BELMORE RESOURCES (HOLDINGS) PLC
("BELMORE" OR "THE COMPANY")
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2007
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 2007.
HIGHLIGHTS:
* Prospecting Licences awarded in Co. Donegal;
* Re-evaluation of airborne geophysics over Ballyhickey, Kilbricken,
Milltown and Dangan areas in Co. Clare; and
* Soil geochemical sampling completed in the Dangan area of Co. Clare.
Commenting on today's results, Chairman, Ian Forrest said: "BELMORE IS PLEASED
TO ANNOUNCE THAT, DURING THE PERIOD, RE-EVALUATION AND SAMPLING WORK HAS BEEN
COMPLETED. WE ARE ALSO PLEASED TO REPORT THE COMPANY HAS BEEN AWARDED
PROSPECTING LICENCES IN CO. DONEGAL WITH WORK COMMENCING SHORTLY. WE WILL
UPDATE SHAREHOLDERS IN DUE COURSE WHEN RESULTS ARE AVAILABLE."
--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
Paul Renken
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 Blocks (Republic of Ireland): Belmore has a 50% interest in six
prospecting licences covering 267.75 sq kilometres and 100% interest in two
prospecting licences covering 86 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.
Donegal Blocks (Republic of Ireland): Belmore has 100% interest in two
prospecting licences covering 80.76 sq kilometres.
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
BELMORE RESOURCES (HOLDINGS) PLC
CHAIRMAN'S STATEMENT
I am pleased to report Belmore's interim results for the six months ended 28
February 2007.
The Company reports losses of EUR34,279 (2006: 40,786), which, on a weighted
average, equates to a loss of EUR0.0012 per share. Expenditure during the
first six months of this financial year mainly reflects the cost of drilling in
Clare. No dividend is being declared.
Results of the drilling programme carried out during the period were set out in
our 2006 Annual Report, which was published in February 2007.
Over recent months, the following work had been completed:
1) The airborne geophysics completed by previous licence holders has been
reprocessed and re-evaluated for a 24 square kilometre area centred on
the Ballyhickey, Kilbricken, Milltown and Dangan areas of Co. Clare. This
work will be used to assess the geological structures associated with the
known mineralisation, and will assist in targeting new areas.
2) Soil geochemical sampling has been completed in the Dangan area, and a
total of 169 samples were collected on a 150 X150 metre grid. These
samples have been submitted for analysis for copper, lead, zinc,
magnesium and arsenic and results are expected in early June. Following
receipt of these results it is hoped to design a drill programme for the
Dangan area.
We are pleased to report the Company has been awarded Prospecting Licences over
areas 2290 and 2799 in Co. Donegal. Work on these licences, which are
prospective for Copper, Lead, Zinc and possibly Gold, will commence shortly.
Zinc, the most prospective metal on our Clare licences, continues to perform
strongly on world markets, and consequently encourages exploration in south-
west Ireland.
W IAN L FORREST
CHAIRMAN
31 MAY 2007
BELMORE RESOURCES (HOLDINGS) PLC
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 28
FEBRUARY 2007
2007 2006
EUR EUR
Administrative Expenses 35,601 41,634
OPERATING LOSS - CONTINUING OPERATIONS 35,601 41,634
Interest receivable and similar income (1,748) (1,026)
Interest payable and similar charges 426 50
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION 34,279 40,658
Taxation on loss on ordinary activities - 128
(LOSS) FOR THE PERIOD 34,279 40,786
Loss per Ordinary Share 0.0012 0.0014
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 2007
2007 2007 2006 2006
EUR EUR EUR EUR
FIXED ASSETS
Intangible assets 572,595 421,015
572,595 421,015
CURRENT ASSETS
Debtors 6,762 4,370
Bank and Cash 77,690 324,269
84,452 328,639
CREDITORS: (AMOUNTS FALLING DUE WITHIN
ONE YEAR)
(30,657) (37,692)
NET CURRENT ASSETS/ (LIABILITIES)
53,795 290,947
NET ASSETS 626,390 711,962
CAPITAL AND RESERVES
Share Capital 290,569 290,569
Share Premium 621,867 621,867
Profit and Loss Account (286,046) (200,474)
EQUITY SHAREHOLDERS' FUNDS 626,390 711,962
BELMORE RESOURCES (HOLDINGS) PLC
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 28 FEBRUARY 2007
2007 2006
EUR EUR
Reconciliation of operating loss to net cash
Outflow from operating activities
Operating Loss (35,601) (41,634)
Goodwill Amortised 7,935 7,935
Decrease/(Increase) in Debtors (2,477) 3,934
Increase/(Decrease) in Creditors (33,993) (18,607)
Net Cash Outflow from operating activities (64,136) (48,372)
Cash Flow Statement
Net Cash Outflow from operating activities (64,136) (48,372)
Returns on investments and servicing of finance 1,322 976
Capital Expenditure (84,973) (72,227)
Taxation - (128)
Increase/(Decrease) in cash for the period (147,787) (119,751)
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
2007 2006
EUR EUR
Opening Shareholders Funds 660,669 752,748
Deficit for the period (34,279) (40,786)
CLOSING SHAREHOLDERS FUNDS 626,390 711,962
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 2007 was approved by the Board on 29th May 2007.
2. LOSS PER SHARE
The loss per share is based on the Company's loss for the period of
EUR34,279 and a weighted average number of shares in issue of
29,056,900.
3. SHARE CAPITAL
Authorised: 500,000,000 Ordinary Shares of EUR0.01 each EUR5,000,000
Issued: 29,056,867 Ordinary Shares of EUR0.01 each EUR290,569
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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