Simmer & Jack Mns. - Final Results

RNS No 6194d
SIMMER AND JACK MINES LIMITED
15 October 1999

                     SIMMER AND JACK MINES, LIMITED


               Preliminary announcement of annual results
                         year ended 30 June 1999

Abridged consolidated income statements
                             Year
                             ended           Year         Year
                             30 June         ended        ended
                             1999            30 June      30 June
                             Pro forma       1999         1998
                            (Unaudited)      (Unaudited)  (Audited)
                             R'000           R'000         R'000

Turnover                                      3 328         5 383
Operating costs                              10 735        14 732

Operating loss                               (7 407)       (9 349)
Mine closure and 
  rationalisation costs                      (2 873)          -
Profit on disposal of subsidiary                -           3 200
Unrealised loss on foreign exchange   
  translation                                  (915)          -
Net interest paid                            (4 337)       (5 874)

Loss before taxation                        (15 532)      (12 023)
Taxation                                        -               1

Loss for the year (notes 1&2)               (15 532)      (12 024)


Abridged consolidated balance sheets

Capital employed
Ordinary shareholders' funds       94 905    24 858        40 390
Minority shareholders' interest         1         1             1
Shareholder's loan
- interest bearing (note 4)         7 718    45 765        22 078  
Long-term liability
- non-interest bearing                666       666         1 645

                                  103 290     71 290       64 114

Employment of capital
Mining assets                     103 121    103 121       64 989

Current assets                      3 679      3 679        6 160
  Cash at bank, 
   at call and on deposit           1 852      1 852        2 370
  Other current assets              1 827      1 827        3 790
Current liabilities                 3 510     35 510        7 035

Current liabilities
  - non-interest bearing            2 653      2 653        2 553
  Purchase consideration
  - Transvaal Gold Mining Estates Limited
  (note 3)                            500     32 500          -
  Bank overdraft                      357        357       4 482

Net current assets/(liabilities)      169    (31 831)       (875)

                                  103 290     71 290      64 114

Shares in issue ('000)**          171 648     27 064      27 064
Net asset value per share (cents)      55         92         149
Loss per share (cents)                  9         57          44

** Pro forma = weighted average

Notes
1. Results for the year include the results of Transvaal Gold Mining Estates
   Limited ("TGME") on the basis that the acquistion of TGME by Simmers was
   approved by Simmers shareholders on 4 October 1999 with retrospective effect
   to 1 December 1998.  The finalisation of the acquisition of TGME remains
   subject to the approval of the Competition Commission.

2. Operating losses for the year include the holding costs of assets kept on 
   care and maintenance and the operating losses of TGME's surface operations
   which were terminated in April 1999.

3. In the event of the approval being obtained from the Competition Commission
   for the acquisition of TGME, the purchase consideration for TGME is to be
   settled by issue of 80 000 000 ordinary shares in Simmers at an issue price
   of 40 cents per share and R500 000 in cash.

4. A portion of the shareholders loan amounting R 38 047 142 was capitalised on
   11 October 1999 by way of an issue of 95 117 855 ordinary shares in Simmers 
   at an issue price of 40 cents per share. The balance of the loan account  
   bears interest at prime bank overdraft rates plus two percentage points and
   is repayable by mutual agreement.

5. A pro forma balance sheet, based on the actual financial position at 30 June
   1999 is given to indicate the financial effect the acquisition of TGME and 
   the capitalisation of the shareholders' loan will have once completed.

6. The finalisation of the audit of the results for the year ended 30 June 1999
   remains subject to approval of the acquisition of TGME by the Competition
   Commission.

7. The rationalisation of the combined assets of the company and TGME is
proceeding satisfactorily and in terms of the information provided in the
circular to shareholders dated 10 September 1999.  Both the Svengali joint
venture and the Clewer Mine referred to in the circular are currently
producing gold and are expected to begin contributing profitably within the next
few months.

8. The company is year 2000 compliant.

By Order of the Board 

Consolidated Mining Management Services Limited
Secretaries

15 October 1999

END


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