Agricola Resources plc
LSE : AGRI

June 14, 2010 06:00 ET

Audited Results for the year ended 31 December 2009

         
         
                                                                                                     14/06/2010
                                                                                      GB0003046835/GBP/PLUS-exn
                                                   
                                            AGRICOLA RESOURCES PLC
                                                       
                           Audited Final results for the year ended 31 December 2009
                                                       
         The directors present their report with the financial statements of the company for the year
         ended 31 December 2009.
         
         PRINCIPAL ACTIVITY
         
         The  principal  activity of the company in the year under review was that  of  investing  in
         copper, gold and uranium exploration.
         
         REVIEW OF BUSINESS
         
         Profile
         
         Agricola  Resources plc ("Agricola") is a UK based gold exploration company  listed  on  the
         UK's  PLUS  market.  The  Company  is focused on identifying commercially  exploitable  gold
         deposits  in  North Africa, with initial exploration targets in the Anti-Atlas area  of  the
         Kingdom of Morocco.
         
         In  November  2009  the  Company signed a joint venture agreement on  two  gold  exploration
         licences  in the Tan Tan Province, Guelmin-Es Semara region of Southern Morocco at Ain-Kerma
         and Toufrite.  The Ain-Kerma project potentially hosts both low-grade, bulk-tonnage and high-
         grade,  stratabound gold deposits. It is 50 km from a main town accessible  by  all  weather
         tracks.
         
         Under  the  terms of a Joint Venture Agreement with the Minerals Exploration Branch  of  the
         Moroccan State Bureau for Mines and Hydrocarbons (ONHYM), Agricola is entitled to earn up to
         100% of the projects by funding all exploration costs. Agricola will have management control
         of the exploration phase. If an exploitable deposit is located, Agricola will pay ONHYM a 2%
         net  smelter return thereafter. ONHYM will have the option to retain a 30% interest  in  the
         exploitation and Development Company.
         
         The Ain-Kerma Project
         
         The  Ain-Kerma project is located some 30km ENE of the town of Tan Tan and around 50km  from
         the  Atlantic  seaboard. ONHYM has already spent approximately around USD one  million  over
         three  years in exploration costs. This work has identified many gold bearing quartz  veins.
         Of  these, the 400m long AK-1 vein has identifiable gold values from 0.1 - 6.5 grams per ton
         of  gold, with an exceptional value of 147 grams per ton of gold. The AK-4 structure extends
         for 800m with a 300m section values from 4.7 to 56 grams per ton of gold over 0.3 - 1.2 m. A
         further  50  parallel to sub-parallel NW-SE trending quartz structures have been identified.
         The  Ain-Kerma  project  potentially  hosts  both low-grade,  bulk-tonnage  and  high-grade,
         stratabound  gold deposits. It is 50 km from a main town accessible by all  weather  tracks.
         Agricola is developing a work programme to commence exploratory field work at Ain Kerma  and
         at Toufrite to identify drill targets during the course of 2010 whilst searching for further
         opportunities in North Africa.
         
         The Toufrite Project
         
         At  Toufrite, gold occurs in a NW-SE trending quartz vein developed within a granitic  stock
         that  intrudes a sequence of sandstones and volcanic breccias. The quartz vein  extends  for
         230m  and ranges in width from 1 to 6 metres. Gold values vary from 0.2 to 14 grams per  ton
         of gold with two exceptional values of 21 and 31 grams per ton.
         
         Chairman's Statement
         
         As  Agricola's new Chairman it gives me great pleasure to write my first report to  you  the
         Shareholders following the retirement of Bob Young earlier this year   The Board of Agricola
         and  I would like to thank Bob for his tireless efforts and considerable contribution to the
         company as the Chairman of Agricola in the past.
         
         The Board of Agricola Resources plc is pleased to report the final results to the year to 31
         December  2009,  which show a loss for the period of £262,676. During  the  period  Agricola
         disposed of its uranium exploration licences in Sweden to Beowulf Mining PLC for the sum  of
         £71,100.
         
         The  sale  of  these  assets helped to facilitate Agricola's strategic objectives  for  Gold
         exploration  in  Morocco. Prospects for the price of Gold offer excellent opportunities  for
         junior  Gold  exploration  companies that can rapidly identify  exploitable  Gold  deposits.
         Morocco  has a well established mining industry with good infrastructure and is one  of  the
         most cosmopolitan countries in North Africa.
         
         In  November 2009 the Company signed a joint venture on two gold exploration licences in the
         Tan Tan Province, Guelmin-Es Semara region of Southern Morocco at Ain-Kerma and Toufrite.
         
         We are very positive of both Gold and Morocco.
         
         Unknown to many investors, Gold has been the best performing asset class of the past  decade
         with a fourfold increase to the spot price of gold since the turn of the new century against
         the backdrop of rising public and private debt levels in Western economies.
         
         The  periodic signs of 'Green Shoots' recovery as reported in the media are yet to take hold
         as  Western governments and central banks grapple with ballooning structural fiscal deficits
         most of whom will print money (quantitative easing) as a solution to the problem.
         
         Inflation could be a threat to all countries as money floods in to try and stimulate anaemic
         economies.  The  threat  of inflation may also affect currencies and  possibly  create  more
         turmoil.
         
         Corporate  bailouts  are  being replaced by the more troubling, and  troublesome,  sovereign
         bailouts  (Greece) thus further eroding the value of paper currencies against the  value  of
         Gold.
         
         We  believe that China has recently overtaken India as the world's biggest buyers  of  Gold.
         Their  economic  growth rates, which are the envy of the West and a combined  population  of
         about  2 billion people will ensure that Gold remains in strong demand as a thing of  beauty
         and a reserve of value.
         
         It would appear that natural resources as a sector will do well in the foreseeable future as
         new markets develop and older ones slowly recover from recession.
         
         We  shall endeavour to develop our Moroccan projects while at the same time looking at other
         projects which are of commercial merit and so of value to the company.
         
         The  year  2009  was one of major change for Agricola as your Company embarked  upon  a  new
         strategy. I have no doubt that 2010 will be full of challenges, but I believe that  we  have
         the  right  direction,  the  right team, and the right project focus  at  a  time  of  major
         uncertainty, which nevertheless offers significant opportunity for Agricola. I look  forward
         to meeting as many shareholders as possible at our Annual General Meeting.
         
         The  Board of Agricola very much appreciates the support of its shareholders, employees  and
         advisors and looks forward to reporting the progress of our project development and plans in
         the coming months.
         
         DIVIDENDS
         
         No dividends will be distributed for the year ended 31 December 2009.
         
         ON BEHALF OF THE BOARD:
         
         .................................................................
         
         Mr C Sinclair-Poulton - Director
         
         
         
         
         
         Emphasis of matter - Going concern
         
         In  forming  our  opinion  on  the financial statements, which is  not  qualified,  we  have
         considered  the  adequacy  of  the disclosures made in note 1 to  the  financial  statements
         concerning the company's ability to continue as a going concern. The ability of the  company
         to continue to trade is dependent on the company being able to raise sufficient funds. Based
         upon  the  current  economic  climate there exists a material  uncertainty  which  may  cast
         significant  doubt as to whether the company will be able to generate sufficient  funds  and
         therefore the company's ability to continue as a going concern. The financial statements  do
         not include the adjustments that would be necessary if the company was unable to continue as
         a going concern.
         
         
         
         AGRICOLA RESOURCES PLC (REGISTERED NUMBER: 04018807)
         
         PROFIT AND LOSS ACCOUNT
         
         FOR THE YEAR ENDED 31 DECEMBER 2009
         

                                                                           
                                                             2009               2008
                                                                £                  £
         TURNOVER                                               -                  -

         Cost of sales                                    174,948             89,278
                                                          -------             ------

         GROSS LOSS                                      (174,948)           (89,278)

         Administrative expenses                           83,479            110,630
                                                          -------            -------

                                                         (258,427)          (199,908)

         Other operating income                            (4,613)             8,632
                                                          -------            -------

         OPERATING LOSS                                  (263,040)          (191,276)

         Interest receivable and similar income               364              4,432

                                                         (262,676)          (186,844)

         Interest payable and similar charges                   -                135


         LOSS ON ORDINARY ACTIVITIES
         BEFORE TAXATION                                 (262,676)          (186,979)

         Tax on loss on ordinary activities                     -                  -

         LOSS FOR THE FINANCIAL YEAR
         AFTER TAXATION                                  (262,676)          (186,979)
                                                          -------            -------
                                                          -------            -------

         Earnings per share expressed
         in pence per share:
         Basic                                              -0.17              -0.12
         Diluted                                            -0.16              -0.09
                                                          -------            -------
                                                          -------            -------

         CONTINUING OPERATIONS
         None of the company's activities were acquired or discontinued during the current 
         year or previous year. 

         TOTAL RECOGNISED GAINS AND LOSSES
         The company has no recognised gains or losses other than the losses for the current 
         year or previous year. 

         

         AGRICOLA RESOURCES PLC (REGISTERED NUMBER: 04018807) 

         BALANCE SHEET

         31 DECEMBER 2009

         --------------------------------------------------------------------------

                                                2009                    2008
                                         £             £          £               £
         FIXED ASSETS
         Intangible assets                             -                    250,960
         Tangible assets                             117                          -
                                                     117                    250,960

         CURRENT ASSETS
         Debtors                    11,576                   51,357
         Investments                   447                      447
         Cash at bank                6,947                    4,965

                                    18,970                   56,769
         CREDITORS
         Amounts falling due
         within one year            29,968                   85,934


         NET CURRENT LIABILITIES                 (10,998)                   (29,165)

         TOTAL ASSETS LESS CURRENT 
         LIABILITIES                             (10,881)                   221,795


         CAPITAL AND RESERVES
         Called up share capital               1,594,555                  1,564,555
         Share premium                           200,252                    200,252
         Profit and loss account              (1,805,688)                (1,543,012)
                                                 --------                 ---------

         SHAREHOLDERS' FUNDS                     (10,881)                   221,795
                                                 --------                 ---------
                                                 --------                 ---------


         AGRICOLA RESOURCES PLC (REGISTERED NUMBER: 04018807) 

         CASH FLOW STATEMENT

         FOR THE YEAR ENDED 31 DECEMBER 2009

         -----------------------------------------------------------------------------
                                                2009                    2008
                                         £             £          £               £
         Net cash outflow
         from operating activities              (104,254)                  (192,180)

         Returns on investments and
         servicing of finance                        364                      5,165

         Capital expenditure
         and financial investment                 75,872                    (93,528)
                                                 --------                 ---------

                                                 (28,018)                  (280,543)

         Financing                                30,000                          -
                                                 --------                 ---------

         Increase/(Decrease) in 
         cash in the period                        1,982                   (280,543)
                                                 --------                 ---------
                                                 --------                 ---------

         ---------------------------------------------------------------------------
         
         Reconciliation of net cash flow
         to movement in net funds

         Increase/(Decrease)
         in cash in the period       1,982                 (280,543)
         Cash inflow
         from decrease in liquid 
         resources                       -                  (52,930)

         Change in net funds 
         resulting from cash 
         flows                                     1,982                   (333,473)
                                                 --------                 ---------

         Movement in net funds 
         in the period                             1,982                   (333,473)
         Net funds at 1 
         January                                   5,412                    338,885
                                                 --------                 ---------

         Net funds at 31 December                  7,394                      5,412
                                                 --------                 ---------
                                                 --------                 ---------





        The  audited  results  for  the  year ended 31 December 2009 detailed in this  announcement  have  been
        extracted from the audited financial statements which can be found, in full, on the PLUS website.
        
        The Directors of Agricola are responsible for the contents of this announcement.

        For further information contact:-
        
        Company:
        Agricola Resources plc
        Mr James Negaard                                 Tel: 0208 7800933
        Corporate Adviser
        St Helens Capital Partners LLP
        Duncan Vasey or Mark Anwyl                       Tel: 020 7368 6959






Contact Information

  • Agricola Resources plc