Half Yearly Report

RNS Number : 0916U

Great Western Mining Corp. plc

27 July 2015

Great Western Mining Corporation plc

("Great Western ", "GWM" or the "Company")

Half Yearly Report

Great Western Mining Corporation plc, the AIM (AIM:GWMO) and ESM quoted mineral exploration company with 73 sq. kilometres of mineral claims in south-west Nevada USA, announces its Half Yearly Report for the six months to 30 June 2015.

Highlights:

· Pre Tax Profit €88,784 (Loss €258.730 in H1 2014)

· Basic and Diluted profit per share (cent) 0.14 (Loss 0.11 in H1 2014)

· 2015 field programme extends area of IOCG mineralisation by 2.0 Km

· M2 reclamation completed and disturbance roll over approved. Permit in place for Phase 3 Drilling Programme

· Target 4 Phase 1 Drilling Programme permit application process completed, awaiting approval

· M1 geochemical soil sampling programme completed

Chairman and Chief Executive's Statement

Great Western is focused on exploration and currently has no operating income, reporting profit in the reporting period of €88,784 (Loss €258,730 H1 2014). GWM finished the period ending 30 June 2015 with net current assets of €1,214,212 (€2,165,703 in 1H 2014)

During the first half of 2015 Great Western completed two field programmes on M2 with excellent results. The mapping and sampling extended the Iron-Oxide-Copper Gold ("IOCG") surface trace from the original inferred resource at M2 for a further two kilometres across Bass Mountain. This has enabled the Company's independent consulting geologist, Donald G Strachan, to conclude that the favourable geologic environment for IOCG mineralisation beneath Bass Mountain is almost 4.0 kilometres long, over 1.0 kilometre wide, and open to further southwest extension. In addition two new potential high grade silver-copper zones were identified along the M2 IOCG contact.

During the period, GWM completed reclamation work on the 2014 M2 Phase 2 drill pads, resulting in the US Bureau of Land Management ("BLM") extending a two and a half acre disturbance roll-over under the existing M2 drill permit. Great Western is in the process of designing a Phase 3 drill programme, in order to commence discovery level drilling for the projected high-grade underground IOCG deposit beneath Bass Mountain.

Great Western Mining is planning a discovery level drilling programme on Target 4, approximately 5.0 kilometres south-west from M2. The Company has now submitted a Plan of Operations, Biological Survey Report and Cultural Survey Report to the United State Forestry Service ("USFS"). The USFS evaluation of these reports is now largely complete, and the Company anticipates receiving permit approval early September.

On the west side of the Huntoon Valley, approximately 8.0 kilometres west of Target 4. is the M1 exploration target, located in the Huntoon Group of claims. The Huntoon claim block surrounds the six patented claims that make up the historic Huntoon Mine where Gold-Copper ore was mined between 1906 and 1925. Extensive outcropping copper mineralisation and widespread propylitic alteration occur in a large area over M1. During May and June, a Phase 1 geochemical soil sampling survey has been completed over a substantial area of M1. The Company is eagerly awaiting the assay results and will report its findings to shareholders when available.

In the reporting period Great Western continued to make rapid advances on its mineral projects in Nevada. The Board and management greatly appreciate shareholder support and plans to maintain the momentum achieved and to move forward rapidly so as to bring the Company's prospects closer to commercialisation.

Brian Hall David Fraser

Chairman Chief Executive

Condensed Consolidated Statement of Comprehensive Income

for the period ended 30 June 2015

		Unaudited	Unaudited	Full
		6 months ended	6 months ended	Year ended
		30 Jun '15	30 Jun '14	31 Dec '14
	Notes	€	€	€

Administrative expenses		88,784	(258,730)	(20,000)

Results from operating activities		88,784	(258,730)	(20,000)

Finance income		206	-	116
Finance costs		-	-	(7,541)

Profit/(loss) before tax		88,990	(258,730)	(27,425)

Income tax expense		-	-	-

Profit/(loss) for the period and total comprehensive income - all attributable to equity holders of the Company		88,990	(258,730)	(27,425)

Earnings per share
from continuing operations
Basic and Diluted profit/(loss) per share (cent)	3	0.14	(0.11)	(0.01)

Condensed Consolidated Statement of Changes in Equity

for the period ended 30 June 2015


	Share	Share	Retained
	Capital	Premium	Losses	Total
	€	€	€	€

Balance at 1 January 2014	648,238	3,978,260	(3,085,018)	1,541,480

Total comprehensive income for the period
Loss for the period	-	-	(258,730)	(258,730)

Total comprehensive income for the period	-	-	(258,730)	(258,730)

Transactions with owners, recorded directly in equity
Shares issued	2,000,000	792,737	-	2,792,737

Total transactions with owners	2,000,000	792,737	-	2,792,737

Balance at 30 June 2014	2,648,238	4,770,997	(3,343,748)	4,075,487

Total comprehensive income for the period
Profit for the period	-	-	231,305	231,305

Total comprehensive income for the period	-	-	231,305	231,305

Transactions with owners, recorded directly in equity
Shares issued	-	(140,052)	-	(140,052)

Total transactions with owners	-	(140,052)	-	(140,052)

Balance at 31 December 2014	2,648,238	4,630,945	(3,112,443)	4,166,740

Total comprehensive income for the period
Profit for the period	-	-	88,990	88,990

Total comprehensive income for the period	-	-	88,990	88,990

Transactions with owners, recorded directly in equity
Shares issued	-	-	-	-

Total transactions with owners	-	-	-	-

Balance at 30 June 2015	2,648,238	4,630,945	(3,023,453)	4,255,730

Condensed Consolidated Statement of Financial Position

as at 30 June 2015

		Unaudited	Unaudited	Full
		6 months ended	6 months ended	Year ended
		30 Jun '15	30 Jun '14	31 Dec '14
	Notes	€	€	€

Assets

Non-Current Assets
Intangible assets	4	3,041,518	1,909,784	2,747,464

Total Non-Current Assets		3,041,518	1,909,784	2,747,464

Current Assets
Trade and other receivables		53,449	178,666	114,288
Cash and cash equivalents		1,312,773	2,175,640	1,451,542

Total Current Assets		1,366,222	2,354,306	1,565,830

Total Assets		4,407,740	4,264,090	4,313,294

Equity

Capital and Reserves
Share capital	5	2,648,238	2,648,238	2,648,238
Share premium	5	4,630,945	4,770,997	4,630,945
Retained loss		(3,023,453)	(3,343,748)	(3,112,443)

Attributable to owners of the Company		4,255,730	4,075,487	4,166,740

Total Equity		4,255,730	4,075,487	4,166,740

Liabilities
Current Liabilities
Trade and other payables		152,010	188,603	146,554

Total Liabilities		152,010	188,603	146,554

Total Equity and Liabilities		4,407,740	4,264,090	4,313,294

Condensed Consolidated Statement of Cash Flows

for the period ended 30th June 2015

	Unaudited	Unaudited	Full
	6 months ended	6 months ended	Year ended
	30 Jun '15	30 Jun '14	31 Dec '14
	€	€	€

Cash flows from operating activities
Profit / (Loss) for the period	88,784	(258,730)	(20,000)

Movement in trade and other receivables	60,839	(98,629)	(34,251)
Movement in trade and other payables	5,456	(94,630)	(136,679)

Cash flows from operating activities	155,079	(451,989)	(190,930)

Cash flows from investing activities
Expenditure on intangible assets	(109,328)	(247,968)	(1,085,648)
Interest paid	206	-	116
Interest received	-	-	(7,541)

Cash flow from investing activities	(109,122)	(247,968)	(1,093,073)

Cash flows from financing activities
Proceeds from the issue of new shares	-	2,792,737	2,652,685
Finance income/expense	-	-	-

Net cash used in financing activities	-	2,792,737	2,652,685

Movement in cash and cash equivalents	45,957	2,092,780	1,368,682

Cash and cash equivalents at beginning of period	1,451,542	82,860	82,860

Cash and cash equivalents at end of period	1,497,499	2,175,640	1,451,542