Shareholders of Petmin are hereby advised that headline earnings per share for the half year ending 31 December 2005 are expected to be approximately 2,34 cents per share, up from 1,12 cents per share for the six months ended 31 December 2004, an increase of 109%. Basic earnings per share for the half year ending 31 December 2005 are expected to be approximately 17,64 cents per share, up from 14,9 cents per share for the six months ended 31 December 2004, an increase of 18%. The difference between the headline and basic earnings per share is predominantly due to negative goodwill generated on the acquisition of subsidiaries.
The increase is as a result of a full six months of Samquarz (Pty) Ltd being included in the consolidated results (2004: 3 months included) and one month of Springlake Holdings (Pty) Ltd being included in the results and the benefits derived there from.
The reviewed financial results for the half-year ended 31 December 2005 are expected to be published before 28 February 2005 and shareholders are accordingly requested to be aware of the above facts when dealing in their shares until publication of the financial results. The information on which the above trading statement is based has not been reviewed by the Companys Auditors.
Updated reserve and resource statement
Petmin is pleased to announce that the successful drilling campaign has yielded the expected additional proven reserves in Area 1 of the Somkhele project. The updated reserve and resource statement as reported by Snowden Mining Industry Consultants is compliant with the SAMREC CODE, is available at the company’s office for inspection and can be summarised as follows:
| Reserve Classification | Mining Method | Mineable in situ (Mt) | Extraction (%) | ROM Tonnes (Mt) | Practical Yield (%) | Sales Tonnes (Mt) |
|---|---|---|---|---|---|---|
| Proved | Opencast | 9,820 | 95 | 9,329 | 68,6 | 6,400 |
| Probable | Opencast | 13,254 | 95 | 12,591 | 68,6 | 8,638 |
| Total | Opencast | 23,074 | 95 | 21,920 | 68,6 | 15,037 |
The above proven reserves, together with the previously reported proven reserves for Area 2 of 2.349 million ROM tonnes, now give a combined 11,678 million ROM tonnes .The above probable reserves, together with the previously reported probable reserves for Area 2 of 4,647 million ROM tonnes, now give a combined 17,901 million ROM tonnes.
Snowden further reported that “Snowden has identified significant improvements in phosphorous in coal from 225 ppm (Snowden, 2005) to 140 ppm within the measured resource.”
The total measured, indicated and inferred resource is in excess of 51,196 million tonnes. The proven reserves are sufficient for twelve years production at a full production capacity of 950 000 ROM tonnes per annum or in excess of 20 years production at the initially planned mining rate of 500 000 ROM tonnes per annum.
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