Simmer & Jack Mns. - Final Results, etc.

RNS No 4878r
SIMMER AND JACK MINES LIMITED
14th October 1997


Preliminary statement of audited annual results - year ended
30 June 1997 and further cautionary announcement

Abridged consolidated income statements

                                                  30 June           30 June
                                                     1997              1996
                                                  (Audited)        (Audited)
                                                    R'000             R'000

Turnover                                           12 357             13 251
Operating costs                                    15 362             12 864
Operating (loss)   profit                          (3 005)               387
Net finance charges                                  (601)               (49)
(Loss) profit for the year before taxation         (3 606)               338
Taxation                                                -                  -
(Loss) profit for the year after taxation          (3 606)               338
Transfer to non-distributable reserves                  -             (2 284)
(Accumulated loss) retained profit at beginning 
of year                                              (691)             1 255
Accumulated loss at end of year                    (4 297)              (691)

Abridged consolidated balance sheets
Capital employed
Share capital and premium                          39 353             39 353
Non-distributable reserves                         17 358             17 358
Accumulated loss                                   (4 297)              (691)
Shareholders' interest                             52 414             56 020
Minority shareholders' interest                         1                  1
Long-term liability                                 2 000                  -

                                                   54 415             56 021
Employment of capital
Mining assets                                      61 296             56 711
Land and buildings                                  1 076              1 076
Funds at call, bank balances and cash               3 141                  -
Other current assets                                2 199              2 158
Bank overdraft                                     (1 624)               (30)
Other current liabilities                          (3 683)            (3 195)
Loans                                              (7 064)                 -
Current portion - long term liability                (500)                 -
Provision for taxation                               (426)              (699)
                                                   54 415             56 021
(Loss) earnings per share - cents                  (13,32)              1,25
Net asset value per share - cents                  193,67             206,99

Abridged consolidated cash flow information
Net cash flow (absorbed) generated by:
Operating activities                               (3 432)               798
Investment activities                              (4 585)            (2 284)
Net cash flow before financing                     (8 017)            (1 486)
Increase(decrease) in borrowings                    9 564                (99)
Net increase(decrease) in cash and cash equivalents 1 547             (1 585)
Cash and cash equivalents at beginning of year        (30)             1 555
Cash and cash equivalents at end of year           (1 517)               (30)

Notes

The group continued operations at its operating gold mine, the Makonjwaan Mine,
Mpumalanga Province, South Africa.  The head grade at this mine fell slightly
and this, coupled with higher maintenance costs and a sharp drop in the gold
price, contributed to the loss for the year.  Construction of a heap leach pad
was started in order to optimise profitability because of the lower grade being
encountered. 

Exploration work at the Pilgrim's Rest Joint Venture continued satisfactorily
showing promising results. 

The company continued to consider plans for the turning to account for its other
gold reserves and resources. In this regard the resource base was expanded
through the acquisition during the year of the Lily Mine which is in close
proximity to the Makonjwaan Mine.

The group has availed itself of certain borrowings during the year in order to
continue its operating activities, and, as previously advised in cautionary
announcements to shareholders, discussions are taking place the outcome of which
could impact on the future direction of the group. 

Shareholders should therefore continue to exercise caution in dealing in their
shares until a further announcement is made.


END

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