Thistle - Passen Sie Auf!!
RE: Thistle Mining Forward Gold Sales
~ acquisition term debt
to Standard Bank London Ltd.;
closed 408,843.78 ounces at 2,555 rand per ounce
(based on 7.45 rand/U.S. dollar) compared with
the put price of 3,650 rand;
bought back at a loss, 151,944 ounces of calls,
originally granted from January, 2005,
until December, 2005, and
152,400 ounces
originally granted at $315 (U.S.) from January, 2006,
until December, 2006.
Note. They were a part of the bank's financing
requirements in February, 2002;
BEWARE:
THT - entered into flat forward sales agreements
for 304,344 ounces
at $310 (U.S.) per ounce for the 24-month period between
January, 2005, until December, 2006;
retained the $32.4-million (U.S.) forward currency protection
at 8.65 rand until November, 2003; and
the company also retains flat forward sales amounting
to 220,188 ounces at $330 (U.S.) per ounce
to December, 2004.
THT Infinite share dilution ?
BEWARE:
Thistle previously said it plans to offer -
between 133.3 million and 150 million units at 30 cents each,
raising $40 million to $45 million for
the Montreal-based gold miner.
Each unit consists of one common share and half a warrant
to buy a share at 45 cents within the next five years.
Note. Thistle currently (TSX:THT) has 241.8 million shares
outstanding.
Achievements during the quarter:
On 16 July 2003, Thistle completed the issue of
US $24 million 10% convertible loan notes.
The issue was placed by Canaccord Capital Corporation
and Griffiths McBurney.
These loan notes are repayable in July 2008 and are
convertible, at the holder’s option, into common
shares of Thistle.
The company also announced Wednesday the retirement
of Steven Sharpe from its board of directors,
effective Dec. 30.
This is why more and more go from THT to EGX:
The charts tells where the GOLD is!
stockcharts.com/webcgi/perf.html?EGX.V,THT.to
Third Quarter Report to 30 September 2003
Toronto, 28 November 2003 – THISTLE MINING INC. (TSX: THT)
wishes to announce the
third quarter and nine months results for the period
ended 30 September 2003.
E • • •
G • Record production of 8,414 ounces in Kazakhstan.
X • • •
President Steyn Complex in South Africa,
was heavily impacted by the fire
in the Southern Section the production in September and
October has returned to the higher levels of previous quarters.
Completion of US $24 million 10% convertible loan
note issue 16 July 2003.
Agreement to a one year settlement with the workforce's unions,
which includes the adoption of
improved working practices at the Steyn Mine complex.
Drilling programme re-started at the Masbate project in the Philippines.
Repayment of remaining balance of acquisition term loan of US $14.4 million.
The underground fire had meant that affected areas
were replaced, in the interim, with panels at
a lower grade.
Mining of ore from the Massives.
Commencement of production in the third quarter necessarily
meant that low grade was being recovered due to the
combination of reef and waste initially being
extracted.
All references to dollars in this quarterly report are United States dollars.
As at 27 November 2003, the South African Rand exchange rate
was Rand 6.44 to the US dollar.
As previously announced, an underground fire occurred at
the President Steyn Complex.
The fire, which started in June in the Southern Section,
was more serious than originally thought and has had a
significant impact on the third quarter results with
a shortfall in gold production.
The impact of not losing this production would have been
to reduce costs to $418 per ounce.
The areas which were burning currently remain sealed.
Cash operating costs for the third quarter were
US $481 per ounce of production,
compared with US $399
for the second quarter, an increase of approximately 20%.
The continued strengthening of the Rand
accounted for approximately a quarter of this movement
and a further 50% was due to the lower ounces
produced in this quarter, the reasons for which
have been discussed above.
The remaining balance of the
movement is largely due to increase in payroll costs,
following the annual review, of approximately $1.0
million in the quarter. The wage increase settlement
was in line with industry averages.
Management is also examining the cost of constructing
a new milling plant and gold processing plant at
the Northern Section. This investment has been provisionally
estimated by management at US $15 million.
The THT Group recorded a gross loss of $4.8 million
during the nine months compared to a gross profit of $8.6
million in the corresponding period of 2002.
After accounting for general and administrative expenses and
other operating expenses, the Group reported an operating
loss of $10.8 million compared to a profit of
$4.1 million in the previous year.
The total retained loss for the first nine months of the
year was $14.1 million, or 6 cents per share, compared
to $1.3 million, or 1 cent per share in 2002.
As discussed earlier in this Report, the Rand continued
to strengthen in the third quarter of 2003 and this,
together with the production difficulties experienced
in South Africa, has had a very significant impact on
the financial results of the Group.
After depreciation and amortisation of $3.7 million and
foreign exchange losses on translation of $2.3 million,
an operating loss of $8.2 million was recorded for
the nine months.
Cash Flows
There was a Group cash outflow from operating activities
(cash operating profit, adjusted for movements in
current assets and liabilities) of $19.5 million for
the nine month period against a cash inflow of $5.3
million for the same period in 2002. $3.5 million of cash
flow was invested in capital expenditure at the
mines and the Group completed the PS Gold acquisition
for $10.7 million cash. The most significant
financing activities were the placing of $24 million
10% convertible loan notes and the issue of $9.4
million of shares for cash.
The Company issued shares for a total consideration of
$11.7 million during the first nine months of 2003
which were applied for the following purposes:
$ million
Issued for cash 9.4
Debt conversion 2.3
TOTAL 11.7
The principal issue of shares in the nine months period
was through the completion, on 13 January 2003,
of a private placement of 19.2 million shares in the
Company for gross proceeds of $7.4 million
(Cdn$11.5 million), net US $6.7 million.
The Company had 241,775,977 shares issued and
outstanding as at 28 November 2003.
Hedging Programme
As a part of its facilities with Standard Bank, the
Company had entered into a hedge programme to protect
its South African revenue stream.
The Company does not speculate on the gold price using
its hedge position.
It is designed to reduce the risks to the
Company’s revenues and operating profits and the Board
monitors the position on a regular basis.
All hedging facilities have been undertaken without
any need for the group to provide margin.
None of the gold available from the Philippines deposit is
committed to a hedging programme and Eurasia
Gold Corp. is a completely un-hedged producer.
Details of the hedge programme in place as at 30 September 2003, are as follows:
2003 2004 2005 2006 2007 Total
USD Gold put options
Forward sales contracts 3 12 12 12 – 39
Total ounces 8,676 10,065 5,592 18,666 – 42,999
Average price (US $/ oz) $290 $290 $290 $290 – $290
Contingent forward gold sales
Forward sales contracts – – – – 8 8
Total ounces – – – – 101,520 101,520
Average price (US $/ oz) – – – – $315 $315
Forward gold sales
Forward sales contracts 3 12 12 12 – 39
Total ounces 34,074 142,362 151,944 152,400 – 480,780
Average price (US $/ oz) $330 $330 $310 $310 – $317
Forward Rand purchases
Forward sales contracts 3 3 – – – 6
Total USD (000's) 11,438 11,494 – – – 22,932
Average price (Rand / US $) R 8.44 R7.65 – – – R 8.04
The Group's efforts are now focused on increasing overall
production so that the amount of gold committed
to the forward sales programme becomes a lesser part
of the total gold sales.
Three months ended Nine months ended
30 September 30 September
(in thousands of US dollars, Unaudited) 2003 2002 2003 2002
Net income/(loss) under UK GAAP (5,949) (740) (14,094) (1,252)
Impact on net loss of Canadian GAAP adjustments:
Depreciation and write-down of assets (556) (657) (1,667) (1,635)
Incremental interest charge re convertible loan notes (72) - (350) -
Mark to market on gold contracts not regarded as hedges (21,889) (2,599) (10,643) (3,488)
Tax effect on above 743 568 1,981 1,365
Net profit/(loss) under Canadian GAAP (27,723) (3,428) (24,773) (5,010)
Net profit/(loss) per share based on Canadian GAAP, for the period (0.12) (0.02) (0.11) (0.02)
Note. Net (loss) under Canadian GAAP ($27,723,000.00)
THT, bre-x, nt, bgo, wcom ~
the mmm-bankster~pros,
u-mutual fund-schemes,
don't worry, the facts
above and will try for
sure to providethem here / above
and to 50++ BB's in EURO!
imo, MfG
RE: Thistle Mining Forward Gold Sales
~ acquisition term debt
to Standard Bank London Ltd.;
closed 408,843.78 ounces at 2,555 rand per ounce
(based on 7.45 rand/U.S. dollar) compared with
the put price of 3,650 rand;
bought back at a loss, 151,944 ounces of calls,
originally granted from January, 2005,
until December, 2005, and
152,400 ounces
originally granted at $315 (U.S.) from January, 2006,
until December, 2006.
Note. They were a part of the bank's financing
requirements in February, 2002;
BEWARE:
THT - entered into flat forward sales agreements
for 304,344 ounces
at $310 (U.S.) per ounce for the 24-month period between
January, 2005, until December, 2006;
retained the $32.4-million (U.S.) forward currency protection
at 8.65 rand until November, 2003; and
the company also retains flat forward sales amounting
to 220,188 ounces at $330 (U.S.) per ounce
to December, 2004.
THT Infinite share dilution ?
BEWARE:
Thistle previously said it plans to offer -
between 133.3 million and 150 million units at 30 cents each,
raising $40 million to $45 million for
the Montreal-based gold miner.
Each unit consists of one common share and half a warrant
to buy a share at 45 cents within the next five years.
Note. Thistle currently (TSX:THT) has 241.8 million shares
outstanding.
Achievements during the quarter:
On 16 July 2003, Thistle completed the issue of
US $24 million 10% convertible loan notes.
The issue was placed by Canaccord Capital Corporation
and Griffiths McBurney.
These loan notes are repayable in July 2008 and are
convertible, at the holder’s option, into common
shares of Thistle.
The company also announced Wednesday the retirement
of Steven Sharpe from its board of directors,
effective Dec. 30.
This is why more and more go from THT to EGX:
The charts tells where the GOLD is!
stockcharts.com/webcgi/perf.html?EGX.V,THT.to
Third Quarter Report to 30 September 2003
Toronto, 28 November 2003 – THISTLE MINING INC. (TSX: THT)
wishes to announce the
third quarter and nine months results for the period
ended 30 September 2003.
E • • •
G • Record production of 8,414 ounces in Kazakhstan.
X • • •
President Steyn Complex in South Africa,
was heavily impacted by the fire
in the Southern Section the production in September and
October has returned to the higher levels of previous quarters.
Completion of US $24 million 10% convertible loan
note issue 16 July 2003.
Agreement to a one year settlement with the workforce's unions,
which includes the adoption of
improved working practices at the Steyn Mine complex.
Drilling programme re-started at the Masbate project in the Philippines.
Repayment of remaining balance of acquisition term loan of US $14.4 million.
The underground fire had meant that affected areas
were replaced, in the interim, with panels at
a lower grade.
Mining of ore from the Massives.
Commencement of production in the third quarter necessarily
meant that low grade was being recovered due to the
combination of reef and waste initially being
extracted.
All references to dollars in this quarterly report are United States dollars.
As at 27 November 2003, the South African Rand exchange rate
was Rand 6.44 to the US dollar.
As previously announced, an underground fire occurred at
the President Steyn Complex.
The fire, which started in June in the Southern Section,
was more serious than originally thought and has had a
significant impact on the third quarter results with
a shortfall in gold production.
The impact of not losing this production would have been
to reduce costs to $418 per ounce.
The areas which were burning currently remain sealed.
Cash operating costs for the third quarter were
US $481 per ounce of production,
compared with US $399
for the second quarter, an increase of approximately 20%.
The continued strengthening of the Rand
accounted for approximately a quarter of this movement
and a further 50% was due to the lower ounces
produced in this quarter, the reasons for which
have been discussed above.
The remaining balance of the
movement is largely due to increase in payroll costs,
following the annual review, of approximately $1.0
million in the quarter. The wage increase settlement
was in line with industry averages.
Management is also examining the cost of constructing
a new milling plant and gold processing plant at
the Northern Section. This investment has been provisionally
estimated by management at US $15 million.
The THT Group recorded a gross loss of $4.8 million
during the nine months compared to a gross profit of $8.6
million in the corresponding period of 2002.
After accounting for general and administrative expenses and
other operating expenses, the Group reported an operating
loss of $10.8 million compared to a profit of
$4.1 million in the previous year.
The total retained loss for the first nine months of the
year was $14.1 million, or 6 cents per share, compared
to $1.3 million, or 1 cent per share in 2002.
As discussed earlier in this Report, the Rand continued
to strengthen in the third quarter of 2003 and this,
together with the production difficulties experienced
in South Africa, has had a very significant impact on
the financial results of the Group.
After depreciation and amortisation of $3.7 million and
foreign exchange losses on translation of $2.3 million,
an operating loss of $8.2 million was recorded for
the nine months.
Cash Flows
There was a Group cash outflow from operating activities
(cash operating profit, adjusted for movements in
current assets and liabilities) of $19.5 million for
the nine month period against a cash inflow of $5.3
million for the same period in 2002. $3.5 million of cash
flow was invested in capital expenditure at the
mines and the Group completed the PS Gold acquisition
for $10.7 million cash. The most significant
financing activities were the placing of $24 million
10% convertible loan notes and the issue of $9.4
million of shares for cash.
The Company issued shares for a total consideration of
$11.7 million during the first nine months of 2003
which were applied for the following purposes:
$ million
Issued for cash 9.4
Debt conversion 2.3
TOTAL 11.7
The principal issue of shares in the nine months period
was through the completion, on 13 January 2003,
of a private placement of 19.2 million shares in the
Company for gross proceeds of $7.4 million
(Cdn$11.5 million), net US $6.7 million.
The Company had 241,775,977 shares issued and
outstanding as at 28 November 2003.
Hedging Programme
As a part of its facilities with Standard Bank, the
Company had entered into a hedge programme to protect
its South African revenue stream.
The Company does not speculate on the gold price using
its hedge position.
It is designed to reduce the risks to the
Company’s revenues and operating profits and the Board
monitors the position on a regular basis.
All hedging facilities have been undertaken without
any need for the group to provide margin.
None of the gold available from the Philippines deposit is
committed to a hedging programme and Eurasia
Gold Corp. is a completely un-hedged producer.
Details of the hedge programme in place as at 30 September 2003, are as follows:
2003 2004 2005 2006 2007 Total
USD Gold put options
Forward sales contracts 3 12 12 12 – 39
Total ounces 8,676 10,065 5,592 18,666 – 42,999
Average price (US $/ oz) $290 $290 $290 $290 – $290
Contingent forward gold sales
Forward sales contracts – – – – 8 8
Total ounces – – – – 101,520 101,520
Average price (US $/ oz) – – – – $315 $315
Forward gold sales
Forward sales contracts 3 12 12 12 – 39
Total ounces 34,074 142,362 151,944 152,400 – 480,780
Average price (US $/ oz) $330 $330 $310 $310 – $317
Forward Rand purchases
Forward sales contracts 3 3 – – – 6
Total USD (000's) 11,438 11,494 – – – 22,932
Average price (Rand / US $) R 8.44 R7.65 – – – R 8.04
The Group's efforts are now focused on increasing overall
production so that the amount of gold committed
to the forward sales programme becomes a lesser part
of the total gold sales.
Three months ended Nine months ended
30 September 30 September
(in thousands of US dollars, Unaudited) 2003 2002 2003 2002
Net income/(loss) under UK GAAP (5,949) (740) (14,094) (1,252)
Impact on net loss of Canadian GAAP adjustments:
Depreciation and write-down of assets (556) (657) (1,667) (1,635)
Incremental interest charge re convertible loan notes (72) - (350) -
Mark to market on gold contracts not regarded as hedges (21,889) (2,599) (10,643) (3,488)
Tax effect on above 743 568 1,981 1,365
Net profit/(loss) under Canadian GAAP (27,723) (3,428) (24,773) (5,010)
Net profit/(loss) per share based on Canadian GAAP, for the period (0.12) (0.02) (0.11) (0.02)
Note. Net (loss) under Canadian GAAP ($27,723,000.00)
THT, bre-x, nt, bgo, wcom ~
the mmm-bankster~pros,
u-mutual fund-schemes,
don't worry, the facts
above and will try for
sure to providethem here / above
and to 50++ BB's in EURO!
imo, MfG
