TIDMPNG
RNS Number : 0727O
Persian Gold PLC
23 June 2010
Persian Gold PLC
Preliminary Results for Year Ended 31 December 2009
To say that the past 24 months have been frustrating is an understatement.
Despite the best efforts of our team in Iran, our Iranian partners and the
diplomatic service, no progress has been made in obtaining Discovery
Certificates on our two joint-venture properties in Iran, the Chah-e-Zard gold
oxide deposit and the Dalli gold/copper porphyry deposit. Representations have
been made to the Iranian authorities at frequent intervals during 2009 and 2010
but to no avail. We were informed that all procedures were in order and that we
could expect the issuance of the certificates. So far nothing has happened.
The delay impacts on Persian Gold in many ways. We have let staff go and our
loyal geologists are surviving on a pittance. Our local partners are frustrated
that nothing is happening and concerned that they could lose the licences. We
have declared force majeure on the joint ventures.
Iran is a highly prospective country with vast mineral potential. We
demonstrated this potential by having two successful discoveries in our first
three projects. The workforce is excellent and most skills are available
locally. Infrastructure is good. But the political system defies our best
efforts. Title is guaranteed under the Mineral Acts and a fixed time to deal
with discovery certificate applications is laid out clearly but not followed.
There is a systematic but slow process of foreign investment approvals, which,
incidentally, we have obtained. Despite all of the above, we have made no
progress. We will continue to work in Iran, but to secure a future for Persian
Gold and our shareholders, we are developing interests elsewhere.
The first and logical step was to utilise our technical staff in surrounding
Farsi and Turkic speaking countries. We have evaluated gold projects in
Kazakhstan and decided not to proceed. For some time, we have been in
discussions with gold exploration licence holders in Azerbaijan. This is a
country with significant gold potential. To date, our efforts have failed but
we continue.
Some time ago, we identified lithium as a mineral with excellent market
prospects, particularly the lithium mined from salt pan brines. This metal is
used in lithium batteries. There is potential for lithium in Iranian salt flats
but despite having discussions on a joint venture with the state owned holder of
salt pan exploration licences, nothing has been achieved.
We then turned to Bolivia where 50% of the world's lithium is contained in five
salt lakes, mainly in the massive Lake Uyuni and Coipasa salt pans high in the
Andes. The directors of Persian Gold have many years experience operating in
Bolivia. We have signed a Memorandum of Understanding (MOU) with Quimbabol, a
company owned by the Bolivian armed forces, the state of Potosi and local
communities around the pans. Our obligation is to prepare a scoping study on
industrial projects associated with the lakes, namely soda ash plant and borax
derived projects. This is very early stage and low cost.
In addition to the above, we are examining lithium projects on the Chile side of
the Bolivia/Chilean border, as well as gold and base metal projects in Peru and
Bolivia.
Hydrocarbon Projects
Iran is not only rich in minerals, it is one of the world's leading oil
producers. All hydrocarbons are owned by the state and licensed to local and
overseas investors. Persian Gold has undertaken work with local Iranian groups
on potential gas projects near the Iran/Iraq border and oil on production
enhancement schemes. There is a cap on the rate of return offered. The cap of
17% return on investment is insufficient to take the political, technical and
exploration risks.
Some time ago we were offered an opportunity to participate in a consortium
applying for an oil exploration licence in Africa. Persian Gold has acquired a
30 per cent interest in an onshore/offshore oil concession in Ghana. It is
important to note that the concession is signed by the authorities but not yet
ratified by the cabinet and parliament. The block covers 1,500 square
kilometres in the Tano basin. It is held in joint venture with Hydrocarbon
Exploration (30%), Petrel Resources (30%) and local interests (10%). Terms are
competitive including an initial exploration period of three years and two
extension periods of two years each. There is an oil royalty of 12.5%, a 10%
carried interest for the state, a 35% income tax with surcharges related to
Return on Investment. The work commitment will be $20 million for the first
three years. Work on reviewing and reprocessing existing data has begun.
Acquisition of Hydrocarbon Exploration Plc
As announced on 22 June, Persian Gold has agreed to acquire Hydrocarbon
Exploration plc. The directors of Persian Gold and Hydrocarbon Exploration Plc
(HyEx) see merit in merging their interests. HyEx is a spin-off from Pan Andean
Resources, an AIM listed company which was recently acquired by Petrominerales,
a Canadian listed company. HyEx is an unlisted UK public company producing gas
in Bolivia, and in the Gulf of Mexico, as well as having exploration licences.
Persian Gold has entered into a binding agreement to acquire HyEx for shares.
The acquisition agreement is subject to court approval, Persian Gold
shareholders' approval for relisting the enlarged group and financing. It is
expected that the transaction will be completed in October 2010; in the
meantime, dealings in Persian Gold's shares have been suspended pending
publication of an admission document. Persian Gold will pay GBP4.3m in shares
for 25,537 HyEx shares at a price of 6.75p per Persian Gold share.
Not only will this increase the interest Persian Gold has in the Ghana oil
concession to 60 per cent but it will bring a listing to HyEx and additional
assets to Persian Gold.
Within months, the renamed Persian Gold will be transformed into a natural
resources company with oil and gas production, cash flow and excellent
exploration targets.
John Teeling
Chairman
23 June 2010
Persian Gold PLC
John Teeling, Chairman +353 1 833
2833
James Finn, Finance Director +353 1 833 2833
Nominated Adviser
Cairn Financial Advisers LLP +44(0) 20
7148 7900
James Caithie
Broker and Financial Adviser
Alexander David Securities Limited +44(0) 20 7448 9800
Ian Rice
College Hill
+44(0) 20 7457 2020
Nick Elwes
www.persiangoldplc.com
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2009
+----------------+------------+--------+-----------+
| | 2009 | | 2008 |
+----------------+------------+--------+-----------+
| | GBP | | GBP |
+----------------+------------+--------+-----------+
| | | | |
+----------------+------------+--------+-----------+
| REVENUE | - | | - |
+----------------+------------+--------+-----------+
| Cost | - | | - |
| of | | | |
| sales | | | |
+----------------+------------+--------+-----------+
| | | | |
+----------------+------------+--------+-----------+
| GROSS | - | | - |
| PROFIT | | | |
+----------------+------------+--------+-----------+
| Administrative | (315,118) | | (316,524) |
| expenses | | | |
+----------------+------------+--------+-----------+
| | | | |
+----------------+------------+--------+-----------+
| OPERATING | (315,118) | | (316,524) |
| LOSS | | | |
+----------------+------------+--------+-----------+
| Finance | 134 | | 7,957 |
| income | | | |
+----------------+------------+--------+-----------+
| Finance | (1,016) | | (1,800) |
| costs | | | |
+----------------+------------+--------+-----------+
| | | | |
+----------------+------------+--------+-----------+
| LOSS | (316,000) | | (310,367) |
| BEFORE | | | |
| TAXATION | | | |
+----------------+------------+--------+-----------+
| Income | - | | - |
| tax | | | |
| expense | | | |
+----------------+------------+--------+-----------+
| | | | |
+----------------+------------+--------+-----------+
| LOSS | | | |
| FOR | | | |
| THE | | | |
| YEAR | | | |
| AND | | | |
| TOTAL | | | |
+----------------+------------+--------+-----------+
| COMPREHENSIVE | (316,000) | | (310,367) |
| INCOME | | | |
+----------------+------------+--------+-----------+
| | | | |
+----------------+------------+--------+-----------+
| LOSS | (0.42p) | | (0.48p) |
| PER | | | |
| SHARE | | | |
| - | | | |
| Basic | | | |
| and | | | |
| diluted | | | |
+----------------+------------+--------+-----------+
| | | | |
+----------------+------------+--------+-----------+
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2009
+--------------+-------------+--------+-------------+
| | 2009 | | 2008 |
+--------------+-------------+--------+-------------+
| | GBP | | GBP |
+--------------+-------------+--------+-------------+
| ASSETS: | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| NON | | | |
| CURRENT | | | |
| ASSETS | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| Intangible | 1,910,073 | | 1,831,551 |
| assets | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| CURRENT | | | |
| ASSETS | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| Other | 4,053 | | 12,697 |
| receivables | | | |
+--------------+-------------+--------+-------------+
| Cash | 23,714 | | 194,125 |
| and | | | |
| cash | | | |
| equivalents | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| | 27,767 | | 206,822 |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| TOTAL | 1,937,840 | | 2,038,373 |
| ASSETS | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| LIABILITIES: | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| CURRENT | | | |
| LIABILITIES | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| Trade | (386,226) | | (170,759) |
| and | | | |
| other | | | |
| payables | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| NON-CURRENT | | | |
| LIABILITIES | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| Provision | (10,000) | | (10,000) |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| TOTAL | (396,226) | | (180,759) |
| LIABILITIES | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| NET | 1,541,614 | | 1,857,614 |
| ASSETS | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| EQUITY | | | |
+--------------+-------------+--------+-------------+
| Called-up | 186,656 | | 186,656 |
| share | | | |
| capital | | | |
+--------------+-------------+--------+-------------+
| Share | 2,654,764 | | 2,654,764 |
| premium | | | |
+--------------+-------------+--------+-------------+
| Retained | (1,514,442) | | (1,198,442) |
| earnings | | | |
| - | | | |
| (deficit) | | | |
+--------------+-------------+--------+-------------+
| Share | 214,636 | | 214,636 |
| based | | | |
| payment | | | |
| reserve | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
| TOTAL | 1,541,614 | | 1,857,614 |
| EQUITY | | | |
+--------------+-------------+--------+-------------+
| | | | |
+--------------+-------------+--------+-------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2009
+------------------+-----------+-----------+-----------+-------------+----------+----------+
| | Called-up | | Share | Retained | |
| | | | Based | | |
+------------------+-----------+-----------+-----------+------------------------+----------+
| | Share | Share | Payment | Earnings- | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | Capital | Premium | Reserve | Deficit | Total |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | GBP | GBP | GBP | GBP | GBP |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| At 1 January | 158,531 | 2,314,113 | 129,977 | (888,075) | 1,714,546 |
| 2008 | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| Share based | - | - | 84,659 | - | 84,659 |
| payments | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| Shares issued | 28,125 | 421,875 | - | - | 450,000 |
| for cash | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| Share issue | | (81,224) | - | - | (81,224) |
| expenses | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| Loss for the | | | - | (310,367) | (310,367) |
| year | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| At 31 December | 186,656 | 2,654,764 | 214,636 | (1,198,442) | 1,857,614 |
| 2008 | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| Share issue | - | - | - | - | - |
| expenses | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| Loss for the | - | - | - | (316,000) | (316,000) |
| year | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| At 31 December | 186,656 | 2,654,764 | 214,636 | (1,514,442) | 1,541,614 |
| 2009 | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | | | | | |
+------------------+-----------+-----------+-----------+-------------+---------------------+
| | | | | | | |
+------------------+-----------+-----------+-----------+-------------+----------+----------+
Share premium
The share premium reserve comprises of a premium arising on the issue of shares.
Share based payment reserve
The share based payment reserve arises on the grant of share options to
directors under the share option plan.
Retained deficit
Retained deficit comprises of losses incurred in 2009 and prior years.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2009
+---------------------+-----------+--------+-----------+
| | 2009 | | 2008 |
+---------------------+-----------+--------+-----------+
| | GBP | | GBP |
+---------------------+-----------+--------+-----------+
| CASH | | | |
| FLOW | | | |
| FROM | | | |
| OPERATING | | | |
| ACTIVITIES | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| Loss | (316,000) | | (310,367) |
| for | | | |
| financial | | | |
| year | | | |
+---------------------+-----------+--------+-----------+
| Finance | 1,016 | | 1,800 |
| costs | | | |
| recognised | | | |
| in loss | | | |
+---------------------+-----------+--------+-----------+
| Finance | (134) | | (7,957) |
| revenue | | | |
| recognised | | | |
| in loss | | | |
+---------------------+-----------+--------+-----------+
| Exchange | 4,217 | | 10,549 |
| movement | | | |
+---------------------+-----------+--------+-----------+
| Shares | - | | 212,749 |
| issued | | | |
| in | | | |
| lieu | | | |
| of | | | |
| fees | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| | (310,901) | | (93,226) |
+---------------------+-----------+--------+-----------+
| MOVEMENTS | | | |
| IN | | | |
| WORKING | | | |
| CAPITAL | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| Increase/(decrease) | 215,467 | | (101,218) |
| in trade and other | | | |
| payables | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| Decrease | 8,644 | | 7,388 |
| in trade | | | |
| and | | | |
| other | | | |
| receivables | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| CASH | (86,790) | | (187,056) |
| USED | | | |
| BY | | | |
| OPERATIONS | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| Finance | (1,016) | | (1,800) |
| cost | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| Finance | 134 | | 7,957 |
| income | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| NET | (87,672) | | (180,899) |
| CASH | | | |
| USED | | | |
| IN | | | |
| OPERATING | | | |
| ACTIVITIES | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| CASH | | | |
| FLOWS | | | |
| FROM | | | |
| INVESTING | | | |
| ACTIVITIES | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| Payments | (78,522) | | (544,754) |
| for | | | |
| intangible | | | |
| assets | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| NET | (78,522) | | (544,754) |
| CASH | | | |
| USED | | | |
| IN | | | |
| INVESTING | | | |
| ACTIVITIES | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| CASH | | | |
| FLOWS | | | |
| FROM | | | |
| FINANCING | | | |
| ACTIVITIES | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| Proceeds | - | | 237,251 |
| from | | | |
| issue of | | | |
| equity | | | |
| shares | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| NET | - | | 237,251 |
| CASH | - | | 237,251 |
| GENERATED | | | |
| FROM | | | |
| FINANCING | | | |
| ACTIVITIES | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| NET | (166,194) | | (488,402) |
| DECREASE | | | |
| IN CASH | | | |
| AND CASH | | | |
| EQUIVALENTS | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| Cash | 194,125 | | 693,076 |
| and | | | |
| cash | | | |
| equivalents | | | |
| at | | | |
| beginning | | | |
| of the | | | |
| financial | | | |
| year | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| Effect | | | |
| of | | | |
| exchange | | | |
| rate | | | |
| changes | | | |
| on cash | | | |
| held in | | | |
+---------------------+-----------+--------+-----------+
| foreign | (4,217) | | (10,549) |
| currencies | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
| Cash | 23,714 | | 194,125 |
| and | | | |
| cash | | | |
| equivalents | | | |
| at end of | | | |
| the | | | |
| financial | | | |
| year | | | |
+---------------------+-----------+--------+-----------+
| | | | |
+---------------------+-----------+--------+-----------+
Notes:
1. Accounting Policies
There were no changes in accounting policies from those set out in the Group's
Annual Report for financial year ended 31 December 2008. The financial
statements have been prepared in accordance with International Financial
Reporting Standards and IFRSs as adopted by the European Union.
2. Loss per Share
Basic loss per share is computed by dividing the loss after taxation for the
year available to ordinary shareholders by the weighted average number of
ordinary shares in issue and ranking for dividend during the year. Diluted
earnings per share is computed by dividing the profit or loss after taxation for
the year by the weighted average number of ordinary shares in issue, adjusted
for the effect of all dilutive potential ordinary shares that were outstanding
during the year.
The following table sets out the computation for basic and diluted earnings per
share (EPS):
+---------------------------------------+------------+---+------------+
| | 2009 | | 2008 |
+---------------------------------------+------------+---+------------+
| | GBP | | GBP |
+---------------------------------------+------------+---+------------+
| Numerator | | | |
+---------------------------------------+------------+---+------------+
| For basic and diluted EPS retained | (316,000) | | (310,367) |
| loss | | | |
+---------------------------------------+------------+---+------------+
| | | | |
+---------------------------------------+------------+---+------------+
| Denominator | No. | | No. |
+---------------------------------------+------------+---+------------+
| For basic and diluted EPS | 74,662,198 | | 64,090,280 |
+---------------------------------------+------------+---+------------+
| | | | |
+---------------------------------------+------------+---+------------+
| Basic EPS | (0.42p) | | (0.48p) |
+---------------------------------------+------------+---+------------+
| Diluted EPS | (0.42p) | | (0.48p) |
+---------------------------------------+------------+---+------------+
Basic and diluted loss per share are the same as the effect of the outstanding
share options is anti-dilutive and is therefore excluded.
3. Intangible Assets
+-------------+-----------+--------+-----------+
| | 2009 | | 2008 |
+-------------+-----------+--------+-----------+
| | Group | | Group |
+-------------+-----------+--------+-----------+
| | GBP | | GBP |
+-------------+-----------+--------+-----------+
| Exploration | | | |
| and | | | |
| evaluation | | | |
| assets: | | | |
+-------------+-----------+--------+-----------+
| Cost: | | | |
+-------------+-----------+--------+-----------+
| At 1 | 1,831,551 | | 1,283,362 |
| January | | | |
+-------------+-----------+--------+-----------+
| Additions | 78,522 | | 548,189 |
| during | | | |
| the year | | | |
+-------------+-----------+--------+-----------+
| Carrying | | | |
| Value: | | | |
+-------------+-----------+--------+-----------+
| At 31 | 1,910,073 | | 1,831,551 |
| December | | | |
+-------------+-----------+--------+-----------+
| | | | |
+-------------+-----------+--------+-----------+
Exploration and evaluation assets relates to expenditure incurred in prospecting
and exploration for gold in Iran.
The realisation of this intangible asset is dependent on the discovery and
successful development of economic mineral reserves which is affected by the
risks outlined below. Should the realisation of the intangible asset prove
unsuccessful the value included in the balance sheet would be written off to the
income statement.
The group's exploration activities are subject to a number of significant and
potential risks including:
· price fluctuations;
· foreign exchange risks;
· uncertainties over development and operational risks;
· operations and environmental risks;
· political and legal risks, including arrangements with governments
for licenses, profit sharing and taxation;
· foreign investment risks including increases in taxes, royalties
and renegotiation of contracts;
· liquidity risks; and
· funding risks.
The directors are aware that by its nature there is an inherent uncertainty in
such development expenditure as to the value of the asset. The rate of progress
in obtaining discovery certificates on two projects in Iran is slower than
expected as outlined in the Chairman's statement. Notwithstanding these delays,
the Directors are confident that the capitalised value of these projects is
fully recoverable, either through progressing the projects after resolving
delays with the Iranian authorities, or by realising value through disposal or
part disposal to a larger mineral resource development group who can progress
the project. Having reviewed the deferred exploration and evaluation expenditure
at 31 December 2009, the directors are satisfied that the value of the
intangible asset is not less than carrying value.
Included above is an amount of GBPNil (2008: GBP3,435) of capitalised expenses
related to equity-settled share-based payment transactions during the year.
4. Post Balance Sheet Events
On 22 June 2010, Persian Gold agreed to acquire Hydrocarbon Exploration plc for
GBP4.3 million in shares at a price of 6.75p per Persian Gold share. The
acquisition agreement is subject to court approval, Persian Gold shareholder
approval for relisting the enlarged group and financing.
5. General Information
The financial information set out above does not constitute the Company's
financial statements for the year ended 31 December 2009. The financial
information for 2008 is derived from the financial statements for 2008 which
have been delivered to the Registrar of Companies. The auditors have reported on
2008 statements; their report was unqualified with an emphasis of matter in
respect of considering the adequacy of the disclosures made in the financial
statements concerning the valuation of intangible assets, and did not contain a
statement under section 237(2) or (3) of the Companies Act 1985. The financial
statements for 2009 will be delivered to the Registrar of Companies following
the Company's Annual General Meeting.
A copy of the Company's Annual Report and Accounts for 2009 will be mailed to
all shareholders shortly and will also be available for collection from the
Company's registered office, 20-22 Bedford Row, London WC1R 4JS. The Annual
Report and Accounts may also be viewed on Persian Gold plc's website at
www.persiangoldplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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