Unaudited Interim Financial Results for the 6 M...

29 September 2010 GREAT WESTERN MINING CORPORATION PLC (the "Company", the "Group" or "GWM") UNAUDITED INTERIM FINANCIAL RESULTS FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2010 The Directors of Great Western Mining Corporation Plc are pleased to announce the interim financial results for the six month period ended 30 June 2010. Chairman's Statement The Board of Directors of Great Western Mining Corporation Plc stated it was the Company's intention to seek a listing on the Alternative Investment Market (AIM) in London. "Hopefully, this can be achieved before the end of the first quarter of 2011", Chairman Mr. O' Connell said. "The continuing geological work and studies at the Marietta gold, silver, uranium and copper prospect in Nevada, U.S.A., will in due course enable estimates of potential reserves to be made. The year ahead promises to be an exciting one for the Company," the Board's Statement concluded. The Marietta prospect now extends to some 33 square kilometers and has drawn-in Canadian and American mining groups to the immediate area. Great Western Mining Corporation Plc owns 100% of the interest in its claim area. A summary of significant sample results and laboratory leaching tests taken over the past three years can be accessed through the Company's website: www.greatwesternmining.com With best regards, Sincerely, Emmett O'Connell Chairman 29 September 2010 Great Western Mining Corporation PLC Consolidated Statement of Comprehensive Income Six months ended 30 June 2010 unaudited unaudited audited 6 months ended 6 months ended Year ended 30-Jun-10 30-Jun-09 31-Dec-09 € € € Turnover 0 0 0 Administration expenses (60,437) (179,290) (264,969) Finance income 0 1,053 1,527 ___________________________________________________________ Loss for the period before tax (60,437) (178,237) (263,442) Interest payable (330) 0 0 Corporation tax expense 0 0 0 ______ ______ ______ Loss for the period from continuing (60,767) (178,237) (263,442) operations Other Comprehensive Income 0 0 0 ______ ______ ______ Total Comprehensive Income for the (60,767) (178,237) (263,442) period - all attributable to equity holders of the Company Loss per share Basic -€0.22 -€0.67 -€0.93 Diluted -€0.22 -€0.67 -€0.93 Great Western Mining Corporation PLC Consolidated Statement of Financial Position As at 30 June 2010 unaudited unaudited audited 30-Jun-10 30-Jun-09 31-Dec-09 € € € Assets Non current assets Intangible assets - Exploration costs 760,500 604,192 705,896 _______ _______ _______ Total Non-Current Assets 760,500 604,192 705,896 Current assets Trade & other receivables 5,585 5,220 5,621 Cash & cash equivalents 113,347 122,399 59,352 _______ _______ _______ Total Current Assets 118,932 127,619 64,973 _______ _______ _______ Total assets 879,432 731,811 770,869 _______ _______ _______ Equity & liabilities Equity Called up share capital 282,536 267,520 282,536 Share premium account 1,602,234 1,399,810 1,602,234 Retained losses (1,207,871) (1,061,899) (1,147,104) _______ _______ _______ Total equity - attributable to the owners of the 676,899 605,431 737,666 Company Non-current liabilities Trade & other payables 202,533 126,380 33,203 _______ _______ _______ Total Non-Current Liabilities 202,533 126,380 33,203 Current liabilities Trade & other payables 0 0 0 _______ _______ _______ Total liabilities 202,533 126,380 33,203 _______ _______ _______ Total equity & liabilities 879,432 731,811 770,869 _______ _______ _______ _______ _______ _______ Great Western Mining Corporation PLC Consolidated Statement of Cashflows Six months ended 30 June 2010 unaudited unaudited audited 6 months ended 6 months ended Year ended 30-Jun-10 30-Jun-09 31-Dec-09 € € € Cashflows from operating activities Net loss before interest & tax (60,437) (179,290) (264,969) Adjustments for: Depreciation 0 0 0 Exploration costs written off 0 0 0 Investment income recognised in P&L 0 0 0 (Increase)/Decrease in receivables 35 7,821 7,420 Increase/(decrease) in liabilities 169,330 57,481 (35,696) Corporation taxes paid 0 0 0 ________ ________ ________ Cash generated from operations 108,928 (113,988) (293,245) Cashflows from financing activities Proceeds from issue of share capital 0 0 217,441 Investing activities Purchase of plant & equipment 0 0 0 Expenditure on exploration activities (54,604) (16,156) (117,860) Interest received/(payable) (330) 1,053 1,527 Non cash movements 0 0 0 ________ ________ ________ Net cash used in investing activities (54,934) (15,103) (116,333) ________ ________ ________ Net (decrease)/increase in cash 53,994 (129,091) (192,137) Cash at beginning of period 59,353 251,490 251,490 ______ ______ ______ Cash at end of period 113,347 122,399 59,353 Great Western Mining Corporation PLC Share Share Retained Total Consolidated Statement of Changes in Capital Premium losses Equity € € € € At 1 January 2009 267,520 (883,662) 783,668 1,399,810 Proceeds of share issue - - - - Loss for the period - - (178,237) (178,237) ______ ______ ______ ______ At 30 June 2009 267,520 1,399,810 (1,061,899) 605,431 Proceeds of share issue 15,016 202,424 - 217,440 Loss for the period - - (85,205) (85,205) ______ ______ ______ ______ At 31 December 2009 282,536 1,602,234 (1,147,104) 737,666 Proceeds of share issue - - - - Loss for the period - - (60,767) (60,767) ______ ______ ______ ______ At 30 June 2010 282,536 1,602,234 (1,207,871) 676,899 ______ ______ ______ ______ Notes to the Interim Financial Statements 1. Segmental Analysis The Group is engaged in one business segment only, exploration of mineral resource projects. Therefore only an analysis by geographical segment has been presented. The Group has geographic segments in Ireland and Nevada. The segment results for the period ended 30th June 2010 are as follows: Ireland Nevada € € Segment result before tax - (60,767) --------------------------- Loss for the period - (60,767) --------------------------- 2. Loss per share The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows: 30-Jun-10 30-Jun-09 31-Dec-09 € € € Loss for the period (60,767) (178,237) (263,442) Weighted average number of ordinary shares for the purposes of basic earning per share 28,263,628 26,752,000 28,253,628 --------------------------------------------------- Basic loss per ordinary share (in cent) (0.22) (0.67) (0.93) --------------------------------------------------- Diluted earnings per share The earnings used in the calculation of the diluted earnings per share are the same as those for the basic earnings per share as outlined above. 3. Intangible assets - Exploration costs Exploration and Evaluation Assets Total €000s €000s Cost At 1 January 2010 705,896 705,896 Additions 54,604 54,604 --------------------------------------- At 30 June 2010 760,500 760,500 --------------------------------------- 4.Share Capital 30-Jun-10 30-Jun-09 31-Dec-09 Authorised Equity € € € 100,000,000 Ordinary shares of €0.01 each (100,000,000 : 31 Dec 2009) 1,000,000 1,000,000 1,000,000 --------------------------------------------------- 1,000,000 1,000,000 1,000,000 --------------------------------------------------- Issued Capital Share capital 282,536 267,520 282,536 Share premium 1,602,234 1,399,810 1,602,234 --------------------------------------------------- 1,884,770 1,667,330 1,884,770 --------------------------------------------------- The above financial information has been prepared under International Financial Reporting Standards using accounting policies consistent with the accounting policies which will be applied by the Company in its next annual accounts. The above interim financial results have been reviewed by the Company's auditor, LHM Casey McGrath. No dividends were paid or proposed in respect of the six months ended 30 June 2010. THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT ---ENDS--- CONTACT DETAILS: Great Western Mining Corporation plc. Emmett O'Connell, Chairman. Tel: +353 51 565844 Fax: +353 51 565 884 Email: emmett@iol.ie Liam McGrattan, Director. Tel: 087 274 5427 Melvyn Quiller, U.K. Director. Tel: 0771 289 9588 SVS Securities Plc - PLUS Corporate Adviser. Tel: 020 7638 5600 Peter Ward / Alexander Brearley. SVS Securities Plc - Broker. Tel: 020 7638 5600 Ian Callaway / Alexander Mattey. ABOUT GREAT WESTERN MINING CORPORATION PLC. 1. GWM is an Irish exploration company with rights over approximately 33 square kilometres of mineral claims in Nevada. U.S.A. 2. GWM's shares are admitted to trading on PLUS-quoted in London, trading symbol GWMO. 3. Website: www.greatwesternmining.com Great Western Mining Corporation plc

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