Alba Mineral Resources Regulatory News (ALBA)

31 Aug 2005 16:04

Alba Mineral Resources PLC31 August 2005 Alba Mineral Resources Plc Interim results for the period ended 31 May 2005 CHAIRMAN'S STATEMENT Introduction The results for Alba Mineral Resources Plc (the "Company", and collectively withthe Subsidiary Company, the "Group") reflect the period from the Company'sincorporation, 12 November 2004, to 31 May 2005. They incorporate the results ofthe Company's only subsidiary Aurum Mineral Resources Limited, which is whollyowned. The Company completed a successful placing of 20,000,000 ordinary shareson 4 April 2005. The gross proceeds of the placing were £1,050,000 and all ofthe Company's ordinary shares were admitted to trading on AIM. Results for the Period The Group made a loss for the period, after taxation, of £63,250 after receivinginterest of £6,047 and having paid administrative expenses of £69,297. The basicloss per share was 0.3 pence and 0.3 pence on a fully diluted basis. The Grouphad cash balances of £775,807 at the period end. Review of Activities The Company's Board has been actively exploring and enhancing its understandingof the Company's nickel-copper-PGE and gold licences which it holds in Scotlandand Ireland. Orientation, geochemical and geophysical sampling programmes havebeen ongoing during the summer field season and verification drilling of theCompany's nickel-copper-PGE prospect in Scotland commenced in mid-August.Additionally, regional lithogeochemical sampling of the North Limerick goldprospect in Ireland was recently completed. The Company anticipates makingfurther announcements on the progress and results of these work programmes inthe near future. Furthermore the Board intends to develop the Company as a quality "JuniorExplorer" with interests in a number of well researched and promising propertieswhich it may own either in its own right or in conjunction with other parties.To this end the Board is looking to enter into partnerships with other likeminded companies where a pooling of resources and expertise has the potential toincrease the opportunity to acquire other licences and prospects. The objectiveis to diversify the Company's risk profile so that its future success is notsolely dependant on results from any one project or small number of projects.The Company will make further announcements on such developments as and whenagreements are entered into. Future Prospects Our principal objective now, and in the immediate future, is to further validateand advance our understanding of our nickel-copper-PGE prospect at Arthrath,Scotland. However, we are also aware that there are potential opportunities inbase and precious metals elsewhere as well as other potential opportunitieswithin the Appalachian-Caledonide trend in a zone extending from the easternseaboard of North America to Scandinavia, also encompassing areas of Greenland,Ireland and the United Kingdom. We will continue to evaluate such new projects,adding them to our portfolio where appropriate, whilst at the same time lookingto advance steadily the development of our existing gold and base-metalprojects. Lance O'Neill 31 August 2005 Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT Unaudited Period ended 31 May 2005 £ £Turnover -Cost of sales - ---------------Gross profit -Administrative expenses Acquisitions (29,294) Other continuing operations (40,003) --------------- (69,297) ---------------Operating loss (69,297) Interest receivable and investment income 6,047 ---------------Loss on ordinary activities before taxation (63,250) Tax on ordinary activities (note 2) 0 ---------------Retained loss for the period (63,250) =========Loss per ordinary 1p share (note 3)- basic 0.3 pence- diluted 0.3 pence CONSOLIDATED BALANCE SHEET Unaudited 31 May 2005 £ Intangible fixedassetsIntangible assets 86,469Goodwill 178,254 --------------- 264,723 ---------------Current assetsDebtors 50,690Cash at bank and in hand 775,807 --------------- 826,497 Creditors: amounts falling due within one year (77,180) ---------------Net current assets 749,317 --------------- ---------------Total assets less current liabilities 1,014,040 =========Capital and reservesCalled up share 590,626capitalShare premium account 287,387Merger reserve 200,000Profit and loss (63,250)accountForeign currency translation reserve (723) --------------- 1,014,040 ========= CONSOLIDATED CASH FLOW STATEMENT Unaudited Period ended 31 May 2005 £Net cash outflow from operating activities (36,762) Returns on investmentsInterest received 6,047 Capital expenditurePurchase of intangible assets (17,939) AcquisitionsNet cash balances acquired with subsidiary (3,552)Purchase of subsidiary undertaking (250,000) ---------------Net cash outflow before (302,206)financing ---------------FinancingIssue of shares net of costs 1,078,013 ---------------Increase in cash in the period 775,807 ========= Reconciliation of operating loss to net cash outflow from operating activitiesOperating loss (69,297)Depreciation and amortisation 6,147Foreign currency translation adjustments (102)Increase in trade debtors (50,690)Increase in trade creditors 77,180 ---------------Net cash outflow from operating activities (36,762) ========= NOTES 1. Basis of preparation The interim report for the period to 31 May 2005 is unaudited and does notconstitute statutory accounts within the meaning of section 240 of the CompaniesAct 1985. It has been prepared under the historical cost convention. 2. Taxation No charge for corporation tax for the period has been made due to the expectedtax losses available. 3. Loss per share Basic and diluted loss per share are presented in accordance with FRS14 "Earnings per share" based on the loss for the period of £63,250 and thefollowing weighted average number of ordinary shares. Unaudited Period ended 31 May 2005 Weighted average number of shares:Basic 23,479,998Dilutive effect of warrants 69,600 ---------------Weighted average number of shares - diluted 23,549,598 ========= Enquiries: Lance O'Neill, Alba Mineral Resources Plc 020 7499 8334Nigel Duxbury, Alba Mineral Resources Plc 020 7499 8334Liam Murray, City Financial Associates Limited 020 7090 7800 This information is provided by RNS The company news service from the London Stock Exchange