IMC Exploration Group Plc: Final Results for th...

IMC Exploration Group PLC ("IMC" or the "Company")

Director's report
for the year ended 30 June 2013

The Directors present their Annual Report and audited consolidated financial statements for the year ended 30 June 2013 for IMC Exploration Group Public Limited Company ("the Company") and its subsidiary (collectively "the Group").
Principal Activity
The Group's main activity is the exploration for gold, zinc and other minerals in Ireland. The Directors have reviewed the financial position of the Group and are satisfies that the Group will continue to operate at its projected level of activity for the foreseeable future.
Review of Business and Future Developments
A detailed review of activities for the year and future prospects of the Group is contained in the Chairman's Statement and Review of Activities.

Chairman's Statement
for the year ended 30 June 2013

The company has made encouraging progress, especially in its precious metals licence areas, the highlight being the discovery of "bonanza" grade gold during drilling at Boley, Co. Wexford which yielded grades of 354g/t gold (11.38oz/t gold) within a 13.5m interval averaging 3.5g/t gold. Following this discovery, IMC commissioned Aurum Global Exploration to carry out an independent report on the Boley-Kilmichael Gold Project, County Wexford. The recommendations and the work to be carried out in the coming months are to develop better understanding of the structural controls through:

1. Landsat structural study
2. Reprocessing of available airborne geophysics (magnetic and electromagnetic data)
3. Large soil geochemistry survey to cover 5 km untested area between Boley and Kilmichael
4. Define bedrock gold source through tracing of boulder train, stream source etc.
5. Detailed prospecting at Boley and as follow-up to soil geochemistry survey

In February 2013 the Department of Communications, Energy and Natural Resources awarded IMC Exploration rights to two licences in Avoca, Co. Wicklow. These licencs are adjacent to the former Avoca Copper Mine and include the Kilmacoo prospect that was identified by Riofinex (Subsidiary of Rio Tinto) in the 1980s as having a resource of at least 300,000t at 1.5g/t Au.

IMC commissioned an independent report for the Avoca licence area. This was undertaken by Dr Bill Sheppard and details priority targets and areas of noted previous exploration success in Kilmacoo (Au) and Ballymurtagh (Zn-Pb), as well as a comprehensive works programme which will commence shortly.

The last year has been very exciting time for the Company. With the commencement of the recommended work programmes, 2014 will be a year of significance for IMC.

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income
for the year ended 30 June 2013

		2013		2012
		€		€
Continuing Operations
Administrative expenses		(357,942)		(365,112)
Operating Loss for the period		(357,942)		(365,112)
Finance income		11,699		26,185
Amount written off investments		-		(35,002)
Loss for period before tax		(345,793)		(373,929)
Income tax expense		(11,011)		(10,853)
Total comprehensive loss for the period		(356,804)		(384,782)
Loss attributable to:
Equity holders of the Company		(356,804)		(384,782)
Total Comprehensive Loss attributable to:
Equity holders of the company		(356,804)		(384,782)
Earnings per share from continuing operations
Basic and Diluted loss per share (cent)		0.01		0.01

Consolidated Statement of Financial Position
as at 30 June 2013

					2013		2012
					€		€
Assets
Intangible assets					524,724		357,802
Property, plant and equipment					3,915		3,940
Investments					3,736		3,736
Total Non-Current Assets					532,375		365,478
Current Assets
Trade and other receivables					154,033		103,117
Cash and cash equivalents					52,991		679,144
Total Current Assets					207,024		782,261
Total Assets					739,399		1,147,739
Equity
Share Capital					91,402		91,402
Share Premium					1,308,102		1,308,102
Retained deficit					(744,086)		(387,282)
Attributable to owners of the company					655,418		1,012,222
Total Equity					655,418		1,012,222
Liabilities - Current
Trade and other payables					68,675		124,664
Current tax liabilities					15,306		10,853
Total Liabilities					83,981		135,517
Total Equity and Liabilities					739,399		1,147,739

The Directors of the issuer accept responsibility for this announcement.

Contact Details:

IMC Exploration Group Plc 
Mr. Liam McGrattan 
Tel. Ireland: [phone]

William Albert Securities Limited
Mr. Albene Mendy
Tel.  [phone]
[e-mail]

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: IMC Exploration Group Plc via Globenewswire

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