 0.5% of the mineable gold.The Company announced a significant increase in the JORC compliantresource at a 0g/t cut-off as follow: Category Tonnes 000 Grade Gold OuncesMeasured 7,024 2.13 480,546Indicated 4,499 1.03 149,291Inferred 10,050 1.19 402,088Total 22,023 1,46 1,031925Details may be found in the announcement made on 28 May 2009The company will continue with the trenching and pitting program andmay consider a targeted drilling programme if funds become availableduring the next six months. It is reasonably anticipated that theseactivities should identify additional targets to extend the resourcebase.Chunya ProjectPlanned activities of trenching and pitting on extensions to theChunya quartz vein hosted gold orebodies have identified some 1,000meters of further mineralisation. Final assay results are awaited. Inaddition the programme identified gold bearing gravels. These gravelsare currently being assessed and should assist with the economics ofany operation started on the property.The Company announced the following JORC compliant ore resource forthe property: Category Tonnes 000 Grade Gold OuncesMeasured - -Indicated 9,920 1.12 357,402Inferred 12,611 1.12 488,177Total 23,531 1,12 845,519Further details regarding the ore resource may be found in theannouncement made on 17 April 2009.As a result of the material resource identified on this property,Shanta has commissioned a conceptual mining study, a metallurgicalevaluation and an EIA. The mining and metallurgical studies areexpected to be completed in the 3rd quarter while the EIA, subject tothe statutory approval process is currently expected to be completedduring the current year. This should ultimately lead to anapplication for a mining licence.Songea ProjectSongea lies in the south of Tanzania and is adjacent to other uraniumdiscoveries. An airborne radiometric survey undertaken by Shanta hasidentified uranium anomalies. Logistics, cost and seasonalconstraints have inhibited activities on this project. Staff areexpected to be deployed in the near future to conduct ground-proofingscintillometer surveys.Mgusu ProjectThis Mgusu prospecting licence lies geographically within the GeitaGold Mine licence in the Lake Victoria gold field. The project hasbeen inaccessible due to political factors related to militantartisanal miners. Shanta has engaged government at ministerial anddepartmental levels over the past six months and has tabled aproposal to address these difficulties. The Company activelycontinues to pursue a response from the Commissioner of Minerals.CorporateThe Board of Shanta is cogently aware of the pressures on financingfor junior exploration companies and continues its search forinnovative approaches to funding that recognise appropriate value forthe Group's underlying resources while taking into account marketimperatives. Sources of finance including possible partnership orjoint venture arrangements and direct raising of limited additionalfinance in the short term are being pursued.INTERIM FINANCIAL REPORTThe consolidated unaudited results for the Group have been preparedusing the same accounting policies and principles as the financialstatements as at 31 December 2008.The Group showed a decreased loss of $1.824 million down from $3.404million mainly due to a board imposed limitation on exploration,which decreased from $2.292 million in the same period in 2008 to$1.055 million. The loss per share decreased to 1.80 cents pershare.The balance sheet reflects a reduction in cash in hand to $4.619million at 30 June 2009 from $6.404 million at the end of December2008, due to exploration activities undertaken by the Group.The Directors have prepared the interim financial statements on agoing concern basis. In view of current market conditions and theneed to continue the exploration activities the Board continues toreview its options, in particular the need for future finance. TheBoard, while pursuing financing with a view to commencing production,awaits the results from current exploration activities to informfuture direction.+-------------------------------------------------------------------+| CONSOLIDATED STATEMENT OF COMPRHENSIVE INCOME ||-------------------------------------------------------------------|| | | 6 months | Year ended || Notes | | to | 31 || | 6 months to | 30 June | December || | 30 June 2009 | 2008 | 2008 || | US$000 | US$000 | US$000 ||---------------------------+--------------+-----------+------------|| Revenue | - | - | - ||---------------------------+--------------+-----------+------------|| Cost of sales | - | - | - ||---------------------------+--------------+-----------+------------|| Gross profit | - | - | - ||---------------------------+--------------+-----------+------------|| Other operating income | - | - | - ||---------------------------+--------------+-----------+------------|| Administration expenses | (774) | (1 266) | (2 130) ||---------------------------+--------------+-----------+------------|| Exploration costs | (1 055) | (2 292) | (4 572) ||---------------------------+--------------+-----------+------------|| Operating loss | (1 829) | (3 558) | (6 702) ||---------------------------+--------------+-----------+------------|| Finance income | 5 | 154 | 222 ||---------------------------+--------------+-----------+------------|| Loss before taxation | (1 824) | (3 404) | (6 480) ||---------------------------+--------------+-----------+------------|| Taxation | - | - | - ||---------------------------+--------------+-----------+------------|| Loss for the period / | | | || year | (1 824) | (3 404) | (6 480) ||---------------------------+--------------+-----------+------------|| Other comprehensive | | | || income for the | | | || period/year | - | - | - ||---------------------------+--------------+-----------+------------|| Total comprehensive loss | | | || for the period/year | (1 824) | (3 404) | (6 480) ||---------------------------+--------------+-----------+------------|| Loss per share basic (US | | | || cents) [1] | (1.80) | (3.39) | (6.45) ||-------------------------------------------------------------------|| [1]. Based on 101 390 429 weighted average shares in issue (2008 || -100 318 798) |+-------------------------------------------------------------------++-------------------------------------------------------------------+| CONSOLIDATED BALANCE SHEET ||-------------------------------------------------------------------|| | | At | At 31 || | At | 30 June | December || | 30 June 2009 | 2008 | 2008 || | US$000 | US$000 | US$000 ||------------------------------+--------------+----------+----------|| Assets | | | ||------------------------------+--------------+----------+----------|| Non current assets | | | ||------------------------------+--------------+----------+----------|| Goodwill | 3 318 | 3 318 | 3 318 ||------------------------------+--------------+----------+----------|| Intangible assets | 1 362 | 1 160 | 1 362 ||------------------------------+--------------+----------+----------|| Plant and equipment | 235 | 397 | 305 ||------------------------------+--------------+----------+----------|| | 4 915 | 4 875 | 4 985 ||------------------------------+--------------+----------+----------|| Current assets | | | ||------------------------------+--------------+----------+----------|| Trade and other receivables | 255 | 175 | 174 ||------------------------------+--------------+----------+----------|| Cash and cash equivalents | 4 619 | 9 602 | 6 404 ||------------------------------+--------------+----------+----------|| | 4 874 | 9 777 | 6 578 ||------------------------------+--------------+----------+----------|| Total assets | 9 789 | 14 652 | 11 563 ||------------------------------+--------------+----------+----------|| | | | ||------------------------------+--------------+----------+----------|| Equity and liabilities | | | ||------------------------------+--------------+----------+----------|| Equity | | | ||------------------------------+--------------+----------+----------|| Share capital | 18 | 18 | 18 ||------------------------------+--------------+----------+----------|| Share premium | 31 779 | 31 722 | 31 779 ||------------------------------+--------------+----------+----------|| Share option reserve | 599 | 1 226 | 1 337 ||------------------------------+--------------+----------+----------|| Shares to be issued | 53 | - | 8 ||------------------------------+--------------+----------+----------|| Warrant reserve | - | 306 | - ||------------------------------+--------------+----------+----------|| Translation reserve | 400 | 400 | 400 ||------------------------------+--------------+----------+----------|| Retained earnings | (23 611) | (19 972) | (22 539) ||------------------------------+--------------+----------+----------|| | 9 238 | 13 700 | 11 003 ||------------------------------+--------------+----------+----------|| Current liabilities | | | ||------------------------------+--------------+----------+----------|| Trade and other payables | 215 | 616 | 224 ||------------------------------+--------------+----------+----------|| Loans payable to related | | | || parties | 336 | 336 | 336 ||------------------------------+--------------+----------+----------|| Total Liabilities | 551 | 952 | 560 ||------------------------------+--------------+----------+----------|| Total equity and liabilities | 9 789 | 14 652 | 11 563 |+-------------------------------------------------------------------++-------------------------------------------------------------------+| CONSOLIDATED CASH FLOW STATEMENT ||-------------------------------------------------------------------|| | | | || | 6 months to | 6 months to | Year ended || | 30 June | 30 June | 31 December || | 2009 | 2008 | 2008 || | US$000 | US$000 | US$000 ||-------------------------+-------------+-------------+-------------|| Net cash flows from | | | || operating activities | (1 781) | (2 644) | (5 575) ||-------------------------+-------------+-------------+-------------|| Investing activities | | | ||-------------------------+-------------+-------------+-------------|| Purchase of plant and | | | || equipment | (4) | (46) | (59) ||-------------------------+-------------+-------------+-------------|| Purchase of intangible | | | || assets | - | (100) | (343) ||-------------------------+-------------+-------------+-------------|| Net cash flows from | | | || investing activities | (4) | (146) | (402) ||-------------------------+-------------+-------------+-------------|| Financing activities | - | | ||-------------------------+-------------+-------------+-------------|| Net cash flows from | | | || financing activities | - | - | - ||-------------------------+-------------+-------------+-------------|| Net decrease in cash | | | || and cash equivalents | (1 785) | (2 790) | (5 977) ||-------------------------+-------------+-------------+-------------|| Cash and cash | | | || equivalents at the | | | || beginning of period / | | | || year | 6 404 | 12 392 | 12 392 ||-------------------------+-------------+-------------+-------------|| Foreign exchange | | | || adjustment | - | - | (11) ||-------------------------+-------------+-------------+-------------|| Cash and cash | | | || equivalents at the end | | | || of period / year | 4 619 | 9 602 | 6 404 |+-------------------------------------------------------------------++-------------------------------------------------------------------------------------------------+|CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ||For the period ended 30 June 2009 ||-------------------------------------------------------------------------------------------------|| | Share | Share | Share |Warrant|Translation|Shares|Accumulated| || |Capital|Premium|Options|Reserve| Reserve |to be | Loss | TOTAL || | | |Reserve| | |Issued| | ||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Total equity as at | | | | | | | | ||31 December 2007 | 18| 31 715| 1 384| 306| 400| -| (16 568)| 17 255||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Loss for the period | | | | | | | (3 404)|(3 404)||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Total recognised income | | | | | | | | ||and expenses | | | | | | | (3 404)|(3 404)||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Shares based payment | | 7| | | | | | 7||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Share Option costs | | | (158)| | | | | (158)||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Total equity as at | | | | | | | | ||30 June 2008 | 18| 31 722| 1 226| 306| 400| -| (19 972)| 13 700||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Loss for the period | | | | | | | (3 076)|(3 076)||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Total recognised income | | | | | | | | ||and expenses | | | | | | | (3 076)|(3 076)||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Shares based payment | | 57| | | | | | 57||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Shares to be issued | | | | | | 8| | 8||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Share Option costs | | | 314| | | | | 314||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Share Option expired | | | (203)| | | | 203| -||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Warrants expired | | | | (306)| | | 306| -||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Total equity as at | | | | | | | | || 31 December 2008 | 18| 31 779| 1 337| -| 400| 8| (22 539)| 11 003||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Loss for the period | | | | | | | (1 824)|(1 824)||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Total recognised income | | | | | | | | ||and expenses | | | | | | | (1 824)|(1 824)||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Shares to be issued | | | | | | 45| | 45||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Share Option costs | | | 14| | | | | 14||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Share Option expired | | | (752)| | | | 752| -||--------------------------+-------+-------+-------+-------+-----------+------+-----------+-------||Total equity as at | | | | | | | | ||30 June 2009 | 18| 31 779| 599| -| 400| 53| (23 611)| 9 238|+-------------------------------------------------------------------------------------------------+For further information:Shanta Gold Limited http://www.shantagold.comWalton ImrieMobile: +27 (0) 82 444 2851Walter VorwerkMobile: +27 (0) 83 308 0080Nominated adviser and brokerEwan LeggatFairfax I.S. PLC+44 (0)20 7598 5368A copy of this announcement will be available on Shanta Gold'swebsite at www.shantagold.comDistributed by:Russell & AssociatesJohannesburgMarion Brower/Charmane RussellTel: +27 11 880 3924---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 17.08.2009 - 08:00 Uhr
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