Interim results

RNS Number : 8981Z

Greatland Gold PLC

13 March 2013

 



13 March 2013

Greatland Gold plc

Half-yearly report - six months ended 31 December 2012

Greatland Gold plc ("Greatland" or the "Company"), the AIM quoted 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 2012.

Highlights

Firetower Project (gold), Northern Tasmania - Greatland 100%, Farm-in with Unity Mining Ltd

-     Commencement of diamond drilling programme

-     The programme comprised up to five holes totalling approximately 2000m

o  The best intercepts were 3m at 2.6 g/t gold (137-140m), 2m at 3g/t gold (142-144m), including 1m at 4.09 g/t (143-144m).

-     Company has outlined a large mineralised system of more than 6km in length with scope for a large gold resource

Ernest Giles Project (gold), Central Western Australia - Greatland 100%

-     Further results from drilling activities at the Ernest Giles gold project in Western Australia. Drilling confirmed the presence of a gold mineralised system

-     Completion of four reverse circulation (RC) holes

o  Highest result returned was 1m at 1.28g/t gold from 149m

Bromus project (gold and nickel), Western Australia - Greatland 100%

-     Follow up soil sampling work completed:

o  4.6km long surface gold anomaly identified

o  Follow-up auger geochemical soil sampling programme in the southern parts of the Bromus project area

o  Highest result returned from follow-up sampling was 6.1ppb gold.

Lackman Rock (gold and nickel), Western Australia- Greatland 100%

-     Follow up soil sampling work completed

o  Results define a north-west striking gold anomaly 1.2km long, peaking at 23.5ppb gold.

Chief Executive's statement

During the period, emphasis was placed on the Ernest Giles project which comprises three contiguous tenements covering an area of 948sq km in Central Western Australia.  It is located in the north-eastern goldfields region which is host to many large, plus 1million ounce gold deposits, such as Wallaby, Sunrise Dam and Granny Smith. Four reverse circulation (RC) holes were completed and the drilling confirmed the presence of a gold mineralised system.  The highest result returned was 1m at 1.28g/t gold from 149m. We believe these are pleasing results considering the unexplored nature of the project area.

Work at the Firetower project by the Company along with their partners, Unity Mining Limited ("Unity"), has outlined a large mineralised system of more than 6km in length with scope for a large gold resource.  The programme comprised up to five holes totalling approximately 2000m and the best intercepts were 3m at 2.6 g/t gold from 137 to 140m and 2m at 3g/t gold from 142m to 144m, including 1m at 4.09 g/t from 143 to 144m.

The first anniversary of the Firetower Farm-In agreement passed during the period. We are encouraged that our partners have exceeded the minimum expenditure for the project and believe this shows their on-going commitment to the project.  We believe that Firetower resembles the nearby Henty gold mine, a plus one million ounce deposit, owned and operated by Unity.

Positive results have also been obtained from surface sampling activities at the Bromus and Lackman Rock gold projects in Western Australia.  Follow up soil sampling work completed at both projects produced positive results, including a 4.6km long surface gold anomaly identified at Bromus and a 1.2km long surface gold anomaly identified at Lackman.  Results peaked at 6.1ppb gold at Bromus and 23.5ppm gold at Lackman Rock.  We remain focused on developing our licences through comprehensive exploration work with a view to realising their potential value.  Additional promising targets have been secured in the Bromus and Lackman Rock licence areas which further adds to their significance in what is a prolific gold producing region.

In the six month period ending 31^st December 2012 the Company reported a reduced net loss of £199,241 (31 December 2011: loss £216,609) equating to a loss per share of 0.06 pence.

Net cash outflow from operations was £178,446 which reflects total administrative expenses plus exploration expenses.  From the cash flow figures it is apparent that we have remained committed to exploration.  Our loss on a per share basis at 0.06 pence is a reduction from the loss in the comparable period reflecting lower expenses.   The Company's cash deposits stood at £541,893 at the period end.

On behalf of the board, I would once again like to thank shareholders for their support and invite them to visit our website at www.greatlandgold.com for periodic updates.

Callum N Baxter

CEO  13 March 2013

Group statement of comprehensive income

	6 months to  31 December  2012		6 months to  31 December  2011		Year ended  30 June 2012
	Unaudited £		Unaudited £		Audited £
Turnover	-		-		-
Exploration expenses	(87,172)		(92,690)		(372,957)
Administrative expenses	(113,403)		(124,994)		(222,380)
Operating loss	(200,575)		(217,684)		(595,337)
Finance revenue	1,334		1,075		4,509
Loss on ordinary activities before taxation	(199,241)		(216,609)		(590,828)
Tax on loss on ordinary activities	-		-		-
Loss for the financial period	(199,241)		(216,609)		(590,828)
Other comprehensive income
Gain/(loss) on revaluation of available for sale investments	(4,569)		(25,975)		(15,680)
Exchange differences on translation of foreign operations	(5,139)		(3,809)		(18,692)
Other comprehensive income for the year net of taxation	(9,708)		(29,784)		(34,372)
Total comprehensive income for the year attributable to equity holders of the parent	(208,949)		(246,393)		(625,200)
Loss per share - see note 3 Basic	(0.06) pence		(0.07) pence		(0.19) pence

Group balance sheet

	31 December 2012		31 December 2011		30 June 2012
	Unaudited £		Unaudited £		Audited £
Assets
Non-current assets
Tangible assets Intangible assets	24,767 1,074,988		3,609 972,360		31,806 1,075,747
Total non-current assets	1,099,755		975,969		1,107,553
Current assets Cash and cash equivalents Trade and other receivables Available for sale financial assets - see note 4	541,893 33,581 54,821		890,277 32,496 52,514		717,117 68,337 59,952
Total current assets	630,295		975,287		845,406
Total assets	1,730,050		1,951,256		£1,952,959
Liabilities
Current liabilities
Trade and other payables	(29,662)		(24,397)		(43,622)
Total liabilities	(29,662)		(24,397)		(43,622)
Net assets	£1,700,388		£1,926,859		£1,909,337
Equity Called up share capital Share premium reserve Share based payment reserve Retained losses Other reserves	350,661 4,256,610 - (3,234,933) 328,050		300,661 3,944,860 74,443 (2,739,725) 346,620		350,661 4,256,610 - (3,035,692) 337,758
Total equity	£1,700,388		£1,926,859		£1,909,337

Group cash flow statement

	6 months to  31 December  2012		6 months to  31 December  2011		Year ended  30 June 2012
	Unaudited £		Unaudited £		Audited £
Cash flow from operating activities
Operating loss	(200,575)		(221,494)		(595,337)
Decrease/(increase) in receivables	34,756		34,949		(893)
(Decrease)/increase in payables	(13,961)		(29,432)		(5,470)
Depreciation	-		-		3,942
Net cash outflow from operations	(179,780)		(215,977)		(597,758)
Cash flows from investing activities
Interest received Payments to acquire intangible assets Receipts from sale of tangible assets Payments to acquire tangible assets	1,334 - - -		1,075 - - -		4,509 (117,888) 5,802 (32,759)
Net cash flows used in investing activities	1,334		1,075		(140,336)
Cash inflows from financing activities
Proceeds from issue of shares Transaction costs of issue of shares	- -		- -		375,000 (13,250)
Net cash flows from financing activities	-		-		361,750
Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of period Exchange gain on cash and cash equivalents	(178,446) 717,117 3,222		(214,902) 1,097,900 7,279		(376,344) 1,097,900 (4,439)
Cash and cash equivalents at end of period	541,893		890,277		717,117

Statement of group changes in equity

	Called up share capital	Share premium account	Share based payment   reserve	Retained earnings	Other reserves	Total
	£	£	£	£	£	£

As at 30 June 2011

300,661

3,944,860

74,443

(2,519,307)

372,130

2,172,787

Loss for the period	-	-	-	(590,828)	-	(590,828)
Loss on revaluation of available for sale investments	-	-	-	-	(15,680)	(15,680)
Currency translation differences	-	-	-	-	(18,692)	(18,692)
Total comprehensive income	-	-	-	(590,828)	(34,372)	(625,200)
Share options expired	-	-	(74,443)	74,443	-	-
Share capital issued	50,000	325,000	-	-	-	375,000
Cost of share issue	-	(13,250)	-	-	-	(13,250)
As at 30 June 2012	350,661	4,256,610	-	(3,035,692)	337,758	1,909,337

Loss for the period	-	-	-	(190,241)	-	(190,241)
Loss on revaluation of available for sale investments	-	-	-	-	(4,469)	(4,569)
Currency translation differences	-	-	-	-	(5,139)	(5,139)
Total comprehensive income	-	-	-	(190,241)	(9,708)	(199,949)
Share capital issued	-	-	-	-	-	-
Cost of share issue	-	-	-	-	-	-
As at 31 December 2012	350,661	4,256,610	-	(3,234,933)	328,050	1,709,388

Statements of changes in other reserves

	Merger reserve	Foreign currency translation reserve	Available for resale financial assets reserve	Total other reserves
Group	£	£	£	£

As at 30 June 2011	225,000	260,717	(113,587)	372,130
Net unrealised losses on financial assets available for resale	-	-	(15,680)	(15,680)
Unrealised foreign currency gains	-	(67,302)	48,610	(18,692)
As at 30 June 2012	225,000	193,415	(80,657)	337,758

Net unrealised losses on financial assets available for resale	-	-	(4,569)	(4,569)
Unrealised foreign currency gains	-	(4,577)	(562)	(5,139)
As at 31 December 2012	225,000	188,838	(85,788)	328,050

Half-yearly report notes

1. Half-yearly report

This half-yearly report was approved by the Directors on 13^th March 2013.

The information relating to the six month periods to 31 December 2011 and 31 December 2012 are unaudited.

The information relating to the year to 30 June 2012 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 year ended 30 June 2012, although the information does not constitute statutory financial statements within the meaning of the Companies Act 2006. 

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 2013.

3. Loss per share

	6 months to  31 December  2012		6 months to  31 December  2011		Year ended  30 June 2012
	Unaudited £		Unaudited £		Audited £
These have been calculated on a loss of:	(199,241)		(216,609)		(590,828)
The weighted average number of shares used was:	350,661,000		300,661,000		303,939,800
Basic loss per share:	(0.06) pence		(0.07) pence		(0.19) pence

4. Available for sale financial assets

The Group's investments were valued at £54,821 at 31 December 2012.

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

 

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