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, is pleased to announce its final results for the year ended 31 August 2007.
Highlights:
* Further drill holes completed to assess potential mineralization on Clare licences;
* The commencement of a drill hole to test a newly defined Lead/Zinc target at Kilbricken,
Co Clare on Prospecting Licence 3679;
* Licences in Donegal have been granted and are currently being assessed for prospective
resources including Copper, Lead, Zinc and possibly Gold;
* EUR100,000 raised via a private placement and
* Pre-exceptional losses reduced to €76,811 (2006: €94,398).
--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 75623350
Nick Rome
VSA Capital Ltd Tel: 0207 096 9580
Paul Renken
Notes to Editors
Belmore is a minerals exploration company with a focus on projects in the Republic of 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 three 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.
For further information please visit www.belmoreresources.com
Chairman's Statement
Exploration
Following the active exploration in County Clare in 2006, three further holes were drilled early
in 2007 with a view to defining the extent of black matrix breccias which host much of the
mineralisation at the Lisheen, Silvermines and Galmoy deposits. In two of the drillholes, the
breccia was developed and minor mineralisation encountered. However, it is now clear that the
shallow mineralisation, grading some 12% zinc, with lead and silver, is of limited extent in the
Milltown licences.
In 2007, we conducted an extensive review of the Company's exploration options. In June, we
announced that we had raised approximately EUR100,000 by way of a private placement to fund the
ongoing working capital requirement. The Company is currently drilling a deeper hole to test the
base of the Waulsortian Reef beneath the old Kilbricken Lead and Silver Mine in prospecting
licence 3679. The reef lies below a substantial calcite deposit, which makes its position
analogous with Milltown and which may indicate significant mineralisation at depth.
We have reviewed the prospectivity of the Dromore licence in Northern Ireland and, as a result, we
now believe that the expenditure required to continue the exploration work to maintain the licence
in good standing is not warranted, and therefore we have decided not to retain this licence.
Financial
The loss of EUR178, 661 for the year ended 31 August, 2007 included EUR103,208 in respect of
exploration costs written off following our withdrawal from exploration in Northern Ireland, and a
charge of EUR15,869 for write-down of goodwill. Following the aforementioned share subscription
for EUR102,790, the Company held net cash of EUR142,439 at the year-end. The total number of
shares in issue is 31,390,200.
Outlook
The prospectivity of the Donegal licences which were awarded during the year is currently being
assessed. However, it is unlikely that access will be obtained to drill the currently identified
zinc prospect thereon, and therefore we have decided not to pursue this particular prospect on the
licence.
The Company continues to seek projects but is conscious that the current level of mining activity
around the World means that there is a premium on finding technical management for prospects,
which are not located in Ireland. We continue to monitor this situation closely.
We shall continue to maintain the current low level of expenditure until an appropriate
opportunity arises and, for this effort, I thank my directors and consultants as well as
shareholders for their patience.
W Ian L Forrest
Chairman
Belmore Resources (Holdings) Plc
Consolidated Profit and Loss account for the year ended 31st August 2007
2007 2006
€ €
Administrative Expenses (76,811) (94,398)
Operating loss - continuing operations (76,811) (94,398)
Exploration costs written-off (103,208) -
________ ________
(Loss) on ordinary activities before interest (180,019) (94,398)
Interest receivable and similar income 2,334 3,507
Interest payable and similar charges (976) (839)
_______ ______
Loss on Ordinary activities before taxation (178,661) (91,730)
Tax on loss on ordinary activities - (350)
_______ _______
(Loss) for the year (178,661) (92,080)
Profit and loss account at beginning of year (251,769) (159,689)
_______ ________
Profit and Loss account at end of year (430,430) (251,769)
_________ _________
Loss per Ordinary Share € 0.0060 € 0.0032
_________ _________
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 31st August 2007
2007 2006
€ € € €
Fixed Assets
Intangible assets 475,018 494,555
_______ _______
495,555 495,555
Current Asset
Debtors 101 4,285
Cash at bank and in hand 142,439 225,477
________ _______
142,540 229,762
________ _______
Creditors :( amounts falling
due within one year)
Borrowings - (681)
Other creditors (33,790) (63,969)
________ ________
(33,790) (64,650)
________ ________
Net Current Assets 108,750 165,112
_______ _______
Total Assets less Current
Liabilities 583,768 660,667
_______ _______
_______ _______
Capital and Reserves
Called up share capital 313,902 290,569
Share premium account 700,296 621,867
Profit and loss account (430,430) (251,769)
________ _______
Shareholders' Funds 583,768 660,667
________ _______
________ _______
Belmore Resources (Holdings) plc
|
News & Reports 
