Greatland Resources Regulatory News (GGP)

13 Mar 2007 07:00

Greatland Gold PLC13 March 2007 GREATLAND GOLD PLC Half-yearly Report to 31 December 2006 Dated: 13 March 2007 Greatland Gold plc (the "Company") the mineral exploration and developmentcompany focused on gold projects in Tasmania and Western Australia announcedtoday its half-yearly results for the period ended 31 December 2006. Managing Directors statement The period has been an exciting and active time for your Company. It hasachieved many milestones and continues to move forward on many fronts. Mostimportantly, exploration activities have yielded many positive results. In Australia an operational base was established close to the work areas. Thishas proved a positive move that supports field activities on a daily basis. Andin London an administrative hub was created to provide for the needs of theinvestor and the Company. Spending during the period was at budgeted levels andcommensurate with the positive exploration results. Your Company is focussed on growth. It makes use of the low cost - high rewardphase of mineral exploration and development. The projects are located close tomany world-class base metal deposits and other large gold deposits. All of theprojects are 100% owned by Greatland, and were either previously operated bymajor mining companies, or are located adjacent to projects run by some of thelargest mining companies in the world. The projects are situated in an area where there is high-grade gold and basemetal mineralisation. The location is close, and geology similar to largedeposits nearby. Greatland is an energetic company focussed on growth andrecently announced drill results were good. Further news will be releaseshortly. Australia has all the advantages of a stable economic climate, establishedinfrastructure and skilled mining workforce. These points are key when it comesto exploring and successfully mining deposits. The board members are experienced in both the mining and finance sectors and arefully committed to the company's growth strategies. Your Company has a good mixof exciting projects, technical talent, promotional experience, financingcapacity and corporate ability. We look forward to the year ahead. Callum N BaxterManaging Director13 March 2007 Group income statement 6 months to Period 31 December 2006 16 November 2005 to 30 June 2006 Unaudited Audited £ £Turnover 6,212 - Exploration costs (127,826) -Administrative expenses (145,568) (27,743)Currency gain/(loss) (2,517) - Operating loss (269,699) (27,743) Interest receivable 14,628 131 Loss on ordinary activities before taxation (255,071) (27,612) Tax on loss on ordinary activities - - Loss for the financial period (255,071) (27,612) Retained loss for the period (255,071) (27,612) Loss per share - see note 3Basic (0.24) pence (0.23) pence Group balance sheet 31 December 2006 30 June 2006 Unaudited Audited £ £ Assets Non-current assetsExploration properties 423,212 291,379Plant & equipment 13,258 - Total non-current assets 436,470 291,379 Current assetsCash and cash equivalents 758,112 1,318,648Current asset investments - see note 4 112,944 -Trade and other receivables 78,871 33,897 Total current assets 949,927 1,352,545 Total assets 1,386,397 1,643,924 LiabilitiesCurrent liabilitiesTrade and other payables (99,315) (224,458) Total liabilities (99,315) (224,458) Net assets £1,287,082 £1,419,466 EquityCalled up share capital 106,550 100,550Share premium reserve 1,224,771 1,108,084Retained losses (282,683) (27,612)Other reserves 238,444 238,444 Equity shareholders' funds £1,287,082 £1,419,466 Group cash flow statement 6 months to Period 31 December 2006 16 November 2005 to 30 June 2006 Unaudited Audited £ £Cash flow from operating activitiesOperating loss (269,699) (27,743)(Increase) in debtors (44,974) (23,100)Increase (decrease) in creditors (125,143) 174,142(Increase) in current asset investments (112,944) -Cash generated from operations (552,760) 123,299 Cash flows from investing activitiesInterest received 14,628 131Purchase of tangible assets (13,258) -Purchase of intangible assets (131,833) (590)Net cash flows used in investing activities (130,463) (459) Acquisitions and disposalsCash acquired with subsidiary acquisition - 12,174Net cash inflow from acquisitions and disposals - 12,174 Cash inflows from financing activitiesProceeds from issue of shares 120,000 1,411,000Transaction costs of issue of shares 2,687 (227,366)Net cash flows from financing activities 122,687 1,183,634Net increase in cash and cash equivalents (560,536) 1,318,648Cash and cash equivalents at the beginning of 1,318,648 -periodCash and cash equivalents at end of period 758,112 1,318,648 Movement on equity shareholders' funds 6 months to Period 31 December 16 November 2006 2005 to 30 June 2006 Unaudited Audited £ £ Loss for the period (255,071) (27,612)Proceeds of share issues 120,000 1,661,000Share issue expenses 2,687 (227,366)Foreign currency translation reserve - 13,444 Net (decrease) increase in shareholders' funds (132,384) 1,419,466Opening equity shareholders' funds 1,419,466 - Closing equity shareholders' funds 1,287,082 1,419,466 Half-yearly report notes 1. Half-yearly report This half-yearly report was approved by the Directors on 9 March 2007. The information relating to the six month period to 31 December 2006 isunaudited. The information relating to the period 15 November 2005 to 30 June 2006 isextracted from the audited accounts of the Company which have been filed atCompanies House and on which the auditors issued an unqualified audit report. 2. Basis of accounting The report has been prepared using accounting policies and practices that areconsistent with those adopted in the statutory accounts for the period ended 30June 2006, although the information does not constitute statutory accountswithin the meaning of section 240 of the Companies Act 1985. These half-yearly financial statements consolidate the financial statements ofthe Company and its subsidiary. The Company and Group will report again for the full year to 30 June 2007. 3. Loss per share 6 months to Period 31 December 2006 16 November 2005 to 30 June 2006 Unaudited Audited £ £ These have been calculated on a loss of: (255,071) (27,612) The weighted average number of shares used was: 104,272,826 12,000,886 Basic loss per share: (0.24) pence (0.23) pence 4. Current asset investments The Group's investment in Sunvest Corporation Limited was valued at £134,309.00as at 31 December 2006, the value based on the mid market quotation of AUD1.20and exchange rate of £1.00:AUD2.48 at the close of business on that date. Copies of this half-yearly report are available free of charge by application inwriting to the Company Secretary at the Company's registered office, 55 GowerStreet, London WC1E 6HQ, or by email to info@greatlandgold.com. Enquiries: Callum Baxter +44 (0)20 7099 5845 Greatland Gold plc Managing Director John Simpson +44 (0)20 7512 0191 ARM Corporate Finance Ltd Nominated Adviser Updates on the Company's activities are regularly posted on its websitewww.greatlandgold.com This information is provided by RNS The company news service from the London Stock Exchange