Alba Mineral Resources Regulatory News (ALBA)

26 Aug 2008 07:00



Alba Mineral Resources plc

("Alba" or "the Company" and collectively with its subsidiary companies "the Group")

Half Yearly Report - 31 May 2008

CHAIRMAN'S STATEMENT

Introduction

The highlight of Alba Mineral Resources' exploration in the last six months was the discovery of potentially economic concentrations of uranium in northern Mauritania; this was notified to the market 7 July 2008. In addition to the seven uranium permits held in northern Mauritania, the Company, through its partially-owned subsidiary Mauritania Ventures Limited (MVL), has also applied for five exploration permits in the south of the country. The permits currently under application are for iron oxide-copper-gold (IOCG) mineralization.

The Group also holds a large and diverse portfolio of mineral properties in Scotland (nickel-copper and gold), Ireland (gold and base-metals) and Sweden (nickel-copper). The projects are at different stages of development and range from early exploration targets to more advanced drill-ready projects.

Results for the Period

The Group made a loss attributable to equity holders of the parent for the period, after taxation, of £156,711. The basic and diluted loss per share was 0.18 pence. The Group had cash balances of £86,203 at the period end.

Review of Activities

Our activities in the first half of the year have been primarily focused in Mauritania. On 7 July 2008 we announced that MVL had located visible uranium mineralization and had been awarded a further two exploration permits. Ground-based exploration work carried out in February 2008 confirmed the presence of uranium mineralisation containing potentially economic uranium grades of up to 0.092% U3O8 (See note 4). Fieldwork carried out on the IOCG permits in southern Mauritania confirmed the presence of copper and gold in existing showings. 

A second exploration programme was undertaken in April 2008 and the findings from this programme will be reported in detail when the laboratory results are available.

Outlook

The Group, although now focused as a uranium and nickel junior explorer, will continue to evaluate additional cost effective projects and proposals that the Board believes have the potential to add value to the Group. The Board believes it is developing not only a strong portfolio of primary projects, but also a series of supplementary exploration projects. The rationale behind this approach is to limit the Group's risk on a particular commodity or the political or climatic restrictions associated with a particular geographical area. 

As announced 1 August 2008 the Company successfully completed a £50,000 fund raising. The Company is still seeking to raise further funds in the near term and will work with joint venture partners where possible as the need for funds is ongoing and is under constant review. Our exploration programmes can only be financed within our financial constraints. Part of this review process will also focus on the existing licences and permits and properties, which if it is felt do not fit with the Group's profile going forward will be surrendered.

Mike Nott

25 August 2008

Chairman

UNAUDITED CONSOLIDATED INCOME STATEMENT

UNAUDITED CONSOLIDATED BALANCE SHEET

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

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