Interim Results

Alba Mineral Resources PLC 31 August 2005 Alba Mineral Resources Plc Interim results for the period ended 31 May 2005 CHAIRMAN'S STATEMENT Introduction The results for Alba Mineral Resources Plc (the 'Company', and collectively with the Subsidiary Company, the 'Group') reflect the period from the Company's incorporation, 12 November 2004, to 31 May 2005. They incorporate the results of the Company's only subsidiary Aurum Mineral Resources Limited, which is wholly owned. The Company completed a successful placing of 20,000,000 ordinary shares on 4 April 2005. The gross proceeds of the placing were £1,050,000 and all of the Company's ordinary shares were admitted to trading on AIM. Results for the Period The Group made a loss for the period, after taxation, of £63,250 after receiving interest of £6,047 and having paid administrative expenses of £69,297. The basic loss per share was 0.3 pence and 0.3 pence on a fully diluted basis. The Group had cash balances of £775,807 at the period end. Review of Activities The Company's Board has been actively exploring and enhancing its understanding of the Company's nickel-copper-PGE and gold licences which it holds in Scotland and Ireland. Orientation, geochemical and geophysical sampling programmes have been ongoing during the summer field season and verification drilling of the Company's nickel-copper-PGE prospect in Scotland commenced in mid-August. Additionally, regional lithogeochemical sampling of the North Limerick gold prospect in Ireland was recently completed. The Company anticipates making further announcements on the progress and results of these work programmes in the near future. Furthermore the Board intends to develop the Company as a quality 'Junior Explorer' with interests in a number of well researched and promising properties which it may own either in its own right or in conjunction with other parties. To this end the Board is looking to enter into partnerships with other like minded companies where a pooling of resources and expertise has the potential to increase the opportunity to acquire other licences and prospects. The objective is to diversify the Company's risk profile so that its future success is not solely dependant on results from any one project or small number of projects. The Company will make further announcements on such developments as and when agreements are entered into. Future Prospects Our principal objective now, and in the immediate future, is to further validate and advance our understanding of our nickel-copper-PGE prospect at Arthrath, Scotland. However, we are also aware that there are potential opportunities in base and precious metals elsewhere as well as other potential opportunities within the Appalachian-Caledonide trend in a zone extending from the eastern seaboard of North America to Scandinavia, also encompassing areas of Greenland, Ireland and the United Kingdom. We will continue to evaluate such new projects, adding them to our portfolio where appropriate, whilst at the same time looking to advance steadily the development of our existing gold and base-metal projects. Lance O'Neill 31 August 2005 Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT Unaudited Period ended 31 May 2005 £ £ Turnover - Cost of sales - --------------- Gross profit - Administrative expenses Acquisitions (29,294) Other continuing operations (40,003) --------------- (69,297) --------------- Operating loss (69,297) Interest receivable and investment income 6,047 --------------- Loss on ordinary activities before taxation (63,250) Tax on ordinary activities (note 2) 0 --------------- Retained loss for the period (63,250) ========= Loss per ordinary 1p share (note 3) - basic 0.3 pence - diluted 0.3 pence CONSOLIDATED BALANCE SHEET Unaudited 31 May 2005 £ Intangible fixed assets Intangible assets 86,469 Goodwill 178,254 --------------- 264,723 --------------- Current assets Debtors 50,690 Cash at bank and in hand 775,807 --------------- 826,497 Creditors: amounts falling due within one year (77,180) --------------- Net current assets 749,317 --------------- --------------- Total assets less current liabilities 1,014,040 ========= Capital and reserves Called up share 590,626 capital Share premium account 287,387 Merger reserve 200,000 Profit and loss (63,250) account Foreign currency translation reserve (723) --------------- 1,014,040 ========= CONSOLIDATED CASH FLOW STATEMENT Unaudited Period ended 31 May 2005 £ Net cash outflow from operating activities (36,762) Returns on investments Interest received 6,047 Capital expenditure Purchase of intangible assets (17,939) Acquisitions Net cash balances acquired with subsidiary (3,552) Purchase of subsidiary undertaking (250,000) --------------- Net cash outflow before (302,206) financing --------------- Financing Issue of shares net of costs 1,078,013 --------------- Increase in cash in the period 775,807 ========= Reconciliation of operating loss to net cash outflow from operating activities Operating loss (69,297) Depreciation and amortisation 6,147 Foreign currency translation adjustments (102) Increase in trade debtors (50,690) Increase in trade creditors 77,180 --------------- Net cash outflow from operating activities (36,762) ========= NOTES 1. Basis of preparation The interim report for the period to 31 May 2005 is unaudited and does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. It has been prepared under the historical cost convention. 2. Taxation No charge for corporation tax for the period has been made due to the expected tax losses available. 3. Loss per share Basic and diluted loss per share are presented in accordance with FRS14 ' Earnings per share' based on the loss for the period of £63,250 and the following weighted average number of ordinary shares. Unaudited Period ended 31 May 2005 Weighted average number of shares: Basic 23,479,998 Dilutive effect of warrants 69,600 --------------- Weighted average number of shares - diluted 23,549,598 ========= Enquiries: Lance O'Neill, Alba Mineral Resources Plc 020 7499 8334 Nigel Duxbury, Alba Mineral Resources Plc 020 7499 8334 Liam Murray, City Financial Associates Limited 020 7090 7800 This information is provided by RNS The company news service from the London Stock Exchange

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