rest of RNS from ADVFN29 Sep 2020 09:01
For the six months to 30 June 2020
Below are the unaudited half-year financial results of Great Western Mining Corporation PLC, covering the period ended 30 June 2020. Great Western is an exploration and development company which is not yet generating revenues and the net loss for the period was EUR487,441 (30 June 2019: EUR425,723: 31 December 2019 EUR815,795). After adjusting for non-cash share-based payment charges of EUR117,020 (30 June 2019: EUR89,517), administrative expenses have remained in line with the comparative period. The Company has successfully modified its work procedures during the COVID-19 Pandemic to ensure continuity of operations while the fund raisings it has undertaken, during the reporting period and since the period end, place it in a strong position to complete the current work programme and beyond.
During the period and since the period end, Great Western has made considerable progress on its mineral projects in the US state of Nevada where it has been concentrating on precious metals - gold and silver. Early in the year the Company was able to report successful readings of precious metals from soil sampling surveys on both the Mineral Jackpot Group and the Rock House Group ('RH').
Mineral Jackpot is in the Black Mountain group of claims and includes the old Mineral Jackpot Mine itself, together with the Bass Mine, Silver Moon Mine, Silver Bell Mine and Cabin Rock Mine. These mines have all successfully produced gold and silver in the past but have long since been abandoned. Great Western is using modern technology to achieve secondary recovery and to prove up communication between the individual mines which will increase the mineralisation footprint.
The RH Group has never previously been mined and potential mineralisation was identified through satellite imagery, followed up by rock sampling and then by soil sampling. A trenching programme has been conducted since the period end and analysis is in progress. The purpose of trenching is to establish a continuous vein which will subsequently be drilled. During summer 2020 a single small sample of rock was crushed and tested, resulting in the production of a high grade gold button, being the first gold ever produced by the Company and an indication of the potential.
In May, the Company acquired an option to purchase the Olympic Gold Project ('Olympic'), located approximately 50 miles from Great Western's original concessions. The purchase consideration of $150,000 is spread over four years during which time Great Western has full rights to all data and to conduct exploration and appraisal work.
Great Western may bring forward the closing of the purchase by early-paying the schedule in full or may exit the project at any time without penalty and without completing the payment schedule. Work is in progress on several potential prospects over this 800 acre site.
During the period the Company conducted two placings of new shares for cash. Since the perio