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13 Mar 2013 09:38
13 March 2013
Greatland Gold plc
Half-yearly report - six months ended 31 December 2012
Greatland Gold plc ("Greatland" or the "Company"), the AIM quoted gold exploration and development company focused on gold projects in Tasmania and Western Australia announces today its half-yearly report for the six months ended 31 December 2012.
Highlights
Firetower Project (gold), Northern Tasmania - Greatland 100%, Farm-in with Unity Mining Ltd
- Commencement of diamond drilling programme
- The programme comprised up to five holes totalling approximately 2000m
o The best intercepts were 3m at 2.6 g/t gold (137-140m), 2m at 3g/t gold (142-144m), including 1m at 4.09 g/t (143-144m).
- Company has outlined a large mineralised system of more than 6km in length with scope for a large gold resource
Ernest Giles Project (gold), Central Western Australia - Greatland 100%
- Further results from drilling activities at the Ernest Giles gold project in Western Australia. Drilling confirmed the presence of a gold mineralised system
- Completion of four reverse circulation (RC) holes
o Highest result returned was 1m at 1.28g/t gold from 149m
Bromus project (gold and nickel), Western Australia - Greatland 100%
- Follow up soil sampling work completed:
o 4.6km long surface gold anomaly identified
o Follow-up auger geochemical soil sampling programme in the southern parts of the Bromus project area
o Highest result returned from follow-up sampling was 6.1ppb gold.
Lackman Rock (gold and nickel), Western Australia- Greatland 100%
- Follow up soil sampling work completed
o Results define a north-west striking gold anomaly 1.2km long, peaking at 23.5ppb gold.
Chief Executive's statement
During the period, emphasis was placed on the Ernest Giles project which comprises three contiguous tenements covering an area of 948sq km in Central Western Australia. It is located in the north-eastern goldfields region which is host to many large, plus 1million ounce gold deposits, such as Wallaby, Sunrise Dam and Granny Smith. Four reverse circulation (RC) holes were completed and the drilling confirmed the presence of a gold mineralised system. The highest result returned was 1m at 1.28g/t gold from 149m. We believe these are pleasing results considering the unexplored nature of the project area.
Work at the Firetower project by the Company along with their partners, Unity Mining Limited ("Unity"), has outlined a large mineralised system of more than 6km in length with scope for a large gold resource. The programme comprised up to five holes totalling approximately 2000m and the best intercepts were 3m at 2.6 g/t gold from 137 to 140m and 2m at 3g/t gold from 142m to 144m, including 1m at 4.09 g/t from 143 to 144m.
The first anniversary of the Firetower Farm-In agreement passed during the period. We are encouraged that our partners have exceeded the minimum expenditure for the project and believe this shows their on-going commitment to the project. We believe that Firetower resembles the nearby Henty gold mine, a plus one million ounce deposit, owned and operated by Unity.
Positive results have also been obtained from surface sampling activities at the Bromus and Lackman Rock gold projects in Western Australia. Follow up soil sampling work completed at both projects produced positive results, including a 4.6km long surface gold anomaly identified at Bromus and a 1.2km long surface gold anomaly identified at Lackman. Results peaked at 6.1ppb gold at Bromus and 23.5ppm gold at Lackman Rock. We remain focused on developing our licences through comprehensive exploration work with a view to realising their potential value. Additional promising targets have been secured in the Bromus and Lackman Rock licence areas which further adds to their significance in what is a prolific gold producing region.
In the six month period ending 31st December 2012 the Company reported a reduced net loss of £199,241 (31 December 2011: loss £216,609) equating to a loss per share of 0.06 pence.
Net cash outflow from operations was £178,446 which reflects total administrative expenses plus exploration expenses. From the cash flow figures it is apparent that we have remained committed to exploration. Our loss on a per share basis at 0.06 pence is a reduction from the loss in the comparable period reflecting lower expenses. The Company's cash deposits stood at £541,893 at the period end.
On behalf of the board, I would once again like to thank shareholders for their support and invite them to visit our website at www.greatlandgold.com for periodic updates.
Callum N Baxter
CEO 13 March 2013
Group statement of comprehensive income
6 months to 31 December 2012 | 6 months to 31 December 2011 | Year ended 30 June 2012 | |||
Unaudited £ | Unaudited £ | Audited £ | |||
Turnover | - | - | - | ||
Exploration expenses | (87,172) | (92,690) | (372,957) | ||
Administrative expenses | (113,403) | (124,994) | (222,380) | ||
Operating loss
| (200,575) | (217,684) | (595,337) | ||
Finance revenue
| 1,334
| 1,075 | 4,509
| ||
Loss on ordinary activities before taxation
| (199,241) | (216,609) | (590,828) | ||
Tax on loss on ordinary activities
| - | - | - | ||
Loss for the financial period
| (199,241) | (216,609) | (590,828) | ||
Other comprehensive income | |||||
Gain/(loss) on revaluation of available for sale investments | (4,569) | (25,975) | (15,680) | ||
Exchange differences on translation of foreign operations | (5,139) | (3,809) | (18,692) | ||
Other comprehensive income for the year net of taxation | (9,708) | (29,784) | (34,372) | ||
Total comprehensive income for the year attributable to equity holders of the parent | (208,949) | (246,393) | (625,200) | ||
Loss per share - see note 3 Basic
|
(0.06) pence
|
(0.07) pence
|
|
(0.19) pence
|
Group balance sheet
31 December 2012 | 31 December 2011 | 30 June 2012 | |||
Unaudited £ | Unaudited £ | Audited £
| |||
Assets | |||||
Non-current assets | |||||
Tangible assets Intangible assets
| 24,767 1,074,988
| 3,609 972,360
| 31,806 1,075,747 | ||
Total non-current assets
| 1,099,755 | 975,969 | 1,107,553 | ||
Current assets Cash and cash equivalents Trade and other receivables Available for sale financial assets - see note 4
|
541,893 33,581 54,821 |
|
890,277 32,496 52,514 |
717,117 68,337 59,952 | |
Total current assets
| 630,295 | 975,287 | 845,406 | ||
Total assets | 1,730,050 | 1,951,256 | £1,952,959 | ||
Liabilities | |||||
Current liabilities | |||||
Trade and other payables
| (29,662) | (24,397) | (43,622) | ||
Total liabilities
| (29,662) | (24,397) | (43,622) | ||
Net assets
| £1,700,388 | £1,926,859 | £1,909,337 | ||
Equity Called up share capital Share premium reserve Share based payment reserve Retained losses Other reserves
|
350,661 4,256,610 - (3,234,933) 328,050 |
300,661 3,944,860 74,443 (2,739,725) 346,620 |
|
350,661 4,256,610 - (3,035,692) 337,758 | |
Total equity
| £1,700,388 | £1,926,859 | £1,909,337 |
Group cash flow statement
6 months to 31 December 2012 | 6 months to 31 December 2011 | Year ended 30 June 2012 | |||
Unaudited £ | Unaudited £ | Audited £ | |||
Cash flow from operating activities |
|
| |||
Operating loss | (200,575) | (221,494) | (595,337) | ||
Decrease/(increase) in receivables | 34,756 | 34,949 | (893) | ||
(Decrease)/increase in payables | (13,961) | (29,432) | (5,470) | ||
Depreciation
| -
| -
| 3,942
| ||
Net cash outflow from operations | (179,780) | (215,977) | (597,758) | ||
Cash flows from investing activities | |||||
Interest received Payments to acquire intangible assets Receipts from sale of tangible assets Payments to acquire tangible assets | 1,334 -
- -
| 1,075 -
- -
| 4,509 (117,888)
5,802 (32,759) | ||
Net cash flows used in investing activities | 1,334 | 1,075 | (140,336) | ||
Cash inflows from financing activities | |||||
Proceeds from issue of shares Transaction costs of issue of shares | - - | - - | 375,000 (13,250) | ||
Net cash flows from financing activities | - | - | 361,750 | ||
Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of period Exchange gain on cash and cash equivalents |
(178,446)
717,117
3,222 |
(214,902)
1,097,900
7,279 |
(376,344)
1,097,900
(4,439) | ||
Cash and cash equivalents at end of period | 541,893 | 890,277 | 717,117 | ||
Statement of group changes in equity
| Called up share capital | Share premium account | Share based payment reserve | Retained earnings | Other reserves | Total | |
£ | £ | £ | £ | £ | £ |
| As at 30 June 2011 | 300,661 | 3,944,860 | 74,443 | (2,519,307) | 372,130 | 2,172,787 |
| Loss for the period | - | - | - | (590,828) | - | (590,828) |
| Loss on revaluation of available for sale investments | - | - | - | - | (15,680) | (15,680) |
| Currency translation differences | - | - | - | - | (18,692) | (18,692) |
| Total comprehensive income | - | - | - | (590,828) | (34,372) | (625,200) |
| Share options expired | - | - | (74,443) | 74,443 | - | - |
Share capital issued | 50,000 | 325,000 | - | - | - | 375,000 |
Cost of share issue | - | (13,250) | - | - | - | (13,250) |
| As at 30 June 2012 | 350,661 | 4,256,610 | - | (3,035,692) | 337,758 | 1,909,337 |
| Loss for the period | - | - | - | (190,241) | - | (190,241) |
| Loss on revaluation of available for sale investments | - | - | - | - | (4,469) | (4,569) |
| Currency translation differences | - | - | - | - | (5,139) | (5,139) |
| Total comprehensive income | - | - | - | (190,241) | (9,708) | (199,949) |
Share capital issued | - | - | - | - | - | - |
Cost of share issue | - | - | - | - | - | - |
| As at 31 December 2012 | 350,661 | 4,256,610 | - | (3,234,933) | 328,050 | 1,709,388
|
Statements of changes in other reserves
| Merger reserve | Foreign currency translation reserve | Available for resale financial assets reserve | Total other reserves | |
Group | £ | £ | £ | £ |
| As at 30 June 2011 | 225,000 | 260,717 | (113,587) | 372,130 |
| Net unrealised losses on financial assets available for resale | - | - | (15,680) | (15,680) |
| Unrealised foreign currency gains | - | (67,302) | 48,610 | (18,692) |
| As at 30 June 2012 | 225,000 | 193,415 | (80,657) | 337,758 |
| Net unrealised losses on financial assets available for resale | - | - | (4,569) | (4,569) |
| Unrealised foreign currency gains | - | (4,577) | (562) | (5,139) |
| As at 31 December 2012 | 225,000 | 188,838 | (85,788) | 328,050 |
Half-yearly report notes
1. Half-yearly report
This half-yearly report was approved by the Directors on 13th March 2013.
The information relating to the six month periods to 31 December 2011 and 31 December 2012 are unaudited.
The information relating to the year to 30 June 2012 is extracted from the audited financial statements of the Company which have been filed at Companies 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 are consistent with those adopted in the statutory financial statements for the year ended 30 June 2012, although the information does not constitute statutory financial statements within the meaning of the Companies Act 2006.
These half-yearly financial statements consolidate the financial statements of the Company and its subsidiary and are prepared in accordance with International Financial Reporting Standards as adopted for use in the European Union.
The Company and Group will report again for the full year to 30 June 2013.
3. Loss per share
6 months to 31 December 2012 | 6 months to 31 December 2011 | Year ended 30 June 2012 | |||
Unaudited £ | Unaudited £ | Audited £ | |||
These have been calculated on a loss of:
| (199,241) | (216,609) | (590,828) | ||
The weighted average number of shares used was:
|
350,661,000
|
300,661,000
|
303,939,800 | ||
Basic loss per share: |
(0.06) pence |
(0.07) pence |
(0.19) pence |
4. Available for sale financial assets
The Group's investments were valued at £54,821 at 31 December 2012.
Copies of this half-yearly report are available free of charge by application in writing to the Company Secretary at the Company's registered office, 55 Gower Street, London WC1E 6HQ, or by email to info@greatlandgold.com. The report will also be made available on the Company's website, www.greatlandgold.com.
End
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