BELMORE RESOURCES (HOLDINGS) PLC
("BELMORE" OR "THE COMPANY")
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2006
The Board of Belmore, a minerals exploration company with projects in the
Republic of Ireland and Northern Ireland, is pleased to announce the Company's
interim results for the six months ended 28 February 2006.
HIGHLIGHTS:
* Drilling programme currently underway in County Clare on three licences;
* Surface work and overburden drilling in Dromore, Northern Ireland being
analysed;
* Another drilling programme is expected later this year on newly awarded
licences; and
* The Company has sufficient cash in place to fund this summer's drilling
programme.
Commenting on today's results, Chairman, Ian Forrest said: "WE ARE CONTINUING
OUR DRILLING PROGRAMME AND LOOK FORWARD TO UPDATING THE MARKET WITH MORE
INFORMATION ONCE THIS IS COMPLETE. FURTHER LICENCES ARE ALSO LIKELY TO BE
ADDED MOVING FORWARD, AS WE CONTINUE TO LOOK FOR NEW DRILLING OPPORTUNITIES."
--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
Nick Rome Mobile: 07748 325 236
VSA RESOURCES LIMITED TEL: 020 7628 3989
William Voaden
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
The drilling programme in County Clare referred to in the Annual Report is
underway with holes located on the basis of recently conducted geochemical and
geophysical surveys. Drilling is currently underway on licences 3789, 3643 and
3863.
Another drilling programme is expected later on this year following a
geophysical and geochemical work programme on newly awarded licences 2590, 3642
and 3679 (86 sq km).
FINANCIALS
The Company incurred a loss of EUR40,786 during the six months ended 28
February 2006, which on a weighted average, equates to a loss of EUR0.0014 per
share.
Expenditure during the first six months of this financial year reflects the
cost of surveys in Clare and expenditure on surface work and overburden
drilling in Dromore, Northern Ireland.
The Company had cash resources at 28 February 2006 amounting to EUR324,469,
which is sufficient to fund this summer's drilling programmes. No dividend is
being declared.
OUTLOOK
Zinc, the most prospective metal on our Clare licences, continues to perform
strongly on world markets, and consequently encourages exploration in south-
west Ireland.
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
31 MAY 2006
BELMORE RESOURCES (HOLDINGS) PLC
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED
28 FEBRUARY 2006
2006 2005
EUR EUR
Administrative Expenses (41,634) (30,551)
OPERATING LOSS - CONTINUING OPERATIONS (41,634) (30,551)
Interest receivable and similar income (1,026) -
Interest payable and similar charges 50 632
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION 40,658 31,183
Taxation on loss on ordinary activities (128) -
(LOSS) FOR THE PERIOD (40,786) (31,183)
Loss per Ordinary Share 0.0014 0.0016
There were no recognised gains or losses other than those recognised in the
profit and loss account.
BELMORE RESOURCES (HOLDINGS) PLC
UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 28 FEBRUARY 2006
2006 2006 2005 2005
EUR EUR EUR EUR
FIXED ASSETS
Intangible assets 421,015 211,021
Tangible assets - 396
421,015 211,417
CURRENT ASSETS
Debtors 4,370 2,786
Bank and Cash 324,269 21,629
328,639 24,415
CREDITORS: (AMOUNTS FALLING DUE WITHIN
ONE YEAR)
(37,692) (81,968)
NET CURRENT ASSETS/ (LIABILITIES)
290,947 (57,553)
NET ASSETS 711,962 153,864
CAPITAL AND RESERVES
Share Capital 290,569 199,145
Share Premium 621,867 61,060
Profit and Loss Account (200,474) (106,341)
EQUITY SHAREHOLDERS' FUNDS 711,962 153,864
BELMORE RESOURCES (HOLDINGS) PLC
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED
28 FEBRUARY 2006
2006 2005
EUR EUR
RECONCILIATION OF OPERATING LOSS TO NET CASH
OUTFLOW FROM OPERATING ACTIVITIES
Operating Loss (41,634) (30,551)
Depreciation - 397
Goodwill Amortised 7,935 7,935
(Decrease)/Increase in Debtors 3,934 2,230
Increase/(Decrease) in Creditors (18,607) (37,353)
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (48,372) (57,342)
CASH FLOW STATEMENT
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (48,372) (57,342)
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 976 (632)
CAPITAL EXPENDITURE (72,227) (604)
TAXATION (128) -
FINANCING _ 71,060
INCREASE/(DECREASE) IN CASH FOR THE PERIOD (119,751) 12,482
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
2006 2005
EUR EUR
Opening Shareholders Funds 752,748 113,987
Deficit for the period (40,786) (31,183)
Issue of Shares at a Premium - 71,060
CLOSING SHAREHOLDERS FUNDS 711,962 153,864
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 2006 was approved by the Board on 29th May 2006.
2. LOSS PER SHARE
The loss per share is based on the Company's loss for the period of
EUR40,786 and a weighted average number of shares in issue of 29,056,867.
3. SHARE CAPITAL
Authorised: 500,000,000 Ordinary Shares of EUR0.01 each
Issued: 29,056,867 Ordinary Shares of EUR0.01 each
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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