Central Asian Minerals and Resources PLC
LSE : CMRP

May 31, 2013 02:00 ET

Preliminary Announcement of Unaudited Results year ended 31.12.12

                                                                                                31 May 2013
                                                                                               IM00B61FM981
                                                     
                                 Central Asian Minerals and Resources PLC
                                        ("CAMAR" or the "Company")

             PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012

The Directors of Central Asian Minerals and Resources PLC (ISDX: CMRP), the gold production and exploration
company focused on Tajikistan, are pleased to announce the Company's unaudited preliminary results for  the
year ended 31 December 2012.

The Company had revenues of USD 131,775 in the year ended 31 December 2012 and made a loss for the year  of
USD 4,360,731 (2011: profit of USD 319,274). The profit before tax in 2011 arose from the negative goodwill
created  through the Company's acquisition of Gulf UK. In addition, the Company's 2012 results reflect  the
costs  of  acquiring  a significant amount of new plant and equipment for use at the  Aprelevka  mine.  The
Company's share of income from the Aprelevka Joint Venture during the year was USD 22,355 (USD 409,562).

CAMAR  has invested over USD 4 million into the Aprelevka Joint Venture in each of 2011 and 2012.  As  with
any exploration-stage company, this level of investment is expected to at least remain the same or increase
as  the  resource  is  built and then increase significantly in the following stage  when  the  operational
project will be developed.

Further  equipment has been purchased by Aprelevka for improving production from the processing  plant  and
has  now been installed.  The first step towards increasing gold production above the current 1,000 oz  per
month has now been taken.

The Company raised a total of USD 4.5 million in June 2012 through the issue of a Convertible Loan Note and
entered  into a Standby Loan Facility of USD 2.5 million which subsequently was not drawn since  our  Joint
Venture partner in Aprelevka, the Tajikistan Ministry of Energy and Industry, was unable to sign a protocol
enabling CAMAR to invest a further USD 5.0 million into Aprelevka.

The  result of the above is that the drilling program which was started in earnest in November 2012 has now
been  halted  while discussions continue at Government level on diluting the percentage (51%) held  by  the
Ministry of Energy and Industry to around 33%.  This will take time.

In  the  meantime, CAMAR is pursuing a number of options for securing additional funding  for  the  further
development of its interest in the Aprelevka mine.

Oliver John Vaughan
Chairman
May 2013






UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
AS AT 31 DECEMBER 2012

                                                                    Year ended 31     Year ended 31
                                                                         December          December
                                                                             2012              2011
                                                                              USD               USD
                                                                                      
 Revenue                                                                  131,775              48,000
                                                                                                     
 Administrative expenses                                               (4,120,419)         (3,070,864)
 Net income from joint venture                                             22,355             409,562
                                                                                                     
                                                                                                     
 Group operating loss                                                  (3,966,289)         (2,613,302)
 
 Excess of the investor's share of the net fair value of                                           
 the joint venture's identifiable assets and liabilities                                           
 over the cost of the investment                                                -           2,932,798
 Interest receivable                                                       57,720               4,585
 Finance costs                                                           (452,162)             (4,807)
                                                                                                     
 (Loss)/profit before income tax                                       (4,360,731)            319,274
                                                                                                     
 Income tax                                                                     -                   -
                                                                                                      
                                                                                                     
 (Loss)/profit for the year                                            (4,360,731)            319,274
                                                                                                     
 Other comprehensive income:
 Exchange difference on translation of foreign                           (301,303)           (473,041)
 operations
 Share of other comprehensive income of joint                            (232,929)           (178,133)
 venture                                                                                           
                                                                                                     
                                                                                                    
 Total comprehensive loss for the year                                 (4,894,963)           (331,900)
                                                                                                      
                                                                                                     
 (Loss)/earnings per share                                                                           
 Basic                                                                     (0.26)                0.03
 Diluted                                                                   (0.26)                0.02
                                                                                                     
                                                                                                     

The profit for the year is attributable to the equity shareholders of the company.

All operations are continuing operations.
  
 
 UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
 AS AT 31 DECEMBER 2012
                                                                                                   
                                                                            As at             As at
                                                                               31                31
                                                                         December          December
                                                                             2012              2011
                                                                              USD               USD
 ASSETS                                                                              
 Non-current assets                                                                                  
 Property, plant and equipment                                              2,652             233,604
 Investment in joint venture                                           12,812,706          12,166,521
                                                                                                     
                                                                                                     
                                                                                                     
                                                                       12,815,358          12,400,125
 Current assets                                                                                      
 Loans to joint venture                                                 1,000,000                   -
 Trade and other receivables                                              257,885             113,923
 Cash and cash equivalents                                                807,663           1,360,080
                                                                                                      
                                                                        2,065,548           1,474,003
                                                                                                      
                                                                                                     
 TOTAL ASSETS                                                          14,880,906          13,874,128
                                                                                                         
                                                                                                     
 EQUITY AND LIABILITIES                                                                              
 Equity attributable to owners of the parent                                                         
 Called up share capital - equity                                               -                   -
 Share premium account                                                 14,606,453          14,606,453
 Retained earnings                                                     (4,952,394)           (855,350)
                                                                                                       
                                                                                                     
 Total equity                                                           9,654,059          13,751,103
                                                                                                     
 LIABILITIES                                                                                         
 Current liabilities                                                                                 
 Trade and other payables                                                 145,995             123,025
                                                                                                     
 Non-current liabilities                                                                             
 Convertible loan notes                                                 5,080,852                   -
                                                                                                      
                                                                                                     
                                                                       
 TOTAL EQUITY AND LIABILITIES                                           14,880,906         13,874,128
                                                                                                 
                                                                                                     

The Directors of CAMAR are responsible for the contents of this announcement.

Enquiries:

Central Asian Minerals and Resources PLC                                               01624 679 000
Oliver Vaughan/R. David Russell/Maria Christine Melian

Peterhouse Corporate Finance Limited                                                   020 7220 9796
Mark Anwyl and Duncan Vasey

Contact Information

  • Central Asian Minerals and Resources PLC