Interim Results

GREATLAND GOLD PLC

       Half-yearly report - six months ended 31 December 2008


31 March 2009


Greatland Gold plc ("Greatland" or the "Company"), the AIM-listed and
London based gold exploration and development company focused on gold
projects in  Tasmania  and  Western  Australia  announces  today  its
half-yearly report for the six months ended 31 December 2008.

Greatland is managed by an experienced UK and Australian based  board
of directors  with  a proven  track  record in  mineral  exploration,
resource development and capital markets.

Managing Director's statement

During the six months  ended 31 December 2008  we reported a loss  of
£198,177 equating to a  loss per share of  0.1p (H1 2008 EPS  -0.1p).
Mindful of  the  uncertainties  caused by  the  global  downturn,  we
reduced our  administrative  expenses  by  11.2%  to  £112,462  while
modestly increasing our exploration expenses. The board believes that
our net assets remain strong at £2.2m with over £1.7m in cash.

The period was  characterised by declining  sterling interest  rates,
which have further reduced sharply  post the accounting period.  This
has led to lower interest income  on our cash deposits, a  continuing
factor that will impact our interest income in 2009.

The  Company   continues  to   evaluate  gold   mineralisation   with
exploration   activities   at   its   Australian   properties.   Gold
mineralisation has been identified at many localities within its 100%
owned mining assets. Current activities are preparatory for  drilling
programs that are scheduled for the second half of 2009.

At the Firetower project our  team has ground activities underway  at
the CRA Anomaly 1 and Asarco West prospects. These areas are  located
2.5km east and 7km east of  the existing gold resource at  Firetower.
Previous work by  the Company in  these areas returned  up to  916ppb
gold in surface samples.  Gold and base  metal anomalies are  present
over several hundred metres  of strike. These  areas have never  been
drill tested  previously  and  current work  is  in  preparation  for
drilling activities during the second half of 2009.

At the Warrentinna project the Company has found gold  mineralisation
unrecognised by previous explorers and historical miners at the Derby
North prospect. Drilling returned up to  1m at 6.06g/t gold from  55m
in WTR004  and surface  sampling returned  up to  20.75g/t gold.  The
Company concluded the area  has some potential  for an open  pittable
gold resource. Current work includes preparation for further drilling
at Derby  North.  Additionally,  a  number  of  areas  retuning  high
(+100ppb) gold in drainage are subject to follow up work.

In the  current  investment climate  interest  in gold  and  precious
metals remains strong.  Recent press  is predicting  that gold  could
average $1,000 per ounce in 2009 due to the inflationary implications
of a persistently weak US dollar. In the current economic environment
the short term (spot) price of gold remains volatile, but in the long
term a weak US dollar could drive a strong investor demand for  gold.
Of  particular  relevance  to  Greatland  is  the  forecast  by   the
Australian Bureau of Agricultural and Resource Economics (ABARE) that
the value of  Australia's gold exports  will rise by  59 per cent  to
$17.3 billion in 2008-09  in response to  both higher export  volumes
and a considerably higher Australian dollar denominated gold price.

Greatland is focussed on the low cost - potentially high reward phase
of mineral exploration and development.  All our properties are  100%
owned by the Company and are located close to several large gold  and
base metal deposits. All the  properties were previously operated  by
major  mining  companies.  Australia   has  all  the  advantages   of
established  infrastructure,  skilled  workforce  and  a  politically
stable resource based economy. Since late 2008 prices for labour  and
equipment have been falling; this  we anticipate will help  Greatland
complete its current and planned programs at a lower cost.

The Company  has  been  successful  in  reducing  its  administrative
expenses whilst not sacrificing  its exploration budget. The  Company
retains its strong cash  position of more  than £1.6 million  against
identifiable expenses running at around £475,000 per annum. Greatland
is able  to fund  its activities  throughout 2009  and beyond.  Hence
there is no immediate requirement for further equity capital.

Greatland is in discussion  with third parties  with regard to  joint
venture arrangements for its  Firetower and Warrentinna projects.  In
the event that the board of Greatland secures a joint venture partner
for any of its projects, shareholder  value would be enhanced to  the
extent that we would limit our upfront capital outlays significantly.

Post the accounting date the Company secured mineral title to  ground
adjoining the northern parts of the Firetower project tenements. This
area holds known gold and base metal mineralisation. The addition  of
this tenement increases the  total size of  the Firetower project  to
264 sq  km;  an  increase of  over  60%.  The strike  length  of  the
Firetower project is now approximately 55 km.

Existing  and   prospective  investors   may   sign  up   for   email
announcements at the Company's website, www.greatlandgold.com.

Callum N Baxter
Managing Director
31 March 2009

Group income statement


                              6 months        6 months     Year ended
                                 ended           ended        30 June
                          31 December     31 December            2008
                                  2008            2007
                             Unaudited       Unaudited        Audited
                                     £               £              £
Turnover                             -               -              -

Exploration costs            (129,819)       (122,380)      (326,806)

Administrative expenses      (112,462)       (126,622)      (210,725)

Currency gain/(loss)            10,928          11,813         48,159

Operating loss               (231,353)       (237,189)      (489,372)

Interest receivable             33,176          41,307         84,443

Loss on ordinary             (198,177)       (195,882)      (404,929)
activities before
taxation

Tax on loss on  ordinary             -               -              -
activities

Loss for  the  financial     (198,177)       (195,882)      (404,929)
period


Loss per share - see
note 3                    (0.10) pence    (0.10) pence   (0.21) pence
Basic




Group balance sheet


+-------------------------------------------------------------------+
|                  | 31 December |   | 31 December |   |    30 June |
|                  |        2008 |   |        2007 |   |       2008 |
|------------------+-------------+---+-------------+---+------------|
|                  |   Unaudited |   |   Unaudited |   |    Audited |
|                  |           £ |   |           £ |   |          £ |
|                  |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Assets           |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Non-current      |             |   |             |   |            |
| assets           |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Tangible assets  |       4,828 |   |       6,346 |   |      6,265 |
| Intangible       |     490,809 |   |     474,397 |   |    493,016 |
| assets           |             |   |             |   |            |
|                  |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Total            |     495,637 |   |     480,743 |   |    499,281 |
| non-current      |             |   |             |   |            |
| assets           |             |   |             |   |            |
|                  |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Current assets   |             |   |             |   |            |
| Cash  and   cash |   1,663,417 |   |   2,123,847 |   |  1,866,289 |
| equivalents      |      40,816 |   |      30,398 |   |     64,394 |
| Trade and  other |      67,978 |   |     106,360 |   |     96,147 |
| receivables      |             |   |             |   |            |
| Available    for |             |   |             |   |            |
| sale   financial |             |   |             |   |            |
| assets   -   see |             |   |             |   |            |
| note 4           |             |   |             |   |            |
|                  |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Total    current |   1,772,211 |   |   2,260,605 |   |  2,026,830 |
| assets           |             |   |             |   |            |
|                  |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Total assets     |   2,267,848 |   |   2,741,348 |   |  2,526,111 |
|------------------+-------------+---+-------------+---+------------|
| Liabilities      |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Current          |             |   |             |   |            |
| liabilities      |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Trade and  other |    (64,651) |   |    (80,990) |   |   (97,982) |
| payables         |             |   |             |   |            |
|                  |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Total            |    (64,651) |   |    (80,990) |   |   (97,982) |
| liabilities      |             |   |             |   |            |
|                  |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Net assets       |  £2,203,197 |   |  £2,660,358 |   | £2,428,129 |
|                  |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
|                  |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Equity           |             |   |             |   |            |
| Called up  share |     196,550 |   |     196,550 |   |    196,550 |
| capital          |   2,955,521 |   |   2,955,521 |   |  2,955,521 |
| Share    premium |      74,443 |   |      74,443 |   |     74,443 |
| reserve          | (1,192,044) |   |   (784,820) |   |  (993,867) |
| Share     option |     168,727 |   |     218,664 |   |    195,482 |
| reserve          |             |   |             |   |            |
| Retained losses  |             |   |             |   |            |
| Other reserves   |             |   |             |   |            |
|                  |             |   |             |   |            |
|------------------+-------------+---+-------------+---+------------|
| Total equity     |  £2,203,197 |   |  £2,660,358 |   | £2,428,129 |
|                  |             |   |             |   |            |
+-------------------------------------------------------------------+



Group cash flow statement


+--------------------------------------------------------------------+
|                               |  6 months| |  6 months| |Year ended|
|                               |     ended| |     ended| |   30 June|
|                               |        31| |        31| |      2008|
|                               | December | | December | |          |
|                               |      2008| |      2007| |          |
|-------------------------------+----------+-+----------+-+----------|
|                               | Unaudited| | Unaudited| |   Audited|
|                               |         £| |         £| |         £|
|-------------------------------+----------+-+----------+-+----------|
|                               |          | |          | |          |
|Cash   flow   from    operating|          | |          | |          |
|activities                     |          | |          | |          |
|-------------------------------+----------+-+----------+-+----------|
|Operating loss                 | (231,353)| | (237,189)| | (489,372)|
|-------------------------------+----------+-+----------+-+----------|
|Decrease/(Increase) in debtors |    23,578| |    30,584| |   (3,412)|
|-------------------------------+----------+-+----------+-+----------|
|(Decrease) in creditors        |  (33,331)| |   (7,113)| |     9,878|
|-------------------------------+----------+-+----------+-+----------|
|Depreciation                   |     1,292| |     1,229| |     2,657|
|-------------------------------+----------+-+----------+-+----------|
|(Increase) in available for    |         -| |         -| |         -|
|sale financial assets          |          | |          | |          |
|-------------------------------+----------+-+----------+-+----------|
|Share based payments           |         -| |         -| |         -|
|-------------------------------+----------+-+----------+-+----------|
|Currency adjustments           |     3,766| |  (11,166)| |  (43,922)|
|-------------------------------+----------+-+----------+-+----------|
|Cash outflow from operations   | (236,048)| | (223,655)| | (524,171)|
|-------------------------------+----------+-+----------+-+----------|
|                               |          | |          | |          |
|Cash   flows   from   investing|          | |          | |          |
|activities                     |          | |          | |          |
|-------------------------------+----------+-+----------+-+----------|
|Interest received              |    33,176| |    41,307| |    84,443|
|Purchase of intangible assets  |         -| |   (3,766)| |   (3,944)|
|Purchase of tangible assets    |         -| |         -| |         -|
|Purchase of available for  sale|         -| |         -| |         -|
|financial assets               |          | |          | |          |
|-------------------------------+----------+-+----------+-+----------|
|Net   cash   flows   used    in|    33,176| |    37,541| |    80,499|
|investing activities           |          | |          | |          |
|-------------------------------+----------+-+----------+-+----------|
|                               |          | |          | |          |
|Cash inflows from financing    |          | |          | |          |
|activities                     |          | |          | |          |
|-------------------------------+----------+-+----------+-+----------|
|Proceeds from issue of shares  |         -| | 1,125,000| | 1,125,000|
|Transaction costs of issue of  |         -| |  (56,250)| |  (56,250)|
|shares                         |          | |          | |          |
|-------------------------------+----------+-+----------+-+----------|
|Net cash flows from financing  |         -| | 1,068,750| | 1,068,750|
|activities                     |          | |          | |          |
|-------------------------------+----------+-+----------+-+----------|
|                               |          | |          | |          |
|Net (decrease)/increase in cash| (202,872)| |   882,636| |   625,078|
|and cash equivalents           |          | |          | |          |
|Cash and  cash  equivalents  at| 1,866,289| | 1,241,211| | 1,241,211|
|the beginning of period        |          | |          | |          |
|-------------------------------+----------+-+----------+-+----------|
|Cash and  cash  equivalents  at|£1,663,417| |£2,123,847| |£1,866,289|
|end of period                  |          | |          | |          |
|-------------------------------+----------+-+----------+-+----------|
|                               |          | |          | |          |
+--------------------------------------------------------------------+



Statements of changes in equity


            Called     Share     Share    Retained    Other     Total
                up   premium     based    earnings reserves
             share   account payment
           capital             reserve
Group            £         £         £           £        £         £
As at 30   146,550 1,936,771    74,443   (588,938)  222,418 1,791,244
June 2007

Share       50,000 1,075,000         -           -        - 1,125,000
capital
issued
Cost of          -  (56,250)         -           -        -  (56,250)
share
issue
Loss for         -         -         -   (404,929)        - (404,929)
the period
Net              -         -         -           - (26,936)  (26,936)
unrealised
losses on
available
for sale
financial
assets
As at 30   196,550 2,955,521    74,443   (993,867)  195,482 2,428,129
June 2008

As at 1    196,550 2,955,521    74,443   (993,867)  195,482 2,428,129
July 2008
Share            -         -         -           -        -         -
capital
issued
Cost of          -         -         -           -        -         -
share
issue
Loss for         -         -         -   (198,177)        - (198,177)
the period
Net              -         -         -           - (26,755)  (26,755)
unrealised
losses on
available
for sale
financial
assets
As at 31   196,550 2,955,521    74,443 (1,192,044)  168,727 2,203,197
December
2008



Statements of changes in other reserves


                         Merger     Foreign Net unrealised      Total
                        reserve    currency financial assets    other
                                translation    available for reserves
                                    reserve   resale reserve
Group                         £           £                £        £
As at 30 June 2007      225,000      13,444         (16,026)  222,418
Net unrealised losses         -           -         (26,936) (26,936)
on financial assets
available for resale
As at 30 June 2008      225,000      13,444         (42,962)  195,482

As at 1 July 2008       225,000      13,444         (42,962)  195,482
Net unrealised losses         -           -         (26,755) (26,755)
on financial assets
available for resale
As at 31 December 2008  225,000      13,444           69,717  168,727



Half-yearly report notes

1.        Half-yearly report
This half-yearly  report  was approved by the  Directors on 30  March
2009.
The information relating to the  six month periods ended 31  December
2008 and 31 December 2007 are unaudited.
The information relating to the year ended 30 June 2008 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  2008,  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
2009.
3.        Loss per share

                            6 months   6 months ended      Year ended
                               ended     31 December     30 June 2008
                                  31             2007
                      December  2008
                           Unaudited        Unaudited         Audited
                                   £                £               £

These    have    been      (198,177)        (195,882)       (404,929)
calculated on a  loss
of:


The weighted  average    196,550,000      190,028,261     193,262,329
number of shares used
was:


Basic loss per share:   (0.10) pence     (0.10) pence    (0.21) pence



4.        Available for sale financial assets
The Group's  investments were  valued at  £67,978 as  at 31  December
2008.

Copies of this half-yearly   report are available  free of charge  by
application in  writing to  the Company  Secretary at  the  Company's
registered office, 55 Gower Street, London  WC1E 6HQ, or by email  to
[e-mail]. The report will also be made available on the
Company's website, www.greatlandgold.com.

End

---END OF MESSAGE---




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