5-year Statements

The following information summarises the financial statements. Complete financial statements are available in pdf format by clicking on the "Reports" link on the left.

Consolidated Profit and Loss Account
	Year ended 31 Dec. 2006 US$	Restated Year ended 31 Dec. 2005 US$	Year ended 31 Dec. 2004 US$	Year ended 31 Dec. 2003 US$	9 months ended 31 Dec. 2002 US$
Turnover	-	-	-	-	-
Administration expenses	(7,002,732)	(7,117,146)	(6,055,468)	(2,150,067)	(1,163,934)
Operating income	512,971	70,637	-	-	-
Exchange gain (loss)	1,061,607	(1,853,442)	1,635,704	880,904	9,726

Operating loss	(5,428,154)	(8,899,951)	(4,419,764)	(1,269,163)	(1,154,208)
Net interest receivable and similar income	294,451	643,897	677,861	91,606	19,829
Interest payable and similar charges	(491,498)	-	-	-	-

Loss on ordinary activities before taxation	(5,625,201)	(8,256,054)	(3,741,903)	(1,177,557)	(1,134,379)
Tax on loss on ordinary activities	(197,334)	(10,843)	(50,340)	-	-
	(5,822,535)	(8,266,897)	(3,792,243)	(1,177,557)	(1,134,379)
Minority interest - equity	38,279	(38,279)	134,518	42,105	13,487

Loss for the financial period	(5,784,256)	(8,305,176)	(3,657,725)	(1,135,452)	(1,120,892)

Basic loss per ordinary share (cents)	14.05	21.04	11.60	7.10	10.60

There is no difference between the loss on ordinary activities before taxation and the loss for the year stated above and their historical cost equivalents.

There are no recognised gains or losses other than those stated above.

Consolidated Balance Sheet
	As at 31 Dec. 2006 US$	As at 31 Dec. 2005 US$	As at 31 Dec. 2004 US$	As at 31 Dec. 2003 US$	As at 31 Dec. 2002 US$
Fixed assets
Exploration and evaluation properties	29,799,969	24,699,333	17,787,680	9,279,810	4,785,453
Tangible assets	23,265,007	16,099,665	9,016,252	2,106,706	165,730
Investments	-	-	-	-	-
Total fixed assets	53,064,976	40,798,998	26,803,932	11,386,516	4,951,183

Current assets
Stocks - consumables	-	-	-	-	14,055
Debtors
Amounts falling due within one year	2,722,326	2,187,805	1,253,597	524,522	438,150
Amounts falling due after more than one year	6,001,683	4,608,939	3,198,513	950,083	196,014
	8,724,009	6,796,744	4,452,110	1,474,605	634,164
Cash at bank	2,551,457	11,902,705	20,419,335	27,383,015	2,663,855
	11,275,466	18,699,449	24,871,445	28,857,620	3,312,074

Creditors
Amounts falling due within one year	(3,606,450)	(2,817,671)	(1,473,270)	(1,222,690)	(404,877)
Net current assets	7,669,016	15,881,778	23,398,175	27,634,930	2,907,197
Total assets less current liabilities	60,733,992	56,680,776	50,202,107	39,021,446	7,858,380
Convertible debt	(10,000,000)	-	-	-	-
Provisions for liabilities and charges	(200,489)	(156,694)	(83,177)	-	-
Net assets	50,533,503	56,524,082	50,118,930	39,021,446	7,858,380

Capital and reserves
Called-up share capital	6,951,312	6,951,312	5,815,464	4,675,704	985,227
Share premium account	60,821,126	60,821,126	47,471,157	33,721,190	8,571,044
Profit and loss account	(17,238,935)	(11,286,635)	(3,167,691)	490,034	(1,874,514)
Shareholders' funds	50,533,503	56,485,803	50,118,930	38,886,928	7,681,757
Minority interest	-	38,279	-	134,518	176,623
Capital employed	50,533,503	56,524,082	50,118,930	39,021,446	7,858,380

Consolidated Cash Flow Statement
	Year ended 31 Dec. 2006 US$	Year ended 31 Dec. 2005 US$	Year ended 31 Dec. 2004 US$	Year ended 31 Dec. 2003 US$	9 months ended 31 Dec. 2002 US$
Net cash outflow from operating activities	(6,067,938)	(8,313,619)	(8,272,983)	(2,289,541)	(878,030)
Returns on investments and servicing of finance
Interest received	304,071	653,123	706,465	42,811	19,829
Interest paid	-	-	-	-	(127,300)

Net cash inflow (outflow) from returns on investments and servicing of finance	304,071	653,123	706,465	42,811	(107,471)

Corporation tax (paid) refunded	(262,800)	(12,949)	(48,234)	-	-

Capital expenditure and financial investment
Purchase of tangible fixed assets	(8,794,388)	(6,485,043)	(7,686,456)	(1,568,159)	(149,734)
Receipts from disposal of tangible fixed assets	1,637	-	1,000	-	-
Exploration and evaluation expenditure	(5,383,284)	(7,255,755)	(8,013,515)	(4,189,135)	(1,844,525)
Loans advanced to OOO Amikan	-	-	-	-	(78,482)
Net cash outflow from capital expenditure and financial investment	(14,176,035)	(13,740,798)	(15,698,971)	(5,757,294)	(2,072,741)

Acquisitions
Payments to acquire subsidiary undertakings	-	(10,542)	(120,951)	-	(1,975,835)
Cash held by subsidiaries acquired	-	-	-	-	1,340
Net cash outflow from acquisitions	-	(10,542)	(120,951)	-	(1,974,495)
Net cash outflow before use of liquid resources and financing	(20,202,702)	(21,424,785)	(23,434,674)	(8,004,024)	(5,032,737)

Management of liquid resources
Decrease (increase) in bank deposits	10,307,511	6,263,975	8,703,504	(23,460,436)	(2,200,000)

Financing
Issue of ordinary shares, net of expenses	-	14,485,817	14,948,892	31,842,280	7,660,012
Debt due within one year	350,289	-	-	-	-
Increase in convertible debt	10,000,000	-	-	-	-
Net cash inflow from financing activities	10,350,289	14,485,817	-	-	-

Increase (decrease) in cash for the period	455,098	(674,993)	217,722	377,820	427,275

Reconciliation of cash balances
	Year ended 31 Dec. 2006 US$	Year ended 31 Dec. 2005 US$	Year ended 31 Dec. 2004 US$	Year ended 31 Dec. 2003 US$	9 months ended 31 Dec. 2002 US$
Cash at start of period	390,553	1,066,072	846,369	463,855	26,854
Currency exchange differences	195	(526)	1,981	4,694	9,726
Increase (decrease) in cash for the period	455,098	(674,993)	217,722	377,820	427,275
Cash at end of period	845,846	390,553	1,066,072	846,369	463,855

Disclaimer

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