Summary of results for the year 2007
Fourth quarter:
* On October 19 the Company announced increased gold resources of
the Fäboliden Gold Project.
* Negotiations with the Environmental Court to open a new mine with
processing plant at Lappland Goldminers' flagship, Fäboliden,
were completed on October 25, after 5 days of negotiations. The
Environmental Court announced a court ruling on December 21
granting permission to the Company.
* In October-December a group of Australian expert geologists
initiated work on creating a 3D model for the Haveri Gold
Project, using existing data.
* The exploitation concession granted February 2007 by the Mining
Inspectorate, for the Stortjärnhobben Gold Project, has now
become legally binding, after an appeal by Vapsten's Same Village
was overturned by the Government on December 6.
* On November 15, the Company made a conditional agreement to
acquire the shares of Blaikengruvan AB and ScanMining OY from
ScanMining AB. The required conditions have not been fulfilled,
and a binding agreement has thus not been arrived at.
Third quarter:
* Deep drilling in the Fäboliden gold deposit indicated that the
gold zone continues underneath the entire open-pit position, down
to a depth of at least 550 m.
* Analysis of one boulder encountered during excavations in
Gubbträsk, showed grades of over 30 % lead and 283 g/t silver.
* The Company strengthened the organization by hiring a project
manager for Fäboliden and a Chief Geologist who is now
responsible for the geological activity in Sweden and Finland.
* The Company announces decision to get listed on the Olso
exchange. The target is for the first day of listing to take
place in the beginning of 2008.
Second quarter:
* A new stock issue injected a capital of SEK 100 million, before
costs of issue, into the Company.
* The environmental court at Umeå announced Lappland Goldminers'
application for a min and a processing plant at Fäboliden in the
municipality of Lycksele on April 10. At this point in time the
Environmental Court concluded that the application was complete
and sufficient for processing and decision.
* "Inferred mineral resource" for Gubbträsk gold-, zinc-, lead- and
silver mineralization was announced in a press release on June 13
showing:
* Gold mineralization: 700,000 tons with 1.6 Au g/t
* Zinc-lead-silver mineralization: 2,100,000 tons with 1.2 Zn %,
1.1 Pb % and 11 Ag g/t.
* The Company acquires all of the gold projects in Finland from the
Canadian company Northern Lion Gold Corporation, including the
Haveri Gold Project situated on the extension of the Gold Line in
southwestern Finland. Mining for copper, gold and cobalt was
taking place at Haveri during the years 1942-1962. The project is
considered to have a good potential for gold.
First quarter:
* An initial calculation of the mineral reserve at Fäboliden was
carried out by the independent consultant Thomas Lindholm,
GeoVista AB (registered as Qualified Person, QP, by SveMin)
showed
* a proven ore reserve of 20.57 million tons, with a grade of
1.43 g/ton Au, equivalent to 29.6 ton gold. and
* a probable ore reserve of 0.29 million tons, with 1.12
g/ton Au, equivalent to 0.32 ton gold for the planned
open-pit mining down to a depth of 200 m.
* The exploration work was increased from 3 to 6 drill rigs, of
which 4 were operating in shifts at Fäboliden. The major drilling
effort was for the deep drilling program between 200 - 550 m at
Fäboliden.
* During the first quarter there has been 40 drill holes completed,
totaling 10,395 m, of which 29 holes totaling 8,803 m were at
Fäboliden
* The decision by the Mining Inspectorate to grant an exploitation
concession for a gold mine at Stortjärnhobben was appealed by
Vapsten's Same Village. The matter was turned over to the
government for review
Events after the end of the reporting period
* Three land owners and Naturvårdsverket (the Environmental Agency)
appealed the ruling by the Environmental Court to grant the
Company permission to establish a new mine with processing plant
at Fäboliden. The Environmental Court of appeal, in a ruling,
denied the Company's request for an order of implementation in
the same matter. This in spite of the fact that Naturvårdsverket
and the County Administration had no objection to such an order.
The matter will be delayed at the most until September 9 - 11,
which is when a date has been set for negotiations. The Company
is now intensively working on arriving at a solution so that the
issues preventing an order of implementation are resolved during
the spring, without having to wait for negotiations in September.
* Successful drilling has been completed at the Knaften gold
project. The best results from the 2007 tests are found in drill
holes KNA200707 from section 83.5-93.5 m, 10 m with 3.20 g/t Au,
KNA200714 from section138.80-143.80 m, 5 m with 4.27 g/t Au,
KNA200715 from section118.80-123.80 m, 5 m with 2.89 g/t Au,
KNA200719 from section14.50-17.50 m, 3 m med 3.42 g/t Au. Gold
mineralization of 1-10 m section length has been found in 11 of
the 14 thus far reported drill holes from 2007.
* The administrative Court of Appeals in Sundsvall, in a February
14, 2008, ruling, concurred with the decision by the MiningInspectorate to grant a number of exploration permits. This means
that the previous ruling by the Norbotten County Court (after
appeals from the Vapstens sameby) was overturned. The County
Court ruling, which concerns 19 exploration permits which had
previously been granted for 7 different companies, was thereby
cancelled. Lappland Goldminers AB holds 10 of these permits.
P/L of fiscal period
The most important goal of an exploration company that is focused on
becoming a producer is to transform funds raised through financing
into increased ore reserves and mineral resources, and to develop the
projects technically and economically. During the fiscal period the
company has continued its explorations on a large scale on several
objects. The company capitalizes expenses on mature project, and due
to this the P/L reported depends both on the total expenditures and
also on the relative distribution between mature and early projects.
P/L for the first quarter is SEK -2.0 million (previous year 2.1) and
for the entire fiscal year SEK -10.9 million (previous year -16.0
million).
Financing
A directed new stock issue during the period has injected a capital
of SEK 100 million into the company.
Share capital
Lappland Goldminers' registered share capital at the end of the
fiscal period amounted to SEK 1,208,027.22 divided among 60,401,361
shares with a quota value of 0.02 SEK. The accounts in this report
are based on this number of shares.
During the second quarter of 2007 the Board of Directors, with
authorization from the AGM 2006, decided to issue a directed cash new
issue, as mentioned above, of 5,000,000 shares at current daily price
of SEK 20.00.
The new issue was registered and the Swedish Companies Registration
Office on 5/9/07.
The Annual General Meeting of 2007, which was held at Hotell Lappland
in Lycksele on May 30, decided to issue 1,333,000 stock options.
Lappland Goldminers has issued 1,333 000 stock options as per a
decision made at the general meeting on May 30, 2007, but has not
issued any negotiable instruments of debt. The effect of the warrant
options, which were assigned in 2008, will be reported in the Q1
report for 2008
The annual meeting also decided to authorize the Board of Directors
to - on one or several occasions before the next annual meeting -
decide on a new issue of a maximum of 10 million shares and to at
this point also decide on the share holders' preemptive rights.. The
new issue will be payable with either cash or equivalent or with
capital contributed in kind.
Personnel/consultants
The Company has 13 employees. In addition to this the company engages
consultants and contractors for various projects on a continuing
basis. Altogether the company engages the equivalent of 40 full time
employees.
Reporting dates
* Notice of year-end statement for fiscal year 2007 will be
released on February 28, 2008.
* Interim report for the period January- March 2008 will be issued
on May 30, 2008.
* Interim report for the period January- June 2008 will be issued
on Aug 29, 2008.
* Interim report for the period January- September 2008 will be
issued on Nov 28, 2008.
* Notice of year-end statement for fiscal year 2008 will be
released no later than February 27, 2009.
Lappland Goldminers AB is an exploration company with the goal of
becoming a producing mining company. The company is listed on the
market place "First North" under the name GOLD, with Mangold
Fondkommission AB as the Certified Advisor, as well as the OTC list
of the Oslo exchange. Lappland Goldminers has secured a number of
gold deposits along the so-called Guldlinjen ("The Gold Line") in
Västerbotten. The Company's strategy is to develop a profitable,
producing gold company with a centrally located processing plant in
Fäboliden, Sweden, and in the Haveri area in Finland, which is
supported by ore from one or several mines either through the
Company's own exploration or alternatively through acquisitions.
The company is a member of SveMin, the trade association for mines,
minerals and metal producers in Sweden (formerly called the Swedish
Mining Association) and follows SveMin's reporting rules for public
mining and exploration companies.
Leif Carlson and Karl-Åke Johansson, who are registered as "Qualified
Persons" by SveMin, have compiled the technical aspects of this
report
Lycksele February 28, 2008
Karl-Åke Johansson
CEO
For additional information please refer to our webpage:
www.lapplandgoldminers.com
or contact
Karl-Åke Johansson, CEO Tomas Björklund, Director
karl-ake.johansson@lgold.se tomas.bjorklund@lgold.se
Ph. +46 950-275 01, +46 70-625 22 57 Ph. +46 70-662 35 35
The full report including tables can be downloaded from the following
link:
Lappland Goldminers AB: Notice of end of year statement 2007
| Source: Lappland Goldminers AB
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