Click here to close now.

Welcome!

.NET Authors: Liz McMillan, Elizabeth White, Pat Romanski, Jaynesh Shah, Carmen Gonzalez

News Feed Item

Sino Prosper Announces 2012/13 Interim Results

Improving Operations Allowed For Enhancement of Production Capacity

Hong Kong, Nov 6, 2012 - (ACN Newswire) - Sino Prosper State Gold Resources Holdings Limited ("Sino Prosper" or the "Company", together with its subsidiaries, the "Group", Stock Code: 00766.hk), a Chinese precious metals company, announces its unaudited condensed consolidated results for six months ended 30 September 2012 (the "Period")

During the Period, Sino Prosper recorded a growth in revenue of 3.7% to approximately HK$34.1 million (2011: HK$32.9 million), which was mainly attributable to the increase in sales of gold concentrates and amalgam. The Group's net loss attributable to owners was approximately HK$33.1 million (2011: approximately HK$16.1 million). The increase was mainly due to the increase in total staff costs and cost of inventories recognized as expense. Basic and diluted loss per share were HK4.27 cents (2011: loss per share of HK2.11 cents). The Board of Directors did not recommend the payment of an interim dividend for the six months ended 30 September 2012 (six months ended 30 September 2011: Nil).

Gold mining has remained the core business of Sino Prosper. The Group recorded the revenue of approximately HK$34.1 million, of which 67.5% was from the sales of gold (2011: 82.5%); 32.2% from sales of gold concentrate and amalgam (2011: 16.3%); and 0.3% from the sales of sliver concentrates (2011: 1.2%).

During the Period, Aohan Qi Mine ("Aohan Qi"; 70% owned by Sino Prosper) has been focused on further upgrading the existing facilities of the mine to enhance production capacity and increase access to mineralized zones. Operations at the Aohan Qi Processing plant were fully restored at 500tpd in August.

Sino Prosper holds 92% interest in Heilongjiang Zhongyi Weiye Economic & Trade Co., Ltd ("Zhongyi Weiye") and its 5 contiguous exploration licenses covering over 360 km2. Further exploration is being carried out on top of the existing operation. Further test drilling will be conducted at the end of 2012, supplemented by surface trenching and sampling programs.

Mr Richard Sung, CEO of Sino Prosper said, "It is encouraging to have the processing capacity fully restored which was helped by the significant changes of the Aohan Qi Mine local project management team and completion of necessary mining construction. With the improving operations and aggressive mine expansion, the Group is optimistic about improved performance and project delivery going forward, while the Group keeps looking into potential acquisition targets, so as to increase the total mineral reserves and expand the revenue base."

For the proposed acquisition of a mining permit at Qing Jiao Gold Mine in Guizhou Province, it will be postponed to the end of 2012 as additional time is required for the Company to prepare the information to be presented in the Circular, including technical report for the Qing Jiao Gold Mine which was originally expected to be available before August 2012.

In addition to the existing exploration and production projects, Sino Prosper is planning to operate finance business. The Group obtained a Hong Kong money lenders license and the relevant operation has already commenced.

As at 30 September 2012, Sino Prosper maintained a strong financial position with cash and bank balances of approximately HK$435.6 million (as at 31 March 2012: HK$477.2 million). The Group's gearing ratio calculated as a ratio of net debt to total equity was Nil (as at 31 March 2012: Nil). The Group's net asset value as at 30 September 2012 was approximately HK$2,015.6 million (as at 31 March 2012: approximately HK$2,043.3 million). The decrease in the Group's net asset value was mainly due to the decrease in bank balances and cash by approximately HK$41.6 million arising from the purchase of property, plant and equipment, and net cash wheel in operating activities.

On 7 March 2012, Sino Prosper entered into a placing agreement with a placing agent in relation to a placing of up to 152,000,000 warrants to not less than six placees ("2012 Placing Agreement"). The completion of the 2012 Placing Agreement took place on 11 April 2012 with net proceeds of approximately HK$1.4 million which will be used for general working capital of the Group and any acquisitions of the Group in the future.

Mr Sung concluded, "The unresolved European debt crisis and economic slowdown worldwide leading to a pessimistic outlook on the global economy, while gold price keeps fluctuating. In view of the current market conditions, the Group will accelerate the pace of mine expansion and pursue acquisition targets in a prudent manner, while considering proper allocation and preservation of scarce capital resources with an aim to achieve long term success."

About Sino Prosper State Gold Resources

Sino Prosper State Gold Resources Holdings Limited ("Sino Prosper") is a Hong Kong listed precious metals company, focused on various aspects of exploration, development, mining and production of precious metals in China. Sino Prosper is developing the production-ready Zhongyi Weiyi polymetallic gold property in Heilongjiang Province with 5 exploration licensed tenements and has acquired and significantly expanded the Aohan Qi operating gold mine in Inner Mongolia. In 2011 December, Sino Prosper agreed to potentially acquire a Gold Project in Guizhou Province, subject to due diligence and a number of other significant conditions (See Announcement dated 30 December 2011). The Company's strategy is focused on using its strategic relationships in China to acquire producing or near-production assets where the Company believes it can rapidly expand resources and production per share. For more information, please visit www.sinoprosper.com.

Source: Sino Prosper State Gold Resources

Contact:
Sino Prosper State Gold Resources Holdings Limited
Mr Jackie LEE 
Financial Controller	Tel: (852) 2829-8966 
(852) 6972-9529	E-mail: [email protected] 

Quam IR 
Ms Anita WAN    Tel: (852) 2217-2811 	E-mail: [email protected]
Ms Sharon AU 	Tel: (852) 2217-2812   	E-mail: [email protected]
Ms Venus LAM	Tel: (852) 2217-2813	E-mail: [email protected]





Copyright 2012 ACN Newswire. All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The worldwide cellular network will be the backbone of the future IoT, and the telecom industry is clamoring to get on board as more than just a data pipe. In his session at @ThingsExpo, Evan McGee, CTO of Ring Plus, Inc., discussed what service operators can offer that would benefit IoT entrepreneurs, inventors, and consumers. Evan McGee is the CTO of RingPlus, a leading innovative U.S. MVNO and wireless enabler. His focus is on combining web technologies with traditional telecom to create a new breed of unified communication that is easily accessible to the general consumer. With over a de...
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
SYS-CON Media announced today that 9 out of 10 " most read" DevOps articles are published by @DevOpsSummit Blog. Launched in October 2014, @DevOpsSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce softw...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionality and provide short-term introductory projects that developers can complete between sessions.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
Grow your business with enterprise wearable apps using SAP Platforms and Google Glass. SAP and Google just launched the SAP and Google Glass Challenge, an opportunity for you to innovate and develop the best Enterprise Wearable App using SAP Platforms and Google Glass and gain valuable market exposure. In his session at @ThingsExpo, Brian McPhail, Senior Director of Business Development, ISVs & Digital Commerce at SAP, outlined the timeline of the SAP Google Glass Challenge and the opportunity for developers, start-ups, and companies of all sizes to engage with SAP today.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo – to be held June 9-11, 2015, at the Javits Center in New York City, NY – is now accepting Hackathon proposals. Hackathon sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem. At Cloud Expo 2014 Silicon Valley, IBM held the Bluemix Developer Playground on November 5 and ElasticBox held the DevOps Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of...
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!