BELMORE RESOURCES (HOLDINGS) PLC
("BELMORE" OR "THE COMPANY")
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2005
The Board of Belmore, a minerals exploration company with projects and licence
applications in the Republic of Ireland and Northern Ireland, is pleased to
announce the Company's maiden interim results for the six months ended 28
February 2005.
HIGHLIGHTS:
* Completed oversubscribed fundraising of EUR320,000 in March 2005;
* Successfully admitted for trading on OFEX on 30 March 2005;
* Commenced exploration drilling in County Clare; and
* Company carrying out desk studies and fieldwork on its other licences in
Ireland and N.Ireland.
--ENDS--
THE DIRECTORS OF THE ISSUER ACCEPT RESPONSIBILITY FOR THIS ANNOUNCEMENT
ENQUIRIES:
BELMORE RESOURCES (HOLDINGS) PLC TEL: 00 353 87 681 2883
Patrick Mahony
BISHOPSGATE COMMUNICATIONS LTD TEL: 020 7430 1600
Maxine Barnes Mobile: 07860 489 571
Dominic Barretto Mobile: 07930 450 156
VSA RESOURCES LIMITED TEL: 020 7628 3989
William Voaden
BELMORE RESOURCES (HOLDINGS) PLC
CHAIRMAN'S STATEMENT
Following the Company's successful fundraising and admission to OFEX in March
2005, I am pleased to report Belmore's maiden interim results for the six
months ended 28 February 2005.
The Company reported losses of EUR31,183 which, on a weighted average, equates
to a loss of EUR0.0016 per share. The Company successfully raised EUR320,000
(net of expenses) in March 2005, to finance Belmore's exploration programme,
currently being undertaken, as well as for routine administration expenses. No
dividend is being declared.
In May 2005, Belmore embarked on a nine-hole exploration drilling programme,
initiated in County Clare, expected to run until mid-July this year. The
Programme, comprising 9 holes for a total of 1,600 metres, commenced on 3 May
2005, and is designed to add to zinc/lead and silver mineralisation previously
identified by drilling and to explore new prospects.
The Clare licences are located 50 kilometres southwest of Tynagh, and 40
kilometres west north-west of Silvermines, both of which are previously worked
zinc-lead-silver deposits hosted in similar geology.
Previous exploration on the Clare Block licences identified a copper deposit at
Ballyvergin. Between 1995 and 1998 a drilling programme identified a high-grade
resource of zinc and lead rich massive sulphides (approximately 400,000 tonnes
@ 12% zinc plus lead and 79g/t silver) in the area of Milltown.
Furthermore, an "iron formation" (haematite and silica) has been found. Iron
formations occur at every major Irish base metals deposit such as Tynagh,
Lisheen, Galmoy and Silvermines, and is highly encouraging for additional
sulphide mineralisation to be found in the area.
While open to further acquisition opportunities, at the present time it is the
Board's intention to concentrate its efforts in Ireland.
W IAN L FORREST
CHAIRMAN
24TH MAY 2005
BELMORE RESOURCES (HOLDINGS) PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 28TH FEBRUARY 2005
EUR
Administration Expenses 30,551
OPERATING LOSS 30,551
Interest Payable and Similar Charges 632
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION 31,183
Taxation on loss on ordinary activities -
LOSS FOR THE PERIOD 31,183
Profit and loss account at beginning of period 75,158
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PROFIT AND LOSS ACCOUNT AT END OF PERIOD 106,341
-------------------------------------------------------------------
There were no recognised gains or losses other than those recognised in the
profit and loss account
BELMORE RESOURCES (HOLDINGS) PLC
CONSOLIDATED BALANCE SHEET
AS AT 28TH FEBRUARY 2005
EUR
FIXED ASSETS
Intangible Assets 211,021
Tangible Assets 396
211,417
CURRENT ASSETS
Debtors 2,786
Bank and Cash 21,629
24,415
CREDITORS: AMOUNTS FALLING DUE WITHIN (81,968)
ONE YEAR
NET CURRENT ASSETS / (LIABILITIES) (57,553)
-------------------------------------------------------------------------------
NET ASSETS 153,864
CAPITAL AND RESERVES
Share Capital 199,145
Share Premium 61,060
Profit and loss account (106,341)
-------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY 153,864
BELMORE RESOURCES (HOLDINGS) PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2005
RECONCILIATION EUR
OF OPERATING
(LOSS) TO NET
CASH FLOW FROM
OPERATING
ACTIVITIES
OPERATING (30,551)
(LOSS)/PROFIT
Depreciation 397
Goodwill 7,935
Amortised
Decrease in 2,230
debtors
(Decrease in (37,353)
creditors)
-------------------------------------------------------------------------------
NET CASH
OUTFLOW FROM (57,342)
OPERATING
ACTIVITIES
CASH FLOW
STATEMENT
NET CASH (57,342)
OUTFLOW FROM
OPERATING
ACTIVITIES
RETURN ON (632)
INVESTMENTS AND
SERVICING OF
FINANCE
CAPITAL (604)
EXPENDITURE
FINANCING 71,060
-------------------------------------------------------------------------------
INCREASE IN 12,482
CASH IN THE
PERIOD
-------------------------------------------------------------------------------
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
OPENING SHAREHOLDERS FUNDS 113,987
Deficit for the period (31,183)
Issue of shares at premium 71,060
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CLOSING SHAREHOLDERS FUNDS 153,864
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BELMORE RESOURCES (HOLDINGS) PLC
NOTES TO THE INTERIM REPORT
1. ACCOUNTING POLICIES
These Accounts have been prepared on the historical cost basis, using generally
recognised accounting principles. They have been prepared on a going concern
basis. The Interim Report for the six months ended 28th February 2005 was
approved by the Board on 24th May 2005.
2. LOSS PER SHARE
The Loss per share is based on the Company's loss for the period of EUR31,183
and a weighted average number of shares in issue of 19,414,472.
3. SHARE CAPITAL
AUTHORISED
500,000,000 Ordinary Shares of EUR0.01 each EUR 5,000,000
ISSUED
19,914,472 Ordinary Shares of EUR0.01 each 199,144
On 18th March 2005 the Company issued:
(A) 5,000,000 Ordinary Shares of EUR0.01 each at a price of StgGBP0.05 per
share pursuant to an Open Offer dated 23rd February 2005
(B) 120,000 Ordinary Shares of EUR0.01 each at a price of StgGBP0.05 per share
pursuant to an agreement with VSA Resources Limited dated 5th May 2004
(C)130,208 Ordinary Shares or EUR0.01 each at a price of StgGBP0.04 per share
pursuant to the conversion of Loan Notes amounting to StgGBP5,000 together with
accrued interest
On 30th April 2005 the Company issued 392,187 Ordinary Shares or EUR0.01 each
at a price Stg GBP0.04per share pursuant to the conversion of Loan Notes
amounting to StgGBP15,000 together with accrued interest.
4. FINANCIAL INFORMATION
The financial information in this statement is unaudited and does not
constitute statutory accounts within the meaning of Section 148 of the
Companies Act 1963.
5. ACCOUNTS
Copies of the Interim Report are available for collection at the registered
office of the Company, 103 Rathfarnham Wood, Dublin 14 during normal business
hours for a period of one month from the date hereof.
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