|By ACN Newswire||
|November 5, 2012 10:14 PM EST||
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
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.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Dec. 21, 2014 02:00 PM EST Reads: 3,048
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 21, 2014 01:00 PM EST Reads: 2,589
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Dec. 21, 2014 11:30 AM EST Reads: 3,134
SYS-CON Events announced today that IDenticard 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. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
Dec. 21, 2014 10:00 AM EST Reads: 2,711
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, 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. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
Dec. 21, 2014 08:30 AM EST Reads: 2,926
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...
Dec. 21, 2014 06:15 AM EST Reads: 3,255
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
Dec. 20, 2014 11:00 PM EST Reads: 2,068
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 20, 2014 08:00 AM EST Reads: 2,222
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. 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 software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Dec. 18, 2014 09:45 PM EST Reads: 2,006
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 09:00 AM EST Reads: 2,334
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
Dec. 18, 2014 06:00 AM EST Reads: 1,374
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
Dec. 17, 2014 11:15 PM EST Reads: 2,295
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 11:00 PM EST Reads: 2,285
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 08:00 PM EST Reads: 2,287
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, 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. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Dec. 17, 2014 06:30 PM EST Reads: 2,252
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Dec. 17, 2014 11:45 AM EST Reads: 2,375
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Dec. 16, 2014 11:45 PM EST Reads: 2,261
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
Dec. 15, 2014 11:45 PM EST Reads: 2,644
The 3rd International Internet of @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 - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 15, 2014 10:30 AM EST Reads: 8,226
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
Dec. 15, 2014 10:00 AM EST Reads: 3,351