Interim Results

Greatland Gold PLC 12 March 2008 RNS Announcement Greatland Gold plc ('Greatland Gold') 12 March 2008 Half-yearly report - six months ended 31 December 2007 Managing Director's statement Greatland Gold is an AIM listed mining company focussed on growth through exploration and development of natural resources, particularly gold. The mining sector has seen a strong resurgence following sweeping increases in metal prices as demand for metals continues unabated, particularly gold. The gold price has rallied to record highs, your Board expects further gains to levels never seen before, and the AIM mining sector has outperformed the FTSE 350 miners reflecting positive sentiment in the market and the continuing success of AIM. In this dynamic environment the period has been an exciting and active time for your Company. Exploration activities have been successful in advancing the Company's properties at Firetower and Warrentinna, in Tasmania, Australia. Both projects have returned positive gold results and further sound results are expected. At Firetower, work has outlined a large mineralised system more than 6km in length, and only 400m of this has been investigated to date suggesting scope for a large gold resource. The Firetower mineralisation resembles the nearby Henty gold mine owned and operated by Barrick Gold, the world's largest gold mining company. Henty is a plus million ounce deposit with a pre-mining resource of 2.83 Mt @ 12.5g/t gold. Activities at Firetower have identified gold mineralisation adjacent to our existing 90,000 oz resource. This remains to be tested by drilling. The original project area, originally covering 18km of strike and hosting the Firetower gold resource, has also been extended to cover over 40km of strike. At Warrentinna, numerous high gold results were returned from surface sampling and mapping of the many historic workings. Results include 464g/t gold (14.9 ounces per tonne), 130g/t gold (4.2 ounces per tonne) and 61g/t gold (1.9 ounces per tonne) confirming the high grade nature of two goldfields in the southern parts of the project area. Both these goldfields cover around 6km of strike each which again implies scope for discovery of large resources. An additional two goldfields in the north of the Warrentinna project area are yet to be evaluated. The geology of the Warrentinna project is similar to that of the Victorian goldfields in south eastern Australia. These have produced over 30 million ounces of gold since the 1850s. The Company's first reverse circulation (RC) drilling program has recently been completed at the Warrentinna goldfield, one of the southern goldfields of the Warrentinna project. Sulphide mineralisation has been visually confirmed in several of the drill holes. Laboratory gold analyses will be available in the coming weeks. Your Company is focussed on the low cost - high reward phase of mineral exploration and development. Both Tasmanian properties are located close to several large gold and base-metal deposits. All of the projects are 100% owned by Greatland Gold, and were previously operated by major mining companies. The properties are located in Australia which has all the advantages of established infrastructure, skilled mining workforce, a resource based economy and political stability. Capital raising was successfully completed during July 2007 at a 12.5% premium to the IPO issue price. Consequently your Company is in a confident cash position to continue its activities through 2008 and beyond. Spending during the period was at budgeted levels, reflecting the sound progress of the Company and its properties. Along with ongoing exploration at its existing properties, the company also continues to evaluate other investment opportunities and on this front we are now targeting the acquisition of further projects. Your board, skilled in the mining and finance sectors, remains focussed on the existing assets, future acquisitions, and growth for the Company. The board would like to thank the Company's advisors and investors for their continued support. The Company expects to be able to update shareholders and the market in the coming weeks, particularly in relation to laboratory gold analyses of Warrentinna drilling.. Existing and prospective investors may sign up for email announcements at the Company's website www.greatlandgold.com. Callum N Baxter Managing Director 12 March 2008 The unaudited results are as follows: Group income statement 6 months to 6 months to Year ended 31 December 2007 31 December 2006 30 June 2007 Unaudited Unaudited Audited £ £ £ Turnover - 6,212 6,276 Exploration costs (122,380) (127,826) (327,332) Administrative expenses (126,622) (145,568) (283,128) Currency gain/(loss) 11,813 (2,517) 15,552 Operating loss (237,189) (269,699) (588,632) Interest receivable 41,307 14,628 27,306 Loss on ordinary activities (195,882) (255,071) (561,326) before taxation Tax on loss on ordinary - - - activities Loss for the financial period (195,882) (255,071) (561,326) Loss per share - see note 3 Basic (0.10) pence (0.24) pence (0.51) pence Group balance sheet 31 December 2007 31 December 2006 30 June 2007 Unaudited Unaudited Audited £ £ £ Assets Non-current assets Tangible assets 6,346 423,212 7,339 Intangible assets 474,397 13,258 463,613 Total non-current assets 480,743 436,470 470,952 Current assets Cash and cash equivalents 2,123,847 758,112 1,241,211 Trade and other receivables 30,398 112,944 60,982 Available for sale financial assets 106,360 78,871 106,203 Total current assets 2,260,605 949,927 1,408,396 Total assets 2,741,348 1,386,397 1,879,348 Liabilities Current liabilities Trade and other payables (80,990) (99,315) (88,104) Total liabilities (80,990) (99,315) (88,104) Net assets £2,660,358 £1,287,082 £1,791,244 Equity Called up share capital 196,550 106,550 146,550 Share premium reserve 2,955,521 1,224,771 1,936,771 Share option reserve 74,443 - 74,443 Retained losses (784,820) (282,683) (588,938) Other reserves 218,664 238,444 222,418 Total equity £2,660,358 £1,287,082 £1,791,244 Group cash flow statement 6 months to 6 months to Year ended 31 December 2007 31 December 2006 30 June 2007 Unaudited Unaudited Audited £ £ £ Cash flow from operating activities Operating loss (237,189) (269,699) (588,632) Decrease/(Increase) in debtors 30,584 (44,974) (18,239) (Decrease) in creditors (7,113) (125,143) (136,354) Depreciation 1,229 - 2,958 (Increase) in available for sale - (112,944) - financial assets Share based payments - - 74,443 Currency adjustments (11,166) - (16,788) Cash outflow from operations (223,655) (552,760) (682,612) Cash flows from investing activities Interest received 41,307 14,628 27,306 Purchase of intangible assets (3,766) (13,258) (165,230) Purchase of tangible assets - (131,833) (9,360) Purchase of available for sale - - (122,228) financial assets Net cash flows used in investing 37,541 (130,463) (269,512) activities Cash inflows from financing activities Proceeds from issue of shares 1,125,000 120,000 920,000 Transaction costs of issue of (56,250) 2,687 (45,313) shares Net cash flows from financing 1,068,750 122,687 874,687 activities Net increase/(decrease) in cash and 882,636 (560,536) (77,437) cash equivalents Cash and cash equivalents at the beginning of period 1,241,211 1,318,648 1,318,648 Cash and cash equivalents at end of 2,123,847 758,112 1,241,211 period Statements of changes in equity Called up Share Share based Retained Other Total share capital premium payment earnings reserves account reserve Group £ £ £ £ £ £ As at 1 July 2006 100,550 1,108,084 - (27,612) 238,444 1,419,466 Share capital 46,000 874,000 - - - 920,000 issued Cost of share - (45,313) - - - (45,313) issue Loss for the - - - (561,326) - (561,326) period Share based - - 74,443 - - 74,443 payments Net unrealised - - - - (16,026) (16,026) losses on available for sale financial assets As at 30 June 2007 146,550 1,936,771 74,443 (588,938) 222,418 1,791,244 (audited) As at 1 July 2007 146,550 1,936,771 74,443 (588,938) 222,418 1,791,244 Share capital 50,000 1,075,000 - - - 1,125,000 issued Cost of share - (56,250) - - - (56,250) issue Loss for the - - - (195,882) - (195,882) period Net unrealised - - - - (3,754) (3,754) losses on available for sale financial assets As at 31 December 196,550 2,955,521 74,443 (784,820) 218,664 2,660,358 2007 (unaudited) Statements of changes in other reserves Merger Foreign currency Net unrealised Total other reserve translation financial assets reserves reserve available for resale reserve Group £ £ £ £ As at 1 July 2006 225,000 13,444 - 238,444 Net unrealised losses on - - (16,026) (16,026) financial assets available for resale As at 30 June 2007 (audited) 225,000 13,444 (16,026) 222,418 As at 1 July 2007 225,000 13,444 (16,026) 222,418 Net unrealised losses on - - (3,754) (3,754) financial assets available for resale As at 31 December 2007 225,000 13,444 (19,780) 218,664 (unaudited) Half-yearly report notes 1. Half-yearly report The information relating to the six month periods to 31 December 2007 and 31 December 2006 are unaudited. The information relating to the year to 30 June 2007 is extracted from the audited financial statements of the Company which have been filed at Companies House and on which the auditors issued an unqualified audit report. 2. Basis of accounting The report has been prepared using accounting policies and practices that are consistent with those adopted in the statutory financial statements for the period ended 30 June 2007, although the information does not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. These half-yearly financial statements consolidate the financial statements of the Company and its subsidiary and are prepared in accordance with International Financial Reporting Standards as adopted for use in the European Union. The Company and Group will report again for the full year to 30 June 2008. 3. Loss per share 6 months to 6 months to Year ended 31 December 31 December 30 June 2007 2007 2006 Unaudited Unaudited Audited £ £ £ These have been calculated on a loss (195,882) (255,071) (561,326) of: The weighted average number of shares 190,028,261 104,272,826 110,456,849 used was: Basic loss per share: (0.10) pence (0.24) pence (0.51) pence Copies of this half-yearly report are available free of charge by application in writing to the Company Secretary at the Company's London office, 115 Eastbourne Mews, London W2 6LQ, or by email to info@greatlandgold.com. Enquiries to: Greatland Gold plc Callum Baxter Tel +44 (0)20 7099 5845 Email: info@greatlandgold.com www.greatlandgold.com Grant Thornton Corporate Finance Gerry Beaney / Colin Aaronson Tel +44 (0)20 7383 5100 Email: gerry.d.beaney@gtuk.com colin.p.aaronson@gtuk.com End This information is provided by RNS The company news service from the London Stock Exchange

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