BELMORE RESOURCES (HOLDINGS) PLC
("BELMORE" OR "THE COMPANY")
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 2006.
HIGHLIGHTS:
* Six drill holes were completed on Clare licences;
* Substantial geophysical work and an extensive soil sampling survey was
carried out on Clare licences;
* Geophysical work and geochemical sampling has continued on our Dromore
licence in Northern Ireland; and
* Application has been made for additional licences in Donegal, which are
deemed prospective for Copper, Lead, Zinc and possibly Gold.
--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 7562 3350
Maxine Barnes MOBILE: 07860 489 571
Sophie Davis
VSA RESOURCES LIMITED TEL: 020 7628 3989
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
I am pleased to report that for a company of our size and resources, 2006 has
been a very active year for Belmore. In summary:
* Six drill holes were completed on our Clare licences;
* Substantial geophysical work and an extensive soil sampling survey was
carried out on our Clare licences;
* Geophysical work and geochemical sampling has continued on our Dromore
licence in Northern Ireland; and
* Application has been made for additional licences in Donegal, which are
deemed prospective for Copper, Lead, Zinc and possibly Gold
RECENT DRILLING PROGRAMME
The recent drilling programme in County Clare has provided sufficient
encouragement to warrant continuing exploration with a view to augmenting the
400,000 tons of drill indicated resource at Milltown, which graded some 12%
zinc with lead and silver. Two of the holes have traces of iron, which is
common to all commercial deposits in Ireland, and manifest other lithological
features associated with the aforementioned Milltown deposit.
The last two holes, drilled on our newly awarded Licence No. 3679 at
Ballyhickey, are more encouraging, and the extensive development of Black
Matrix Breccias ("BMB") encountered in hole 3679/2 may suggest proximity to
mineralisation. Breccias of this type form the host to much of the
mineralisation at the Lisheen, Silvermines and Galmoy deposits. The
dolomitisation present in the hole is also encouraging. Both holes are similar
to drillholes drilled on the fringe of the Milltown deposit, and further
drilling will definitely be required at Ballyhickey to determine the extent of
the BMB, and hopefully locate base metal mineralisation.
The drill programme was based on geophysical and geochemical fieldwork
conducted in 2006, and similar activity will be carried out before the next
phase of drilling is undertaken on the Clare licences.
Deep overburden sample drilling on an anomaly identified by previous fieldwork
on the Dromore licence has already been funded and awaits the availability of
equipment and personnel.
FINANCIALS
The above activity has been pursued without the need to raise further funds
thanks largely to the tight control maintained on overheads and, for this, I am
grateful to my fellow directors, our consultants and contractors. The Company
incurred a loss for the year of *92,080 of which *15,869 related to
Amortisation of Goodwill. Exploration Expenditure during the year amounted to
*154,702.
OUTLOOK
With the market demand for zinc reflected in its price movement over the past
year, this is a good time for exploring for it and Management intends
continuing to do so, actively but diligently.
W. IAN L. FORREST
CHAIRMAN
The latest Annual Report will be released within the next two weeks providing a
comprehensive review of operations detailing all results.
BELMORE RESOURCES (HOLDINGS) PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2006
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| | 2006 | 2005 |
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| | | |
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| | EUR | EUR |
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| | | |
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|Administrative Expenses | (94,287) | (83,596) |
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| | | |
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|OPERATING LOSS - CONTINUING OPERATIONS | (94,287) | (83,596) |
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| | | |
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|Interest receivable and similar income | 3,507 | - |
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| | | |
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|Interest payable and similar charges | (950) | (935) |
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| | _______ | _______ |
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|LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION | (91,730) | (84,531) |
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| | | |
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|Tax on loss on ordinary activities | (350) | - |
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| | | |
| |_______ |_______ |
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|(LOSS) FOR THE YEAR | (92,080) | (84,531) |
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| | | |
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|Profit and loss account at the beginning of the |(159,689) | (75,158) |
|year | | |
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| | | _______ |
| | _______ | |
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|Profit and Loss account at end of year |(251,769) | (159,689) |
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| | | |
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|Loss per Ordinary Share |EUR 0.0032 | EUR 0.0119 |
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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 2006
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| | | 2006 | | 2005 |
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| | EUR | EUR | EUR | EUR |
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| | | | | |
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|FIXED ASSETS | | | | |
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|Intangible assets | | 495,555| | 356,722|
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| | | _______| | _______|
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| | | 495,555| | 356,722|
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| | | | | |
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| | | | | |
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|CURRENT ASSETS | | | | |
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|Debtors | 4286| | 8,304| |
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|Cash at bank and in hand | 225,477| | 444,020| |
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| | _______| | _______| |
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| | 229,763| | 452,324| |
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| | | | | |
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|CREDITORS: (AMOUNTS FALLING DUE WITHIN |(64,651)| |(56,299)| |
|ONE YEAR) | | | | |
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| |_______ | | _______| |
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| | | | | |
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|NET CURRENT ASSETS/ (LIABILITIES) | | 165,112| | 396,025|
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| | | ________| | ________|
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|TOTAL ASSETS LESS CURRENT LIABILITIES | | 660,667| | 752,747|
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| | | | | |
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|CAPITAL AND RESERVES | | | | |
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|Called up share capital | | 290,569| | 290,569|
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|Share premium account | | 621, 867| | 621,867|
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|Profit and loss account | |(251,769)| |(159,689)|
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| | | ________| | ________|
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|SHAREHOLDERS' FUNDS | | 660,667| | 752,747|
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|
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