Latest News Release Oct 21, 1996
NAMIBIAN MINERALS CORPORATION - FINANCIAL RESULTS FOR QUARTER ENDED 31 AUGUST 1996
TSE Trading Symbol: NMR
VSE Trading Symbol: NMR
NSE Trading Symbol: NMC
LONDON, England, Oct. 21 /CNW/ - Namibian Minerals Corporation (Namco)
announces its Results for the three months ended 31 August 1996. Income for
the three month period was C$255 000 (1995: C$407 000). Loss for the quarter
was C$774 000 (1995: C$251 000) and the loss per share was C$0.03 (1995:
C$0.01).
Resource property costs for the period were C$3 125 000 (1995:
C$3 357 000). At the end of the period total cash and short term investments
totalled C$22 444 000 (1995: C$12 721 000).
During the period the Company completed the issue of 2 000 000 special
warrants at C$8.50 each, to raise net of costs, C$16 040 000. Subsequent to
quarter end, the special warrants have been exercised and 2 000 000 common
shares and 1 000 000 common share purchase warrants issued.
Namco's 700 hole bulk sampling programme was successfully completed
during the period. In conjunction with consulting mining engineers Steffen
Robertson and Kirsten the Company is currently evaluating its preferred mining
system. Mining is scheduled to commence in third quarter 1997.
ON BEHALF OF THE BOARD OF DIRECTORS OF NAMIBIAN MINERALS CORPORATION
J.A. Holberton
President and Director
Neither the Toronto Stock Exchange, the Vancouver Stock Exchange nor the
Namibian Stock Exchange have reviewed the information herein and do not accept
responsibility for the adequacy or the accuracy of the above.
-30-
For further information: Namco, Granville House, 132-135 Sloane Street, London, SW1X 9AX, Tel: +44 (0)171 824 8900, Fax: +44 (0)171 824 8889 |
