Interim Results
Red Rock Resources plc
31 March 2008
Red Rock Resources plc
Half-yearly report - six months ended 31 December 2007
31 March 2008
Red Rock Resources plc ('Red Rock' or the 'Company') the mineral exploration and
development company focused on advancing iron ore, uranium and manganese
projects in Australia and East Africa, announces its unaudited half-yearly
report for the six months ended 31 December 2007.
Chairman's statement
Dear Shareholder
The Company has continued to progress the strategies outlined in previous
reports.
Summary
The Company reports the following developments during the six months to 31
December 2007:
• £825,000 before expenses raised from share placings, in July 2007 at
3p per share and in November 2007 at 2.5p per share;
• Completion of sale of uranium assets to ASX-listed Retail Star Limited;
• Promising iron ore exploration results from our neighbours at Mt
Alfred and from Jupiter Mines Ltd, a company in which the Company holds a
significant shareholding, at Mt Ida; and
• Sampling results from November exploration programme at Mt Alfred show
several zones of high grade iron mineralisation.
Exploration
In October, Iron Mountain Mining Ltd ('IRM'), the Company's neighbour to the
east and north-east at our 205 sq km Mt Alfred tenement in the Central Yilgarn
area of Western Australia (E29/581), announced sampling results defining 8.8 km
of mineralised strike length at the Iron Mountain, Mount Alfred, and Brooking
Hills prospects within their license E29/571. At Iron Mountain, 21 rock chip
samples within a sequence of Banded Iron Formation (BIF) and ferruginous
sediments averaged 61.3% iron over 2 km, and similarly positive indications were
encountered at the other two prospects. All three prospects form a continuation
of the trend that runs through the Company's Mt Alfred licence, and two are
contiguous. In February 2008 IRM announced the results of a 29 hole rotary air
blast (RAB) drilling programme on a 200m by 25m grid over parts of these
prospects which had identified several pods of haematite mineralisation of
sufficient grade and tonnage to be considered for economic exploitation. The
best reported intersection was 34 metres at 62.6% iron, and 11 holes were stated
to show average intersections of 6.1 metres of over 60% iron at an average grade
of 61.1%.
In November, Mindax Limited ('MDX'), our neighbour to the north at Mt Alfred,
which holds seven granted mining leases totalling 55 sq km covering the west and
east limbs and the closure to the north of the structures whose southern
continuation is into the Company's and IRM's tenements, announced that 167
samples taken on 500m spaced traverses across the ironstone units had identified
4 target areas where surface grades exceeded 55%. Following further work on the
aeromagnetic data, MDX identified over 17km of magnetite and potential haematite
mineralisation, and a fifth haematite target north of the fold closure. In
February 2008 MDX announced ambitious targets for potential high grade haematite
mineralisation, and a drill programme to delineate a resource is planned for May
2008.
This activity by neighbouring tenement holders, with whom we are in regular
contact, and the information we are deriving from it, has enabled the Company to
intensify its programme of work on the iron ore occurrences at Mt Alfred. In
November we undertook an initial sampling programme in five target areas of the
Mt Alfred licence, including areas adjacent to those in which our neighbours
were obtaining positive results. In January we were able to announce the
results from this programme, with samples grading over 60% in the Mt Alfred
West, Mt Forrest, and Brooking Hills targets within our licence. Helen Salmon
from the Company and Dr Marian Skwarnecki of Coffey Mining Ltd carried out a
further programme of mapping and sampling three traverses at Mt Alfred West and
Mt Forrest in March 2008, taking 67 samples, the results of which are awaited.
At Mt Ida, also in the Central Yilgarn, which is now held by Jupiter Mines Ltd
('JMS'), but where the Company retains a royalty interest, JMS announced in
February the results of a 119 sampling programme on two targets close to its
adjacent Mt Mason discovery, where it has a current inferred resource of 2.2m
tons of iron at 60.6%. 32 samples returned values over 55% iron, and JMS plans
a further programme which will include the identification of further targets as
well as drilling.
Elsewhere, after an initial visit in November 2007, our geologists carried out
short programmes in February and March 2008 at the Company's Tasmanian licences,
Savage River North and Arthur River, results of which are awaited. This
mineralised and under-explored area is not easy to access but offers
polymetallic potential and the Company is exploring the area for iron and other
minerals. The adjacent Savage River magnetite mine has recently been sold to
Shougang Corporation, who is reported to plan a major expansion.
Other
On 6 August 2007 ASX-listed Retail Star Ltd ('RSL') approved a transaction
whereby the Company sold its Australian uranium assets to RSL. As a result, the
Company became a significant shareholder in RSL. With the grant or transfer of
the two Malawi licences in January and February 2008, the Company now holds
140,000,000 RSL shares. This holding represents 24.2% of RSL's issued share
capital. Subsequently, Ian Scott joined the RSL board as Managing Director.
Ian's extensive experience, including a period as Geology Manager of the Olympic
Dam mine at a key period in its history, has meant that we have learnt much from
his professional approach and wealth of knowledge, and look forward to the
results of the exploration and drilling programmes about to commence in the
Northern Territory and in Malawi.
On 28 January 2008, the Company issued 18,000,000 shares at 2p, raising £360,000
before expenses. As an exploration company without significant cash flow from
operations, and aware of the tight liquidity in markets as a result of the
banking crisis that has developed since mid-2007, the Company believed it
prudent to accept the offer of funding when it was made.
The Company continues to seek a satisfactory outcome to the agreement with
private Chinese parties in Zambia on manganese processing. On 1 April 2008,
after a nine month moratorium, new licence applications will be accepted in
Zambia. Following appraisal work carried out last year, we have identified a
licence area we wish to apply for. We continue to progress towards grant of our
substantial manganese licences in an established producing area of Western
Australia.
In late 2007 the Company began to purchase, a stake in MDX, our neighbour in the
Central Yilgarn. The Company now holds 8,450,000 ordinary shares in MDX - a
holding equivalent to 10.02% of MDX's issued share capital. From our position
as MDX's neighbour, we considered we were well placed to perceive the true value
of MDX's mineral assets, and the necessity of closer co-operation between two
small companies operating in the area. Following the subsequent purchases of a
19.9% shareholding in MDX by a local investor in February 2008, this holding is
showing a substantial appreciation in value from our cost price, but the Company
continues to believe that the area has the potential for direct shipping
haematite iron ore, that the ground held by MDX is promising, and that the
market price does not reflect the long-term potential.
It remains our policy to capitalise a part of exploration expenditure where we
believe the book value of the tenements is not reflective of their value and
prospectivity for economic mineralisation. The implementation of this policy,
in relation to each tenement, is kept under continuous review.
We expect to continue to be active in exploration at Mt Alfred, and look forward
to beginning exploration at our Oakover manganese tenements.
International financial reporting standards
With effect from 1 July 2007, the Company made the transition to preparing
financial statements in accordance with the International Financial Reporting
Standards ('IFRS'), as adopted by the European Union. Accordingly, these
interim statements reflect the assumptions made by the Board about the standards
and interpretations expected to be effective, and the policies expected to be
adopted, when the Company issues its first complete set of IFRS financial
statements for the year ending 30 June 2008.
The unaudited results of our activites during the period ended 31 December 2007
show a loss before taxation of £248,239 (2006 as adjusted, a loss of £224,034).
Andrew Bell
Executive Chairman
31 March 2007
Income statement
Company Group Group
6 months to 6 months to Year to
31 December 31 December 30 June
2007 2006 2007
Unaudited Unaudited Unaudited
£ £ £
Income
Turnover - - 535,416
Cost of sales - - (184,970)
Management services 3,133 - -
Gross profit 3,133 - 350,446
Exploration expenses (84,970) (93,242) (245,207)
Administrative expenses (190,861) (143,317) (415,343)
Currency (loss)/gain (417) 926 18,038
Operating loss (273,115) (235,633) (292,066)
Share of operating loss in associates (15,164) (548) (612)
Surplus on revaluation of trade investments 175,369 16,369 66,611
(Loss)/profit on sale of trade investments (49,375) 745 745
Loss on revaluation of associate company investment (42,260) - -
Interest receivable 12,177 193 7,170
Interest payable (3,260) (250) (5,579)
Loss on ordinary activities before taxation (195,628) (219,124) (223,731)
Tax on loss on ordinary activities (52,611) (4,911) (19,983)
Loss after taxation (248,239) (224,035) (243,714)
Loss per share - see note 3
Basic (0.10) pence (0.13) pence (0.13) pence
Statement of recognised income and expense
Company Group Group
6 months to 6 months to Year to
31 December 31 December 30 June
2007 2006 2007
Unaudited Unaudited Unaudited
£ £ £
Deficiency on revaluation of associated company
investments (84,520) - -
Loss for the financial period (248,239) (224,035) (243,714)
Total recognised income and expense for the (332,759) (224,035) (243,714)
financial period
Balance sheet
Company Group Group
31 December 31 December 30 June
2007 2006 2007
Unaudited Unaudited Unaudited
£ £ £
Assets
Non-current assets
Investments in associates 517,594 25,702 25,638
Current assets
Cash and cash equivalents 644,379 46,214 220,347
Trade and other receivables 439,645 136,881 1,080,013
Trade investments 1,115,568 96,744 586,459
Exploration properties 485,245 936,365 935,353
Total current assets 2,684,837 1,216,204 2,822,172
Total assets 3,202,431 1,241,906 2,847,810
Current liabilities
Trade and other payables (258,349) (257,604) (293,609)
Non-current liabilities
Deferred taxation (72,594) (4,911) (19,983)
Total liabilities (330,943) (262,515) (313,592)
Net assets 2,871,488 979,391 2,534,218
Equity
Called up share capital 256,481 171,698 235,481
Share premium account 3,143,236 1,237,344 2,665,486
Share option reserve 82,581 - 82,581
Revaluation reserve (84,520) - -
Retained losses (526,290) (429,651) (449,330)
Total equity 2,871,488 979,391 2,534,218
Cash flow statement
Company Company Group
6 months to 6 months to Year to
31 December 31 December 30 June
2007 2006 2007
Unaudited Unaudited Unaudited
£ £ £
Cash flows from operating activities
Operating loss (273,115) (235,633) (292,066)
(Increase)/decrease in debtors (224,632) (110,465) (188,597)
(Decrease)/increase in creditors (35,259) (5,813) 255,192
Impairment of exploration properties 26,401 38,654 121,989
Exploration property sales other than for cash - - (416,400)
Purchase of trade investments (353,739) (80,375) (103,448)
Proceeds of trade investment sales - 16,236 16,236
Exploration property costs (67,815) - (260,493)
Costs of exploration properties disposed of - - 168,919
Share based payments - - 82,581
Currency adjustments (7,733) (2,729) 6,521
Cash (outflow) generated from operations (935,892) (380,125) (609,566)
Cash outflows from investing activities
Interest received 12,177 193 7,170
Interest paid (3,260) (250) (5,579)
Purchase of associate company investments (633,900) - -
Net cash flows used in investing activities (624,983) (57) 1,591
Acquisitions and disposals
Sale of subsidiary 632,400 - -
Cash disposed of on sale of subsidiary (11,243) - -
Net cash flow from acquisitions and disposals 621,157 - -
Cash inflows from financing activities
Proceeds from issue of shares 525,000 100,375 1,664,375
Transaction costs of issue of shares (26,250) - (72,075)
Share subscription monies/(outstanding) 865,000 - (865,000)
Short term loans - 225,000 -
Net cash flows from financing activities 1,363,750 325,375 727,300
Net increase in cash and cash equivalents 424,032 (54,807) 119,326
Cash and cash equivalents at the beginning of 220,347 101,021 101,021
period
Cash and cash equivalents at end of period 644,379 46,214 220,347
Consolidated statement of changes in equity
For the period ended 31 December 2007
Share
Share Share Revaluation option Retained
capital premium reserve reserve earnings Total equity
£ £ £ £ £ £
At 1 July 2006 166,679 1,141,988 - - (205,616) 1,103,051
Loss for the period - - - - (224,035) (224,035)
Issue of shares 5,019 95,356 - - - 100,375
Share issue expenses - - - - - -
At 31 December 2006 171,698 1,237,344 - - (429,651) 979,391
At 1 July 2006 166,679 1,141,988 - - (205,616) 1,103,051
Loss for the period - - - - (243,714) (243,714)
Issue of shares 68,802 1,595,573 - - - 1,664,375
Share issue expenses - (72,075) - - - (72,075)
Share payment reserve - - - 82,581 - 82,581
At 30 June 2007 235,481 2,665,486 - 82,581 (449,330) 2,534,218
Loss for the period - - - - (248,239) (248,239)
Issue of shares 21,000 504,000 - - - 525,000
Share issue expenses - (26,250) - - - (26,250)
Revaluation reserve - - (84,520) - - (84,520)
Disposal of subsidiary - - - - 171,279 171,279
At 31 December 2007 256,481 3,143,236 (84,520) 82,581 (526,290) 2,871,488
Half-yearly report notes
1. Company and Group
As at 31 December 2007, the Company had no operating subsidiaries and
therefore has not prepared Group financial statements. As at 31 December
2006 and 30 June 2007, the Company had an operating subsidiary which became
dormant shortly before its sale on 6 August 2007.
The Company will report again for the year ending 30 June 2008.
2. Accounting policies
Accounting policies adopted under IFRS
These interim financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the European
Union ('IFRS').
The basis of preparation and accounting policies used in preparing the
interim statements for the six months ended 31 December 2007 are set out
below. The basis of preparation describes how IFRS has been applied under
IFRS 1, the assumptions made by the Company about the Standards and
interpretations expected to be effective and the policies expected to be
adopted when the Company issues its first complete set of IFRS financial
statements for the year ending 30 June 2008.
Statement of compliance
This consolidated financial information of Red Rock Resources plc is
prepared in accordance with IFRS as adopted by the European Union with the
exception of IAS 34 'Interim Financial Reporting'.
Basis of preparation
The consolidated financial information has been prepared in accordance with
accounting policies which will be adopted in presenting the full year
annual report and financial statements. The full year annual report and
financial statements will be prepared for the first time in accordance with
International Financial Reporting Standards (IFRS) as adopted by the
European Union.
As at 31 December 2007, the Company did not have any operating subsidiaries
although it had one as at 30 June 2007 and expects to have others in
future. The Company has applied IFRS for the six month period ended
31 December 2007, with comparative figures for the six month period ended
31 December 2006 also prepared under IFRS as adopted by the European Union.
In preparing this consolidated financial information, the Group has elected
to take advantage of provisions within IFRS 1'First-time adoption of
International Financial Reporting Standards' ('IFRS 1'), which offer
certain exemptions from applying IFRS to the opening IFRS balance sheet
prepared at 1 July 2006. In particular:
• IFRS 3, 'Business Combinations', has not been applied retrospectively to
business combinations that occurred prior to 1 July 2006;
• IFRS 2, 'Share-based payment', has not been applied to equity instruments
that were granted on 4 August 2005 and lapsed on 31 December 2006.
The interim financial information is unaudited and does not constitute
statutory financial statements within the meaning of section 240 of the
Companies Act 1985.
The Group's statutory consolidated financial statements for the year ended
30 June 2007 were presented under UK GAAP, and have been delivered to the
Registrar of Companies. The report of the auditors on those financial
statements was unqualified and did not contain a statement under section
237 (2) or (3) of the Companies Act 1985. Comparative figures for the year
ended 30 June 2007 presented here are abridged and non-statutory, have been
adjusted to reflect the transition to IFRS and are unaudited.
The consolidated financial statements have been prepared on a historical
cost basis, except for derivative financial instruments, available for sale
investments and intangible assets acquired in a business combination, which
have been measured at fair value. The consolidated financial statements are
presented in sterling ('GBP') and all values are rounded to the nearest
pound except where stated.
Significant accounting policies
The accounting policies adopted in the preparation of the interim financial
statements will be consistent with those that will be followed in the
preparation of the Company's annual financial statements for the year
ending 31 June 2008.
3. Loss per share
6 months to 6 months to Year to
31 December 31 December 30 June
2007 2006 2007
Unaudited Unaudited Unaudited
£ £ £
These have been calculated on a loss of: (248,239) (224,034) (243,714)
The weighted average number of shares used was: 240,046,050 170,933,777 188,227,158
Share options were not dilutive during the period.
Basic loss per share: (0.10) pence (0.13) pence (0.13) pence
4. Transition to IFRS
The financial information for the six months ended 31 December 2006 and the
opening balance sheet at 1 July 2006 have been prepared in accordance with
International Financial Reporting Standards (IFRS) for the first time.
The Company's transition date to IFRS is 1 July 2006. The rules for
first-time adoption of IFRS are set out in IAS 1 'First time adoption of
international reporting standards'. In preparing the IFRS financial
information, these transition rules have been applied to the amounts
reported previously under generally accepted accounting principles in the
United Kingdom ('UK GAAP'). IFRS generally requires full retrospective
application of the Standards and Interpretations in force at the first
reporting date. However, IFRS 1 allows certain exemptions in the
application of particular Standards to prior periods in order to assist
companies with the transition process.
• Changes in presentation of financial information:
o IAS1: The form and presentation of the UK GAAP statements has been
changed to be compliant with IAS 1.
o IAS 7: Cash flows under IFRS are presented within the Cash Flow
Statement under three main headings: cash flows from operating
activities, from investing activities and from financing activities.
This has resulted in some presentational changes compared to UK GAAP.
There is no change to the net movement of cash and cash equivalents.
• Changes in accounting policies:
o IAS 12: Under UK GAAP, deferred tax was recognised on the basis of
timing differences, subject to certain exemptions. Under IAS 12,
deferred tax is recognised on the basis of taxable temporary
differences, subject to certain exceptions. Temporary differences
include all timing differences and many permanent differences. This
change has had no effect on any of the figures reported.
o Under IAS 39, the trade investments which are deemed to be held for
short term gain are taken to the profit and loss account at fair value
as opposed to being held at historical cost under UK GAAP.
o Under IAS 39, the trade investments which are not held for short term
gain and are categorised as 'available-for-sale' financial assets are
restated at fair value on the balance sheet date as opposed to being
held at historical cost under UK GAAP. The gain or loss on revaluing
the asset is held under a 'financial asset revaluation reserve' in
Capital and Reserves. The changes arising are included in the
restatements for IFRS.
o Company has chosen to adopt IFRS 3. Accordingly, business
combinations from the date of transition will be accounted for under
IFRS 3 using the purchase method.
• Reconciliations of UK GAAP to IFRS:
o For the period ended 31 December 2006 and year ended 30 June 2007
there are differences between the income statement and balance sheet
amounts reported under UK GAAP and IFRS as noted on the following
pages. In addition, there are differences under UK GAAP and IFRS for
the opening balance sheet at 1 July 2006 on transition.
o There is no monetary impact on the cash flow statement for these
periods.
5. Disposal of subsidiary and acquisition of associate
On 6 August 2007, the Company completed the sale of its uranium asset
subsidiary, Orion Exploration Pty Limited to Retail Star Limited, a company
quoted on the Australian Stock Exchange. The consideration for the sale
amounted to AUD1.5m cash; the cash consideration was funded by the Company
subscribing for 80m fully paid ordinary shares in Retail Star Limited at
AUD0.015, 20m options at AUD0.01 per option and 20m A Performance Shares in
Retail Star Limited. The Company also received 30m B Performance shares
and 30m C Performance shares in Retail Star Limited; these will convert
into ordinary shares upon the achievement of certain agreed objectives.
The 80m shares received then amounted to 15.6% of the issued share capital
of Retail Star Limited. The Company's chairman, Andrew Bell, has become
chairman of Retail Star Limited.
The conditions for the conversion of 20m A performance shares were not
satisfied; the attributable cost has been written off in full during the
period.
The exercise price for the options over 20m new shares is AUD0.025 whereas
the mid market price of Retails Star Limited shares as quoted on
31 December 2007 was AUD0.015 per share. Accordingly, the attributable
cost has been charged to a revaluation reserve.
The directors of Retail Star Limited include Andrew Bell, Chairman of Red
Rock Resources Limited (the 'Company') and one other employee of Regency
Mines plc, an associate company of the Company. Accordingly, the Company
is considered to have significant influence over the conduct of Retail Star
Limited which is therefore accounted for as an associate of the Company.
6. Market values of investments
As at 31 December 2007, the market values of publicly quoted investments
were as follows:
• Associate company investments: £667,584 (book value £517,594)
• Trade investments: £1,102,540 (book value £1,102,540)
7. Restatement of reported figures
Company financial information as at 1 July 2006
As originally Restate per Restate for IFRS
reported under note 8 IFRS
UK GAAP
£ £ £ £
Balance sheet
Non-current assets
Intangible assets 972,290 (972,290) - -
Investments in associates 26,250 - - 26,250
Total non-current assets 998,540 (972,290) - 26,250
Current assets
Cash and cash equivalents 101,021 - - 101,021
Trade and other receivables 26,416 - - 26,416
Available for sale financial assets 15,491 - - 15,491
Exploration properties - 972,290 - 972,290
Total current assets 142,928 - - 1,115,218
Total assets 1,141,468 - - 1,141,468
Current liabilities
Trade and other payables (38,417) - - (38,417)
Total liabilities (38,417) - - (38,417)
Net assets 1,103,051 - - 1,103,051
Capital and reserves -
Share capital 166,679 - - 166,679
Share premium account 1,141,988 - 1,141,988
Retained losses (205,616) - (205,616)
Total equity 1,103,051 - - 1,103,051
As originally Restate per Restate for IFRS
reported under note 8 IFRS
UK GAAP
£ £ £ £
Balance sheet
Non-current assets
Intangible assets 936,365 (936,365) - -
Investments in associates 26,250 - (548) 25,702
Total non-current assets 962,615 (936,365) (548) 25,702
Current assets
Cash and cash equivalents 46,214 - - 46,214
Trade and other receivables 136,881 - - 136,881
Trade investments 80,375 - 16,369 96,744
Exploration properties - 936,365 - 936,365
Total current assets 263,470 - 16,369 1,216,204
Total assets 1,226,085 - 15,821 1,241,906
Current liabilities
Trade and other payables (257,604) - - (257,604)
Non-current liabilities
Deferred taxation - - (4,911) (4,911)
Total liabilities (257,604) - (4,911) (262,515)
Net assets 968,481 - 10,910 979,391
Capital and reserves
Share capital 171,698 - - 171,698
Share premium account 1,237,344 - - 1,237,344
Retained losses (440,561) - 10,910 (429,651)
Total equity 968,481 - 10,910 979,391
As originally Restate for IFRS
reported under IFRS
UK GAAP
£ £ £
Income statement
Turnover 16,236 (16,236) -
Direct costs (15,491) 15,491 -
Gross profit 745 (745) -
Exploration expenses (93,242) - (93,242)
Administrative expenses (143,317 - (143,317)
Currency loss 926 - 926
Operating loss (234,888) (745) (235,633)
Share of operating loss in associate - (548) (548)
Surplus on revaluation of financial assets - 16,369 16,369
Profit on sale of trading asset investment - 745 745
Interest receivable 193 - 193
Interest payable (249) (1) (250)
Loss on ordinary activities for the period (234,944) 15,822 (219,124)
Deferred taxation provision - (4,911) (4,911)
Loss after taxation (234,944) 10,911 (224,035)
As originally Restate for IFRS
reported under IFRS
UK GAAP
£ £ £
Balance sheet
Non-current assets
Investments in associates 26,250 (612) 25,638
Total non-current assets 26,250 (612) 25,638
Current assets
Cash and cash equivalents 220,347 - 220,347
Trade and other receivables 1,080,013 - 1,080,013
Trading asset investments 513,900 72,559 586,459
Exploration properties 935,353 - 935,353
Total current assets 2,749,613 72,559 2,822,172
Total assets 2,775,863 71,947 2,847,810
Current liabilities
Trade and other payables (293,609) - (293,609)
Non-current liabilities
Deferred taxation - (19,983) (19,983)
Total liabilities (293,609) (19,983) (313,592)
Net assets 2,482,254 51,964 2,534,218
Capital and reserves
Share capital 235,481 - 235,481
Share premium account 2,665,486 - 2,665,486
Share option reserve 82,581 - 82,581
Financial asset revaluation reserve (5,948) 5,948 -
Retained losses (495,346) 46,016 (449,330)
Total equity 2,482,254 51,964 2,534,218
As originally Restate for IFRS
reported under IFRS
UK GAAP
£ £ £
Income statement
Turnover 551,652 (16,236) 535,416
Cost of sales (200,461) 15,491 (184,970)
Gross profit 351,191 (745) 350,446
Exploration expenses (245,207) - (245,207)
Administrative expenses (415,343) - (415,343)
Currency gains 18,038 - 18,038
Operating loss (291,321) (745) (292,066)
Share of operating loss in associate - (612) (612)
Surplus on revaluation of financial assets - 66,611 66,611
Profit on sale of financial asset - 745 745
Interest receivable 7,170 - 7,170
Interest payable (5,579) - (5,579)
Loss on ordinary activities for the period (289,730) 65,999 (223,731)
Taxation provision - (19,983) (19,983)
Loss after taxation (289,730) 46,016 (243,714)
8. Restatement of reported figures - notes:
During 2007, exploration properties previously reported as intangible fixed
assets, were reclassified and reported as current assets. This correction
has now been applied as at 30 June 2006 and 31 December 2006.
Copies of this half-yearly report are available free of charge by application in
writing to the Company Secretary at the Company's business office, 115
Eastbourne Mews, Paddington, London W2 6LQ, or by email to
admin@regency-mines.com.
Enquiries:
Andrew Bell 07766 474849 Red Rock Resources plc Chairman
John Simpson 020 7512 0191 Blomfield Corporate Nominated Adviser
Finance Ltd
Ron Marshman / 020 7628 5518 City of London Public Relations
John Greenhalgh PR Limited
Updates on the Company's activities are regularly posted on Red Rock's website,
www.rrrplc.com.
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