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MAIN FACTS:
-1H pretax profit GBP27.7 million (2008 loss: GBP2.6 million)
-2Q EPS 9.75 pence (2008 loss: 1.08 pence); 1H EPS 9.34 pence (2008 loss: 1.83 pence)
-GBP29 million of previous impairment costs recognized in 2008 written back to balance sheet
-ZCI $41 million financing package and agreements negotiated and implemented
-ZCI recapitalisation will enable operations to grow to full potential
-Mining recommenced at Mowana with plant start up scheduled for late Aug.
-Resumption of concentrate production seen in Sep.
-Long term off-take agreement in place
-Mowana open pit reserve estimate: proven (10.82 Mt @1.0% Cu) and probable (3.98 Mt @1.4% Cu) mineral reserves of plus or minus 14.8 Mt @1.1%Cu containing 361 million pounds of copper
-Run of mine grades potentially higher than modelled
-Expansion opportunities identified close to surface and plant infrastructure
-83% of resources are potentially accessible by underground mining providing +20 years life
-Plans to convert advanced Thakadu prospect to mining licence status
-Extensive Matsitama exploration tenements offer development potential
-Wider portfolio expected to provide exploration upside
-New acquisitions and joint ventures will be considered on a strategic basis
-David Rodier, chairman, and Jordan Soko, appointed to board
-Delisted from Toronto Stock Exchange on May 20
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
(END) Dow Jones Newswires
08-14-09 0239ET
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
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