Namibian Copper Mines Inc. Message Board

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Gold/Mining/Energy : Namibian Copper Mines Inc.

NCMI 4.305

-3.3%

Nov 4 3:59 PM EST

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To: C L who wrote ()	8/5/1997 11:07:00 AM
From: Jack Sman	of 154

Are these the same guys?? (PR NEWSWIRE) Namibian Minerals Corporation Financial Results For Year Ended Nasdaq Trading Symbol: NMCOF TSE Trading Symbol: NMR NSE Trading Symbol: NMC LONDON, England, Aug. 5 /CNW/ - Namibian Minerals Corporation (NAMCO) announces its results for the year ended 31 May 1997. Income for the year was C$1 061 000 (1996: C$1 559 000). Loss for the year was C$4 089 000 (1996: C$1 651 000) and the loss per share was C$0.13 (1996: C$0.06). Resource property costs for the period were C$4 773 000 (1996: C$12 997 000). At the end of the period total cash and short term investments were C$11 481 000 (1996: C$10 749 000). The Company's development of its Mining Project off the coast of Namibia progressed well during the quarter. Mining is scheduled to commence in fourth quarter 1997 with a target diamond output of 150 000 carats per annum. The Company completed the issue of 3 930 000 shares to raise gross proceeds of US$15 012 600 (C$20 789 700) during the period. Proceeds from the private placement will be applied to the commissioning of mining and for exploration programmes in the Company's marine concessions. ON BEHALF OF THE BOARD OF DIRECTORS OF NAMIBIAN MINERALS CORPORATION (signed) J.C.F Purdy Chief Financial Officer None of the Nasdaq National Market, the Toronto Stock Exchange, nor the Namibian Stock Exchange has reviewed the information herein and they do not accept responsibility for the adequacy or the accuracy of the above. /For further information: Megan Williams at Namibian Minerals Corporation Ltd., Granville House, 132-135 Sloane Street, London, SW1X 9AX, Tel: +44 (0)171 824 8900, Fax: +44 (0)171 824 8889/ 10:46 ET * end of story *

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