Final Results
Great Western Mining Corporation PLC
("Great Western", "GWM" or the "Company")
Final Results for the year ended 31st December 2011
28 June 2012. Great Western Mining Corporation PLC, the Nevada-focused mineral development and exploration Company, is pleased to announce its preliminary results for the year ended 31 December 2011.
Highlights
· New claims staked on the back of positive exploration results
· Resistivity survey has confirmed anomalies which may indicate shallow copper mineralisation
· Commencement of trading on AIM and on the Irish Stock Exchange
· Double Prospect (A4) Encouraging results from trench sampling exercise
· Encouraging indications on M2; indications of near surface copper oxide over extensive area
Emmett O'Connell, Chairman, Commented:
"We are encouraged with the progress of Great Western Mining in 2011. As a result of our share Placing and the funds raised we were able to continue with a comprehensive exploratory programme. The results we have obtained from continued exploration showing the significant presence of copper, silver and gold mineralisation on our claims are extremely encouraging, and have been verified by independent experts. The prospects for the Company as we move forwards with our exploration programme are looking very positive and we are confident that considerable progress can be made in 2012."
Enquiries:
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Great Western Mining Corporation PLC
Emmett O'Connell, Chairman Melvyn Quiller, Chief Executive |
+353 51 565844
+44 771 289 9588 |
emmett@iol.ie
melvyn.quiller@gmail.com |
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Shore Capital (Nomad & UK Broker)
Bidhi Bhoma / Toby Gibbs (Corporate Finance) Jerry Keen (Corporate Broking) |
+44 20 7408 4090 |
bidhi.bhoma@shorecap.co.uk
jerry.keen@shorecap.co.uk |
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Cubitt Consulting (Financial PR)
Nicholas Nelson / Cebuan Bliss |
+44 207 367 5150 |
nicholas.nelson@cubitt.com |
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Gordon MRM (Irish PR)
Brendan McGrath |
+353 1 665 0453 +353 87 9370266 |
brendan@gordonmrm.ie |
Chairman's Statement
2011 was a year of Corporate and Exploration development. Your Company's area under claim rose from 435 individual 20-acre claims to 896 claims, all 100% working interest. This makes Great Western Mining Corporation, our wholly owned and Nevada incorporated subsidiary, one of the largest prospective land holders in the Marietta area, with about 73 sq km. In the third quarter of 2011, following a Placing to raise £1,000,000, the Company's application for admission to the AIM Market of the London Stock Exchange was approved and trading in the Company's shares began on 18th August. Given the Company's historical links with Ireland and the high percentage of Irish shareholders, on 18th October, the Company's shares were admitted to trading on the Enterprise Securities Market (ESM) of the Irish Stock Exchange.
Determined to maintain our exploration programme despite a tight budget, horizontal trench sampling and geological testing were undertaken in early 2012 on the area known as the "Double Prospect" or "A4" in place of shallow core hole drilling. This represented the most efficient use of funds in terms of geological information retrieved. The analysis of samples taken was very encouraging and may be viewed on the Company's website.
Some market comment has been made regards the values of copper in the horizontal trenching campaign relative to reported "grab samples" recorded in earlier surface samples. This is discussed more fully in the Chief Executive Officer's report. Suffice to say here that the two sampling methods are not directly comparable given the different methodology employed.
Emboldened by the results on Phase One, the Company's team of Directors and specialist contractors turned to the adjoining Prospect ("M2") to determine if the geological mineralisation was similar. This phase is still underway as we go to press, but early indications are encouraging. Geological sampling and mapping give indications of near surface copper oxide mineralisation running 1,200 metres in length and 120 metres wide running down the spine of the prospect. In addition to possible shallow oxide copper deposits, it is intended to test for deeper sulphide copper values, which have been highlighted by the Induced Polarisation survey, in due course.
No further work has been carried out on our already reported uranium discovery covered extensively in previous years. It is being held as an asset by the Company. The Company also holds a number of attractive precious metal prospects in its registered claim holdings. Your Directors have however, concentrated the Company's financial resources on its copper and copper/silver prospects as the most likely to yield early production, joint venture, or cash flow potential.
The Road Ahead
A Competent Person's Report is being currently drafted which will update the work carried out up to June 2012. Last year's (June 2011) CPR gave the following
Potential Target Models
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Model |
Mass Tons |
Grade |
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Disseminated Silver |
25 Million |
102.9 g/t Ag |
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Disseminated Oxide Copper |
25 Million |
0.6 % Cu |
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Epithermal Silver Vein |
3 Million |
514.3 g/t Ag |
The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a Mineral Resource, but your management and consultants are working on this. Of the seven specific targets itemised by our early JPL-NASA Satellite Imagery, Aero & Surface Magnetic Studies, and Induced Polarity Program, only two have been ground tested and explored in the past year. Your Board of Directors believe that a joint venture business plan may be the most effective development strategy for a non-revenue generating exploration company. By adopting such a plan, the Company accepts a certain dilution in an exploration property rather than dilution to our existing shareholders in all our prospects. GWM holds 100% working interest in all seven existing prospects, any one of which may hold an attraction to another mining company willing to pay for development expenses to discovery or abandonment in return for part interest. A mineral discovery on any prospect in our portfolio even at a 50% participation level, will translate meaningfully into shareholder value through tighter shareholder structure in remaining prospects.
Although early days yet, studies are underway examining the efficacy of installing a heap leach copper recovery system in the area of the Company's interest. This would be a medium term development in terms of funding and timing. It is important therefore, to keep in mind that 100% of Great Western Mining Corporation's efforts and mining assets are located in the mining friendly and politically secure environment of Nevada, U.S.A., just 10 miles or so from the California border with access to modern highway systems and rail connections to Pacific Ocean Ports. It is worth remembering that one customer, China, takes 40% of world copper production outside China.
Think Big.
Emmett O'Connell
Chairman
Chief-Executive's Statement
Great Western has made solid and encouraging progress during 2011, providing definitive evidence of the extent of mineralisation occurring over the staked claims of the Company. Results from geological field work have continually reinforced expectations that the Great Western claims could harbour significant amounts of commercially recoverable copper.
2011 saw the Company prepare to move from PLUS Markets to AIM; this involved the small management team in much preparatory work right up to the start of AIM trading in August. Even so, 2011 saw your Company extend its claims under licence from 412 up to 896, covering approximately 73 square kilometres, and conduct extensive geological surveying.
Besides further prospecting and sampling, the methods used included; ASTER imaging interpretation and low level aero magnetic data interpretation together with infrared spectral imaging. Following these interpretations Zonge Geosciences were retained to run two IP-Resistivity Grids covering selected targets from the previously identified total of seven. The independent report, compiled by Chris Luwig, Consulting Geophysicist, reiterated that buried IP anomalies were identified below each target and are of such a character as to warrant further priority geological study and a drilling programme on targets M2 and 4, before moving on to the other five targets. Target M2 closely correlates with a buried source magnetic high and a copper skarn environment is certainly a plausible explanation. Target 4 has a buried IP anomaly suggestive of sulphide mineralisation which could host precious metals although a copper porphyry system cannot be ruled out. (The full report can be found on the Great Western Mining website).
These interpretations and reports have greatly encouraged the Great Western team and based upon the recommendations the 2012 field campaign was devised. The Company had previously considered a very limited drilling campaign on one target but upon reconsideration decided to conduct some trenching, geological mapping and soil surveys as the means to gather further relevant data in the most economical manner. This will move us significantly forward from the visually selected grab sampling conducted in widespread locations over the 896 claims. This grab sampling was to identify possible mineralisation and generally returned high grades.
The soil, trench and outcrop sampling require the geologists to plan a grid over the target area and take the specific material that they find at the precise grid locations irrespective of their visual evaluation. These processes are specifically designed to assist in identification of the geological structures in the effort to determine the extent and precise locations of the mineralisation. This naturally leads to a wide variation in results compared with the grab sampling.
Post year end has seen the completion of the target 4 preliminary geological mapping by independent geologist, Donald Strachan. His report confirms the findings of Bill Cohan and in some respects can be considered more encouraging. He has recommended extending the Company's area under licence by staking a further 67 claims to cover a previously unidentified extension of the anomaly westwards underground. He is now in the process of completing his preliminary geological survey of M2, soil survey and the outcrop mapping of Target 4. The Company also commissioned further ground geophysics on target 4 to be performed by Zonge Geosciences. On completion of the report, which will identify the optimum drilling locations and angles, a planning application will be prepared and submitted. The drilling campaign is likely to comprise 1500 metres of core drilling on Target 4 subject to availability of funding.
The prospects for Great Western Mining as a result of previous and continued successful exploration are extremely promising. Evidence of copper, silver and gold mineralisation is very strong and this has certainly proved encouraging as we move forward in 2012 and the Company continues to shore up resources and stake new claims. A post year end report has been produced by Donald Strachan, which reaffirms the findings as displayed in the Competent Person's Report of June 2011. With studies now underway to evaluate the concept of creating a heap leach copper operation in the immediate vicinity of the Company's claims, 2012 will see Great Western progress to new levels on its exploration and mining journey.
As at the start of June 2012, the Company had cash deposits of approximately £280,000. In the coming six months we hope to have published the preliminary study on M2; soil sampling results and outcrop mapping on A4 with application planning for pilot drilling. Moreover, provided that new funds are raised, drilling will commence on A4.
Melvyn Quiller
Chief Executive
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Consolidated Statement of Comprehensive Income For the year ended 31 December 2011 |
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Continuing Operations |
Notes |
2011 € |
2010 € |
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Administrative expenses |
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(787,342) |
(325,723) |
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Finance costs |
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(5,809) |
- |
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_________ |
_________ |
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Loss for the year before tax |
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(793,151) |
(325,723) |
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Income tax expense |
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- |
(1,535) |
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_________ |
_________ |
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Total Comprehensive Loss for the year |
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(793,151) |
(327,258) |
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_________ |
_________ |
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Loss attributable to: Equity holders of the Company |
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(793,151) |
(327,258) |
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_________ |
_________ |
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(793,151) |
(327,258) |
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_________ |
_________ |
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Total Comprehensive Loss attributable to: Equity holders of the Company |
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(793,151) |
(327,258) |
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_________ |
_________ |
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(793,151) |
(327,258) |
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_________ |
_________ |
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Earnings per share from continuing operations Basic and Diluted loss per share (cent) |
4 |
(1.98) |
(1.16) |
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_________ |
_________ |
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Consolidated Statement of Financial Position As at 31 December 2011 |
Notes |
2011 € |
2010 € |
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Assets |
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Non-Current Assets Intangible assets |
5 |
1,231,607 |
797,657 |
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_________ |
_________ |
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Total Non-Current Assets |
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1,231,607 |
797,657 |
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Current Assets Cash and cash equivalents |
7 |
656,057 |
6,361 |
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_________ |
_________ |
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Total Current Assets |
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656,057 |
6,361 |
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_________ |
_________ |
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Total Assets |
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1,887,664 |
804,018 |
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_________ |
_________ |
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Equity |
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Capital and Reserves |
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Share capital |
9 |
464,904 |
282,536 |
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Share premium |
9 |
3,490,257 |
1,602,234 |
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Retained loss |
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(2,267,513) |
(1,474,362) |
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_________ |
_________ |
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Attributable to owners of the Company |
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1,687,648 |
410,408 |
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_________ |
_________ |
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Total Equity |
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1,687,648 |
410,408 |
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_________ |
_________ |
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Liabilities |
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Current Liabilities Trade and other payables |
8 |
200,016 |
393,610 |
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_________ |
_________ |
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Total Liabilities |
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200,016 |
393,610 |
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_________ |
_________ |
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Total Equity and Liabilities |
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1,887,664 |
804,018 |
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_________ |
_________ |
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Consolidated Statement of Cash Flows For the year ended 31st December 2011 |
Notes |
2011 € |
2010 € |
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Cash flows from operating activities |
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Loss for the year |
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(787,342) |
(327,258) |
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Adjustments for: Income tax expense recognised in profit and loss |
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- |
1,535 |
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_________ |
_________ |
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Cash from operations before changes in working capital |
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(787,342) |
(325,723) |
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Movement in trade and other receivables |
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- |
35 |
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Movement in trade and other payables |
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(193,594) |
360,407 |
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_________ |
_________ |
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Cash generated from operations |
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(980,936) |
34,719 |
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Income tax received |
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- |
4,051 |
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_________ |
_________ |
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Cash flows from operating activities |
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(980,936) |
38,770 |
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_________ |
_________ |
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Cash flows from investing activities |
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Expenditure on intangible assets |
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(433,950) |
(91,761) |
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Interest paid |
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(5,809) |
- |
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_________ |
_________ |
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Cash flow from investing activities |
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(439,759) |
(91,761) |
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_________ |
_________ |
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Cash flows from financing activities Proceeds from the issue of new shares |
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2,070,391 |
- |
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_________ |
_________ |
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Net cash used in financing activities |
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2,070,391 |
- |
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_________ |
_________ |
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Movement in cash and cash equivalents |
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649,696 |
(52,991) |
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Cash and cash equivalents at beginning of year |
7 |
6,361 |
59,352 |
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_________ |
_________ |
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Cash and cash equivalents at end of year |
7 |
656,057 |
6,361 |
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_________ |
_________ |
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Consolidated Statement of Changes in Equity For the year ended 31 December 2011 |
Share Capital € |
Share Premium € |
Retained Losses € |
Total
€ |
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Balance at 1 January 2010 |
282,536 |
1,602,234 |
(1,147,104) |
737,666 |
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_________ |
_________ |
_________ |
_________ |
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Total comprehensive income for the year |
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Loss for the year |
- |
- |
(327,258) |
(327,258) |
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_________ |
_________ |
_________ |
_________ |
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Total comprehensive income for the year |
- |
- |
(327,258) |
(327,258) |
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_________ |
_________ |
_________ |
_________ |
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Balance at 31 December 2010 |
282,536 |
1,602,234 |
(1,474,362) |
410,408 |
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_________ |
_________ |
_________ |
_________ |
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Balance at 1 January 2011 |
282,536 |
1,602,234 |
(1,474,362) |
410,408 |
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_________ |
_________ |
_________ |
_________ |
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Total comprehensive income for the year |
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|
|
|
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Loss for the year |
- |
- |
(793,151) |
(793,151) |
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_________ |
_________ |
_________ |
_________ |
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Total comprehensive income for the year |
- |
- |
(793,151) |
(793,151) |
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_________ |
_________ |
_________ |
_________ |
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Transactions with owners, recorded directly in equity |
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Shares issued |
182,368 |
1,888,023 |
- |
2,070,391 |
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_________ |
_________ |
_________ |
_________ |
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Total transactions with owners |
182,368 |
1,888,023 |
- |
2,070,391 |
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_________ |
_________ |
_________ |
_________ |
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Balance at 31 December 2011 |
464,904 |
3,490,257 |
(2,267,513) |
1,687,648 |
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_________ |
_________ |
_________ |
_________ |
Notes:
1. Going concern
The financial statements have been prepared on the going concern basis, which assumes that Great Western Mining Corporation Plc will continue in operational existence for the foreseeable future.
The validity of this assumption depends on the following:
The Directors intend to raise additional finance during 2012. This additional funding will be used to continue the exploration programme and to fund the administrative expenses of the Company and the Group.
The financial statements do not include any adjustments that would result if the additional capital is not raised. Whilst taking into consideration the uncertainties described above, the Directors believe that it is appropriate for the financial statements to be prepared on a going concern basis.
2. Segment Information
In the opinion of the Directors the operations of the group comprise one class of business, being the exploration and mining for copper, silver, gold and other minerals. The group's main operations are located within Nevada, USA. The information reported to the Group's chief operating decision maker for the purposes of resource allocation and assessment of segment is specifically focussed on the exploration areas in Nevada. In the opinion of the Directors the Group has only one reportable segment under IFRS 8 'Operating Segments,' which is exploration carried out in Nevada.
Information regarding the Group's reportable segments is presented below.
Segment Revenues and Results
The following is an analysis of the Group's revenue and results from continuing operations by reportable segment.
Segment Revenue Segment Loss
2011 2010 2011 2010
€ € € €
Exploration - Nevada - - (793,151) (325,723)
_________ _________ _________ _________
Total for continuing operations - - (793,151) (325,723)
_________ _________
Investment income - -
_________ _________
Loss before tax (continuing operations) (793,151) (325,723)
_________ _________
Income tax expense - (1,535)
_________ _________
Loss after tax (793,151) (327,258)
_________ _________
Segment assets and liabilities
Segment Assets 2011 2010
€ €
Exploration - Nevada 1,887,664 804,018
_________ _________
Consolidated assets 1,887,664 804,018
_________ _________
Segment Liabilities
Exploration - Nevada 200,016 393,610
_________ _________
Consolidated liabilities 200,016 393,610
_________ _________
Other segment information
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Depreciation and amortisation |
Additions to non-current assets |
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2011 |
2010 |
2011 |
2010 |
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€ |
€ |
€ |
€ |
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Exploration - Nevada |
- |
- |
433,950 |
91,761 |
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_________ |
_________ |
_________ |
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Revenue from major products and services
The Group did not receive any revenue in the current or prior year.
Geographical information
The Group operates in two principal geographical areas - Republic of Ireland (country of residence of Great Western Mining Corporation PLC) and Nevada, U.S.A. (country of residence of Great Western Mining Corporation, a wholly owned subsidiary of Great Western Mining Corporation PLC).
The Group does not have revenue from external sources. Information about its non-current assets by geographical location are detailed below:
2011 2010
€ €
Ireland - -
Nevada 1,231,607 797,657
_________ _________
1,231,607 797,657
_________ _________
3. Loss on ordinary activities before taxation
2011 2010
Group € €
This is arrived at after charging:
Directors' fees 201,249 144,945
Auditors' remuneration 23,689 24,101
Auditors' remuneration from non-audit work 56,271 30,250
_________ _________
and after crediting:
Profit on foreign currencies 62,712 11,335
_________ _________
2010 2009
Company € €
This is arrived at after charging:
Auditors' remuneration 23,689 24,101
_________ _________
As permitted by Section 148 (8) of the Companies Act 1963, the Company Statement of Comprehensive Income has not been separately disclosed in these financial statements.
4. Loss per share
Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
2011 2010
€ €
(Loss) for the period attributable to equity holders of the parent (793,151) (327,258)
_________ _________
Number of ordinary shares in issue - start of year 28,253,628 28,253,628
Effect of shares issued during the year 11,817,878 -
_________ _________
Weighted average number of ordinary shares for the purposes of basic
earning per share 40,071,506 28,253,628
_________ _________
Basic (loss) per ordinary share (cent) (1.98) (1.16)
_________ _________
Diluted earnings per share
There were no potential ordinary shares that would dilute the basic earnings per share.
The basic loss per share has been calculated on a loss after taxation of €980,788 (2010: Loss of €327,258) and a weighted average number of Ordinary Shares in issue for the year of 40,071,505 (2010: 28,253,628) for the basic and diluted loss per share.
5. Intangible assets - Group
2011 2010
€ €
Cost 1,231,607 797,657
Accumulated amortisation and impairment - -
_________ _________
1,231,607 797,657
_________ _________
Exploration and
Evaluation Assets Total
€ €
Cost
At 1 January 2011 797,657 797,657
Additions 433,950 433,950
_________ _________
At 31 December 2011 1,231,607 1,231,607
_________ _________
The Directors have considered expenditure on exploration and evaluation activities which have been capitalised at cost. No amortisation has been charged in the period. The Directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 31 December 2011. The recoverability of the intangible assets is dependent on the future realisation or disposal of the copper, silver, gold and other mineral resources.
6. Trade and other receivables Group Group Company Company
2011 2010 2011 2010
€ € € €
Amounts falling due within one year:
Amounts owed by Group undertaking - - 738,684 290,660
_________ _________ _________ _________
- - 738,684 290,660
_________ _________ _________ _________
All receivables are current and there have been no impairment losses during the year (2010: Nil).
7. Cash and Cash Equivalents
For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents include cash in hand and in banks, net of outstanding bank overdrafts. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the Consolidated Statement of Financial Position as follows:
Group Group Company Company
2011 2010 2011 2010
€ € € €
Cash at bank 656,057 6,361 628,734 3,686
_________ _________ _________ _________
656,057 6,361 628,734 3,686
_________ _________ _________ _________
8. Trade and other payables Group Group Company Company
2011 2010 2011 2010
€ € € €
Amounts falling due within one year
Trade payables 432 4,869 432 4,575
Convertible debt 100,000 100,000 100,000 100,000
Other taxes and social welfare costs 13,560 49,123 13,560 49,123
Directors' accounts 21,243 79,415 21,243 68,131
Other payables 21,356 25,903 21,356 25,903
Accruals and deferred income 43,425 134,300 43,348 128,966
_________ _________ _________ _________
200,016 393,610 199,939 376,698
_________ _________ _________ _________
The Group has financial risk management policies in place to ensure that payables are paid within the pre-agreed credit terms.
9. Share capital 2011 2010
€ €
Authorised equity
100,000,000 Ordinary shares of €0.01 each 1,000,000 1,000,000
__________ _____
1,000,000 1,000,000
Issued, called up and fully paid:
No. of issued Share Share Total
Shares Capital Premium Capital
€ € €
At 1 January 2010 28,523,628 282,536 1,602,234 1,884,770
Total comprehensive income for the year
Loss for the year - - - -
Transactions with shareholders, recorded directly in equity
Shares issued - - - -
_________ _________ _________ _________
At 1 January 2011 28,253,628 282,536 1,602,234 1,884,770
_________ _________ _________ _________
Total comprehensive income for the year
Loss for the year - - - -
Transactions with shareholders, recorded directly in equity
Shares issued for cash 18,236,847 182,368 1,888,023 2,070,391
_________ _________ _________ _________
As at 31 December 2011 46,490,475 464,904 3,490,257 3,955,161
_________ _________ _________ _________
The issued share capital of the company at 31 December 2011 comprised of 46,490,475 ordinary shares of €0.01 each issued and fully paid (31 December 2010 28,253,628 issued and fully paid)
The holders of Ordinary Shares are entitled to receive dividends as declared from time to time.
The shareholders have all voting powers and full voting rights as permitted under the applicable company laws.
10. Related party transactions
Details of subsidiary undertakings are shown in Note 9. In accordance with International Accounting Standard 24 - Related Party Disclosures, transactions between group entities that have been eliminated on consolidation are not disclosed.
Melvyn Quiller, Company director and shareholder, is a relative of Lloyd Quiller whose company LQ Accounting Solutions provided accounting services to the Company in the year. At 1 January 2011 Great Western Mining Corporation Plc owed €Nil to LQ Accounting Solutions. During the year, Great Western Mining Corporation Plc purchased and paid for services from LQ Accounting Solutions to the value of €8,602. At 31 December 2011 Great Western Mining Corporation Plc owed €NIL to LQ Accounting Solutions.
11. Transactions with Directors
Loans from directors
The directors have advanced loans to the Group. The movements in these loans are as follows:
Name of director Emmett Melvyn Robert
O'Connell Quiller O'Connell
Rate of interest 0% 0%
Repayment date on call on call on call
Amount due to director as at 1 January 2011 (72,508) (6,511) (396)
Advanced by director in year (12,516) (1,911) (268)
Repaid to director in the year 69,626 3,241 -
_________ _________ _________
Amount due to director as at 31 December 2011 (15,398) (5,181) (664)
_________ _________ _________
Maximum outstanding in the year (72,508) (7,279) (664)
_________ _________ _________
12. Convertible debt 2011 2010
€ €
Redeemable loan 100,000 100,000
_________ _________
100,000 100,000
_________ _________
On 22 June 2010, director Emmet O'Connell advanced an interest-bearing redeemable convertible loan to the company in the amount of €100,000. The loan is convertible into the Company's ordinary shares of €0.01 each at the lowest mid-market share price between the advance date and the conversion date or repayable upon the demand of the director. Until either conversion or repayment, interest on the loan value will accrue at 3.8% or at the variable lending rate charged by the Bank of Ireland whichever is higher.
Availability of Report and Accounts and Notice of AGM
The Company will post the Report and Accounts for the period ended 31 December 2011 to shareholders on 28 June 2011 together with the Notice of the Annual General Meeting to be held on 25th of July 2012 at 11am, in the Stephens Green Hibernian Club, 9 St Stephens Green, Dublin 2. Copies of the Report and Accounts and notice of AGM will shortly be available on the Company's website at http://www.greatwesternmining.com/investor-relations/shareholder-reports.
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