BELMORE RESOURCES (HOLDINGS) PLC
("BELMORE" OR "THE COMPANY")
MAIDEN FINAL RESULTS
The Board of Belmore, a minerals exploration company with a focus on projects
in the Republic of Ireland and Northern Ireland is pleased to announce its
final results for the year ended 31 August 2005.
HIGHLIGHTS:
* Loss before tax EUR84,531 of which EUR27,549 relates to the cost of our
listing on Ofex and EUR15,869 relates to Amortisation of Goodwill;
* The net Asset Value of the Company increased by EUR638,760 during the
year, and cash reserves at year end amounted to EUR444,020;
* Successfully admitted for trading on Ofex on 30 March 2005;
* Completed oversubscribed fundraising of EUR320,000 in March 2005; and
* Raised a further EUR292,000 through a successful share placing.
--ENDS--
The directors of the issuer accept responsibility for this announcement
ENQUIRIES:
BELMORE RESOURCES (HOLDINGS) PLC TEL: 00 35387 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
Ela Tomasik
NOTES TO EDITORS
Belmore is a minerals exploration company with a focus on projects in the
Republic of Ireland and Northern Ireland. Whilst prospects for any mineral
will be considered, priority will be given to the Company's zinc exploration
properties in County Clare.
Clare Block (Republic of Ireland): Belmore has a 50% interest in eight
prospecting licences covering 330 sq kilometres. Previous exploration
identified a high-grade resource of zinc and lead rich massive sulphides
(approximately 400,000 tonnes @ 12% zinc plus lead and 75g/t silver) in the
area of Milltown.
Dromore Licence (Northern Ireland): Belmore holds 100% interest in Licence
BR2/02 (Dromore) which lies in a mineral prospective region. It has had little
work carried out on it but is interesting due to local gravity and aeromagnetic
anomalies, which underlie the licence.
For further information please visit WWW.BELMORERESOURCES.COM
CHAIRMAN'S STATEMENT
UPDATE
Since completing the initial public offering in March 2005, we have been
actively exploring the Clare licences in South West Ireland and at Dromore in
Northern Ireland.
The summer drilling programme in Clare, while initially somewhat disappointing,
provided valuable information regarding structural complexity, on the basis of
which several drilling targets are being developed by detailed geochemical and
geophysical surveys. These targets will be tested by a drilling programme to
commence shortly.
The summer drilling programme maintained all the important licences in good
standing in addition to which two further significant licences have been
awarded to the Company. Nineteenth century zinc production is recorded on one
of these, and it should be borne in mind that Belmore's licences at Milltown
contain approximately 400,000 tonnes of drill indicated ore grading 12% zinc
plus lead and 79 grams per tonne silver.
FINANCIALS
The Company incurred a loss of EUR84,531 during the year ended 31 August 2005,
of which EUR27,549 relates to the cost of our listing on Ofex and EUR15,869
relates to Amortisation of Goodwill. Exploration expenditure amounted to
EUR154,239. The Net Asset Value of the Company increased by EUR638,760 during
the year, and cash reserves at year end amounted to EUR444,020.
OUTLOOK
Following a further share placing in the summer that raised EUR292,000 and
through diligent management of our cash resources, the Company is well financed
to carry out its imminent drilling programme in Clare and its continued ground
geophysics and deep overburden geochemical sampling at Dromore.
The current record strength of metal markets is encouraging and Management is
alert to opportunities which may arise in the corporate sector or for organic
development.
I take this opportunity to thank my fellow directors and our consultants for
their endeavours and our shareholders for their support.
W. IAN L. FORREST
CHAIRMAN
BELMORE RESOURCES (HOLDINGS) PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2005
--------------------------------------------------------------------
| | 2005 | 2004 |
--------------------------------------------------------------------
| |(12 Months)|(4 months)|
--------------------------------------------------------------------
| | EUR | EUR |
--------------------------------------------------------------------
| | | |
--------------------------------------------------------------------
|Administrative Expenses | (81,596) | (74,659) |
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| | | |
--------------------------------------------------------------------
|OPERATING LOSS - CONTINUING OPERATIONS | (81,596) | (74,659) |
--------------------------------------------------------------------
| | | |
--------------------------------------------------------------------
|Interest payable and similar charges | (935) | (499) |
--------------------------------------------------------------------
| | | |
--------------------------------------------------------------------
|LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION| (84,531) | (75,158) |
--------------------------------------------------------------------
| | | |
--------------------------------------------------------------------
|Tax on loss on ordinary activities | - | - |
--------------------------------------------------------------------
| | | |
--------------------------------------------------------------------
|(LOSS) FOR THE YEAR | (84,531) | (75,158) |
--------------------------------------------------------------------
| | | |
--------------------------------------------------------------------
|Loss per Ordinary Share | 0.0037 | 0.0119 |
--------------------------------------------------------------------
The company had no recognised gains or losses in the financial year or the
proceeding financial year other than those dealt with in the profit and loss
account.
BELMORE RESOURCES (HOLDINGS) PLC
CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2005
-------------------------------------------------------------------------------
| | | 2005 | | 2004 |
-------------------------------------------------------------------------------
| | EUR | EUR | EUR | EUR |
-------------------------------------------------------------------------------
| | | | | |
-------------------------------------------------------------------------------
|FIXED ASSETS | | | | |
-------------------------------------------------------------------------------
|Intangible assets | | 356,722| | 218,352|
-------------------------------------------------------------------------------
|Tangible assets | | - | | 793|
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| | | | | |
-------------------------------------------------------------------------------
| | | 356,722| | 219,145|
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| | | | | |
-------------------------------------------------------------------------------
|CURRENT ASSETS | | | | |
-------------------------------------------------------------------------------
|Debtors | 8,304| | 5,016| |
-------------------------------------------------------------------------------
|Cash at bank and in hand | 444,020| | 9,147| |
-------------------------------------------------------------------------------
| | | | | |
-------------------------------------------------------------------------------
| | 452,324| | 14,163| |
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| | | | | |
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|CREDITORS: (AMOUNTS FALLING DUE WITHIN | | | | |
|ONE YEAR) | | | | |
-------------------------------------------------------------------------------
|Borrowings | - | |(29,954)| |
-------------------------------------------------------------------------------
|Other Creditors |(56,229)| |(89,367)| |
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| | | | | |
-------------------------------------------------------------------------------
|NET CURRENT ASSETS/ (LIABILITIES) | | 396,025| |(105,158)|
-------------------------------------------------------------------------------
| | | | | |
-------------------------------------------------------------------------------
|TOTAL ASSETS LESS CURRENT LIABILITIES | | 752,747| | 113,987|
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| | | | | |
-------------------------------------------------------------------------------
| | | | | |
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|CAPITAL AND RESERVES | | | | |
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|Called up share capital | | 290,569| | 189,145|
-------------------------------------------------------------------------------
|Share premium account | | 621,867| | - |
-------------------------------------------------------------------------------
|Profit and loss account | |(159,689)| | (75,158)|
-------------------------------------------------------------------------------
| | | | | |
-------------------------------------------------------------------------------
|SHAREHOLDERS' FUNDS | | 752,747| | 113,987|
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|
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