AfriOre Reports First Quarter Earnings.BRIDGETOWN, Barbados -- AfriOre Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AFO AFO Ankle-foot orthosis ) reported a loss for the quarter ended May 31, 2004 of $459,868 or $0.01 per share (basic and diluted) as compared to a loss of $380,792 or $0.01 per share (basic and diluted) for the quarter ended May 31, 2003. Sales of coal at the 50% owned Springlake colliery were 159,488 tonnes in the quarter, up from 104,503 tonnes in 2003. Revenues and sales tonnes were higher compared to last year due to improved market demand but were tempered by the negative impact of the stronger Rand-US Dollar exchange rate. During the quarter, AfriOre's 50% owned Springlake Colliery secured a R10 million (approximately $2.09 million) loan from the Industrial Development Corporation of South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. (the "IDC"). The proceeds of the loan were used to pay the deferred purchase price owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de Kangra (Pty) Limited for the company's acquisition of Tweewaters Fuel (Pty) Limited. The IDC loan is repayable in 36 equal monthly instalments commencing on November 1, 2004 and bears interest at the South African prime-banking rate. Capitalized exploration for the quarter increased to $720,719 from $238,847 in 2003 as AfriOre continues to focus on its field exploration on gold projects in Mali, Kenya, Namibia and the FSC FSC See: Foreign Sales Corporation gold project in South Africa. AfriOre is engaged in the acquisition, exploration and development of gold exploration properties in Africa and operates a specialized anthracitic an·thra·cite n. A dense, shiny coal that has a high carbon content and little volatile matter and burns with a clean flame. Also called hard coal. coal mining business in South Africa. AfriOre is listed in Standard & Poor's Corporation Records SEC 12g 3-2(b) exemption 82-4514. This document may contain or refer to forward-looking information based on current expectations. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. |
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