Alba Mineral Resources Regulatory News (ALBA)

30 Aug 2007 16:35

Alba Mineral Resources PLC30 August 2007 Alba Mineral Resources plc ("Alba" or "the Company") Half Yearly Report - 31 May 2007 CHAIRMAN'S STATEMENT Introduction The Group holds, or has applied for, exclusive rights to explore a portfolio ofmineral exploration properties. These are primarily nickel and gold explorationprojects in Scotland and Ireland, which are at different stages of development,from conceptual exploration targets to more advanced drill-ready projects. The Group has also acquired nine exploration licences in Sweden, which form partof a collaboration Agreement with Altius Minerals Corporation and has co-foundedMauritania Ventures Limited to acquire exploration permits in Mauritania andprospect for uranium and Iron Oxide-Copper-Gold (IOCG). Three permits have beengranted and ten are pending. Ground-based exploration commenced earlier thisyear on the three permits currently held. Results for the Period The Group made a loss for the period, after taxation, of £207,320 afterreceiving interest of £4,123 and having paid administrative expenses of£213,053. The basic and diluted loss per share was 0.3 pence. The Group had cashbalances of £155,092 at the period end. Review of Activities On 3 January 2007 the Company announced that the exploration efforts on itsexisting project portfolio would be within the constraints of the financialresources available and that the Company would be seeking to raise additionalfunds to actively pursue and explore these existing projects. On 27 April 2007 the Company announced that it is continuing to seek additionalfunding to pursue these objectives and until this funding is in place theCompany will, in the short term, downgrade active fieldwork exploration on theexisting licences and permits, whilst maintaining the portfolio of assets. Albawill continue the programme of desktop research, analysis and studies using itsexisting in-house team. Whilst the Company has not completed an additional fund raising at this time,discussions are being held with third parties to raise short term funds toalleviate the immediate capital restraints. The Board has taken steps to reduceongoing expenditure and is considering the disposal of peripheral non-coreassets. Outlook The Company believes it will be able to complete the short term fund raisingreferred above to allow it to continue to develop its existing assets andevaluate other opportunities. Mike Nott30 August 2007Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT Unaudited Unaudited Audited 6 mths ended 6 mths ended Year ended 31 May 2007 31 May 2006 30 Nov 2006 £ £ £Turnover - - -Cost of sales - - - --------------- --------------- ---------------Gross profit - - - Administrative expenses -213,053 -177,641 -388,892 --------------- --------------- ---------------Operating loss -213,053 -177,641 -388,892 Interest receivable and investment income 4,123 8,843 15,860 --------------- --------------- ---------------Loss on ordinary activities before taxation -208,930 -168,798 -373,032 Tax on ordinary activities (note 2) - - - --------------- --------------- ---------------Loss on ordinary activities after taxation -208,930 -168,798 -373,032 Minority interest 1,610 3,027 7,282 --------------- --------------- ---------------Loss for the period -207,320 -165,771 -365,750 ========= ========= =========Loss per ordinary 1p share (note 3)- basic 0.3 pence 0.3 pence 0.5 pence- diluted 0.3 pence 0.3 pence 0.5 pence CONSOLIDATED BALANCE SHEET Unaudited Unaudited Audited 31 May 2007 31 May 2006 30 Nov 2006 £ Fixed assetsIntangible assets 802,732 480,383 627,381Tangible fixed assets 11,084 5,476 4,439Goodwill 122,934 141,373 122,934 --------------- --------------- --------------- 936,750 627,232 754,754 --------------- --------------- ---------------Current assetsDebtors 82,860 155,679 158,062Cash at bank and in hand 155,092 350,186 507,568 --------------- --------------- --------------- 237,952 505,865 665,630 Creditors: amounts falling due within one year -244,015 -267,567 -280,767 --------------- --------------- ---------------Net current (liabilities)/assets -6,063 238,298 384,863 --------------- --------------- --------------- --------------- --------------- ---------------Total assets less current liabilities 930,687 865,530 1,139,617 ========= ========= =========Capital and reservesCalled up share capital 666,201 603,126 666,201Share premium account 790,133 374,887 790,133Merger reserve 200,000 200,000 200,000Profit and loss account -766,246 -358,947 -558,926Minority interest 41,108 46,973 42,718Foreign currency translation reserve -509 -509 -509 --------------- --------------- --------------- 930,687 865,530 1,139,617 ========= ========= ========= CONSOLIDATED CASH FLOW STATEMENT Unaudited Unaudited Audited 6 mths ended 6 mths ended Year ended 31 May 2007 31 May 2006 30 Nov 2006 £ £ £Net cash outflow from operating activities -155,471 -170,724 -351,682 Returns on investmentsInterest received 4,123 8,843 15,860 Capital expenditurePurchase of intangible assets -193,791 -186,120 -235,365Purchase of tangible assets -7,337 -5,577 -708 AcquisitionsNet cash balances acquired with subsidiary - - -3,552 --------------- --------------- ---------------Net cash outflow before financing -352,476 -353,578 -575,447 --------------- --------------- ---------------FinancingIssue of shares net of costs - - 928,013Issue of shares of subsidiary undertaking to minority interests - 50,000 - --------------- --------------- ---------------(Decrease)/increase in cash in the period -352,476 -303,578 352,566 ========= ========= ========= Reconciliation of operating loss to net cash outflow from operating activitiesOperating loss -213,053 -177,641 -388,892Depreciation and amortisation 19,132 19,172 38,648Decrease/(increase) in trade debtors 75,202 -92,603 -94,986(Decrease)/increase in trade creditors -36,752 80,348 93,548 --------------- --------------- ---------------Net cash outflow from operating activities -155,471 -170,724 -351,682 ========= ========= ========= NOTES 1. Basis of preparation The interim report for the six month period ended 31 May 2007 is unaudited anddoes not constitute statutory accounts within the meaning of section 240 of theCompanies Act 1985. It has been prepared under the historical cost conventionand on a basis consistent with the accounting policies for the year ended 30November 2006. The financial information relating to the year ended 30 November 2006 has beenextracted from the statutory accounts for that period, a copy of which has beendelivered to the Registrar of Companies. The auditors report on those financialstatements was unqualified and did not contain a statement under section 237 (2)of the Companies Act 1985. The Group consolidates the financial statements of the Company and itssubsidiary undertakings. 2. Taxation No charge for corporation tax for the period has been made due to the expectedtax losses available. 3. Loss per share Basic loss per share is calculated by dividing the loss attributable to ordinaryshareholders of £207,320 (May 2006: £165,771; November 2006: £365,750) by theweighted average number of shares of 66,620,100 (May 2006: 60,312,600; November2006: 66,620,100) in issue during the period. The diluted loss per sharecalculation is identical to that used for basic loss per share as the exerciseof warrants would have the effect of reducing the loss per ordinary share andtherefore is not dilutive under the terms of Financial Reporting Standard 22 "Earnings Per Shares". For further information contact: Alba Mineral Resources plc Mike Nott, Chairman Tel: +44 (0) 20 7495 5326City Financial Associates Ltd Liam Murray, Nominated Advisor Tel: +44 (0) 20 7492 4777 This information is provided by RNS The company news service from the London Stock Exchange