Half Yearly Report -7-


+--------------------------------------------------+------------+--+------------+--+------------+ 
|                                     Sierra       |      6,660 |  |      5,734 |  |      6,874 | 
|                                     Leone        |            |  |            |  |            | 
+--------------------------------------------------+------------+--+------------+--+------------+ 
|                                     Guinea       |      2,931 |  |      1,424 |  |      2,594 | 
+--------------------------------------------------+------------+--+------------+--+------------+ 
|                                                  |      9,591 |  |      7,158 |  |      9,468 | 
+--------------------------------------------------+------------+--+------------+--+------------+ 
 
 
Exploration and evaluation assets relate to expenditure incurred in diamond and 
gold exploration and related expenditure in Sierra Leone and Guinea. 
 
 
The directors are aware that by its nature there is an inherent uncertainty in 
exploration and evaluation, and therefore inherent uncertainty in relation to 
the carrying value of capitalised exploration and evaluation assets. 
 
 
The realisation of these intangible assets is dependent on the successful 
discovery and development of economic resources, and is subject to a number of 
significant potential risks including; 
 
 
  *  Price fluctuations; 
  *  Uncertainties over development and operational costs; 
  *  Political and legal risks, including arrangements with governments for licences, 
  profit sharing and taxation; and 
  *  Funding requirements. 
 
 
 
Should these prove unsuccessful the value included in the balance sheet would be 
written off to the income statement. 
 
 
Having reviewed the deferred exploration and evaluation expenditure at 31 
October 2009, the directors are satisfied that the value of the intangible asset 
is not less than carrying value. 
 
 
Included above is an amount of GBP36,400 (April 2009: GBPNil) of capitalised 
expenses related to equity-settled share-based payment transactions during the 
year. 
 
 
 
 
5.    PROPERTY, PLANT AND EQUIPMENT 
 
 
+----------------------------+------------+--+--------------+--+-----------+ 
|                            |    Plant & |  |    Assets in |  |     Total | 
|                            |  Equipment |  |   the course |  |           | 
|                            |            |  |           of |  |           | 
|                            |            |  | construction |  |           | 
|                            |            |  |     -Diamond |  |           | 
|                            |            |  |    interests |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                Cost:       |    GBP'000 |  |      GBP'000 |  |   GBP'000 | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                At 1 May    |         39 |  |        1,254 |  |     1,293 | 
|                2008        |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                Additions   |          - |  |           21 |  |        21 | 
|                during the  |            |  |              |  |           | 
|                period      |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                At 31       |         39 |  |        1,275 |  |     1,314 | 
|                October     |            |  |              |  |           | 
|                2008        |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                            |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                Additions   |          - |  |          260 |  |       260 | 
|                during the  |            |  |              |  |           | 
|                period      |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                Net foreign |          - |  |          493 |  |       493 | 
|                exchange    |            |  |              |  |           | 
|                differences |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                At 30 April |         39 |  |        2,028 |  |     2,067 | 
|                2009        |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                            |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                Additions   |          - |  |           12 |  |        12 | 
|                during the  |            |  |              |  |           | 
|                period      |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                Transfer to |          - |  |        (263) |  |     (263) | 
|                development |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                Net foreign |          - |  |        (331) |  |     (331) | 
|                exchange    |            |  |              |  |           | 
|                differences |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                            |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                At 31       |         39 |  |        1,446 |  |     1,485 | 
|                October     |            |  |              |  |           | 
|                2009        |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
|                            |            |  |              |  |           | 
+----------------------------+------------+--+--------------+--+-----------+ 
 
 
 
 
GBP1,446,000 relates to assets in the course of construction in Sierra Leone and 
Guinea. The carrying value of the above assets is dependent on the successful 
discovery and development of economic reserves, including the ability to raise 
finance to develop future projects. Should this prove unsuccessful the value 
included in the balance sheet would be written down to their net recoverable 
value. 
 
 
In the opinion of the directors, the carrying value is not less than its 
recoverable amount. No depreciation has been charged in respect of these assets 
as they are not in a condition necessary for them to be capable of operating in 
the manner intended by management. 
 
 
 
 
6.    CALLED-UP SHARE CAPITAL 
 
 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                                   |             |      Number |  |       Total | 
|                                   |             |             |  |     GBP'000 | 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                     Authorised:   |             |             |  |             | 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                     Ordinary      |             | 200,000,000 |  |       2,000 | 
|                     shares of 1p  |             |             |  |             | 
|                     each          |             |             |  |             | 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                                   |             |             |  |             | 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                     Allotted      |             |             |  |             | 
|                     Called-up and |             |             |  |             | 
|                     fully paid:   |             |             |  |             | 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                     Opening       |             |  40,750,758 |  |         407 | 
|                     balance 1 May |             |             |  |             | 
|                     08            |             |             |  |             | 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                     Issued during |             |  17,400,000 |  |         174 | 
|                     the period    |             |             |  |             | 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                     At 31 October |             |  58,150,758 |  |         581 | 
|                     08            |             |             |  |             | 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                                   |             |             |  |             | 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                     Issued during |             |  10,130,086 |  |         101 | 
|                     the period    |             |             |  |             | 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                     At 30 April   |             |  68,280,844 |  |         682 | 
|                     09            |             |             |  |             | 
+-----------------------------------+-------------+-------------+--+-------------+ 
|                                   |             |             |  |             |
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