BELMORE RESOURCES (HOLDINGS) PLC
("BELMORE" OR "THE COMPANY")
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 29 FEBRUARY 2008
The Board of Belmore Resources, a minerals exploration company with a focus on projects in the
Republic of Ireland, is pleased to announce the Company's Interim Results for the six months ended
29 February 2008.
HIGHLIGHTS
* New zinc and lead materialisation discovery.
* Drillhole intersected 18 metres of massive sulphide.
* Results include 10 metres at 13.84% Zinc, 5.52% Lead and 6.84 gm/tonne silver.
* The mineralisation is open in all directions.
* Belmore holds 100% of the licence where the minerlisation has been discovered.
Commenting on today's results, Chairman, Ian Forrest said: "These results reflect the continued
progress at Belmore. We are delighted with the initial result from drilling on prospecting licence
3679, which has generated a lot of interest in the Company. We are continuing to explore
opportunities and look forward to updating the market in due course."
--ENDS--
The directors of the issuer accept responsibility for this announcement
ENQUIRIES:
Belmore Resources (Holdings) Plc Tel: 00 35387 6812883
Patrick Mahony
Bishopsgate Communications Ltd Tel: 020 7562 3350
Nick Rome
VSA Capital Limited Tel: 020 7096 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
BELMORE RESOURCES (HOLDINGS) PLC
CHAIRMAN'S STATEMENT
I am pleased to report Belmore's interim results for the six months ended 29 February 2008.
The Company reports losses of EUR 34,387 (2007: 34,279), which, on a weighted average, equates to
a loss of EUR0.0011 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.
In the 2007 Annual Report I referred to the deeper test of the base of the Waulsortian Reef, which
was then being drilled beneath the old Kilbricken Lead mine on prospecting licence 3679. It is
with pleasure that I draw your attention to the highly encouraging and significant results of hole
3679-4 as announced on 3rd April. An 18 metre intersection of massive sulphide included 10 metres
grading 13.84% Zinc, 5.52% Lead and 62.84 gm/tonne of Silver. Belmore holds 100% of the
Prospecting Licence where the mineralisation has been discovered.
Mineralisation is open in all directions and the follow up programme will include four cardinal
point-holes to determine its direction. The nearest hole, which tested this highly prospective
basal part of the Waulsortian Reef Limestone, was drilled 1.4 kilometres to the northeast. A
review of geophysical data is currently being undertaken following which decisions will be made
regarding methods of financing future exploration. This could entail farming out, equity issue or
a combination, and already the industry is showing a keen interest in this exceptional discovery.
Outlook
Obviously Management's main emphasis will be on the Kilbricken discovery. However the Company will
remain open to other opportunities for growth either organically or corporately. I am delighted
that the perseverance of my co-directors and consultants has been rewarded and trust that
shareholders will benefit from their patience as the Kilbricken discovery is evaluated.
Belmore Resources (Holdings) PLC
Unaudited Consolidated Profit and Loss account for the six months ended 29th February 2008
2008 2007
€ €
Administration Expenses 34,706 35,601
______ ______
Operating loss - continuing operations 34,706 35,601
Interest receivable and similar income (517) (1,748)
Interest payable and similar charges 198 426
_______ ______
Loss on ordinary activities before taxation 34,387 34,279
Taxation on loss on ordinary activities - -
________ _____
Loss for the period 34,387 34,279
Loss per ordinary share € 0.0011 € 0.0012
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 29th February 2008
2008 2008 2007 2007
€ € € €
Fixed Assets
Intangible Assets 511,570 572,595
_______ _______
511,570 572,595
Current Assets
Debtors 8,119 6,762
Bank and Cash 62,065 77,690
______ ______
70,184 84,452
Creditors (amounts falling
due within one year) (32,372) (30,657)
______ ________
Net current assets 37,812 53,795
________ _______
Net Assets 549,382 626,390
________ _______
Capital and Reserves
Share Capital 313,902 290,569
Share Premium 700,296 621,867
Profit and Loss Account (464,816) (286,046)
_________ ________
Equity shareholders' funds 549,382 626,390
_________ ________
Belmore Resources (Holdings) PLC
Consolidated Cash Flow Statement for the six months ended 29th February 2008
2008 2007
€ €
Reconciliation of operating loss to net cash
Outflow from operating activities
Operating loss (34,706) (35,601)
Goodwill Amortised 7,935 7,935
Decrease /(Increase) in Debtors (8,018) (2,477)
Increase/(Decrease) in Creditors (1,418) (33,993)
______ _______
Net cash outflow from operating activities (36,207) (64,136)
Cash flow statement
Net cash outflow from operating activities (36,207) (64,136)
Returns on investments and servicing of finance 319 1,322
Capital expenditure (44,486) (84,973)
______ _______
Increase /(Decrease) in cash for the period (80,374) (147,787)
______ _______
_____________________________________________________________________
Reconciliation of Movement in Shareholders' Funds
2008 2007
€ €
Opening shareholders funds 583,769 660,669
Deficit for the period (34,387) (34,279)
_______ ________
Closing Shareholders Funds 549,382 626,390
_______ ________
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 29th February 2008 was approved by the Board on 28th May
2008.
2. Loss per Share
The loss per share is based on the Company's loss for the period of €34,387 and a weighted
average number of shares in issue of 31,390,200.
3. Share Capital
Authorised: 500,000,000 Ordinary Shares of €0.01 each €5,000,000
Issued: 31,390,200 Ordinary Shares of €0.01 each €313,902
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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