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During this time Round has led the upgrading of the company’s financial reporting function and has agreed to oversee the final stages of the preparation of the results for year ending 30 June 2007. Round has taken up a new role within the mining sector.

Silverman, 56, is an experienced chartered accountant and has been in interim management for over 12 years.

His specialist skills are in financial and commercial management of growing and changing companies, ensuring that strong financial controls are in place and reporting to management and investors.

Cambrian Mining (LSE:CBM) is a diversified mining house that manages and supports operations in coal and gold/antimony mining.

It also has extensive exposure to energy projects and related technologies, from oil shale assets through to alternative energy projects, as well as exposure to traditional oil and gas exploration and development.

Further to Cambrian's announcement on 31 January 2008, the board re-issued the company’s audited accounts for the year ended 30 June 2006 on Monday.

It said that there had been no material negative changes in the resulting profit after tax and net assets with respect to the historical reported accounts, despite some material line item changes.

The main material line item changes in the Income Statement are the result of the reclassification of profit on the sale of associates, subsidiaries and other investments from “Revenue” and “Operating profit” to line items below the operating results line.

This mainly affected “Gain on disposal of interests in associates”, “Gain on disposal of subsidiaries” and “Other gains and losses”, the revised and combined total of which is £46,094,000.

The board said this was reflected in the change in revenue from £51,440,000 to £542,000 and the change in operating profit from £40,023,000 to an operating loss of £4,636,000.

The firm reported a change in profit after tax from £31,021,000 to £32,368,000 as the net effect of all other adjustments to the Income statement.

The reclassification of profit on the sale of associates, subsidiaries and other investments also reflects Cambrian’s strategy of being an operating mining group rather than an investment holding company.

Cambrian said it had conducted a thorough review of its financial reporting with assistance from its new auditors, Deloitte & Touche LLP, to ensure that the 2006 Accounts provide a complete, accurate record that is also fully compliant with the Companies Act.

While the company had already embarked on a process of upgrading its financial reporting, the review of the 2006 Accounts was initially prompted by queries raised by the Financial Reporting Review Panel and then extended to become a comprehensive review and audit of the 2006 Accounts.

Cambrian said that the preparation of the re-issued 2006 accounts had been a significant exercise and that the final product demonstrates the complexity of the accounting surrounding the transactions undertaken by the group in a year when International Financial Reporting Standards (IFRS) were adopted. 

The board added its belief that the underlying fundamentals of the business and its prospects had been unaffected by the review and the re-issue of the accounts.

The group's 2006 accounts restate certain of the comparative figures for the year ended 30 June 2005 under International Financial Reporting Standards (IFRS). The 2005 accounts were originally prepared in accordance with UK GAAP.

The company said it had also made substantial, consequential amendments and additions to the supporting notes reflecting the changes in accounting treatment and to improve the clarity of disclosures.

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• Cambrian Mining Plc